Firstmac Car Loan Review

Firstmac is Australia’s largest non-bank lender providing competitive car loan rates from as low as 4.47%. They have good policies for customers with limited credit activity, but stricter stances on employment and credit history and don't do private sales
Best for
  • Firstmac will lend to customers with brand new credit files. So even if this is your first loan, you will still be eligible with FirstMac
  • Unlike most lenders, your interest rate will not vary based on your credit score or living situation. As long as you meet the minimum credit score requirement, you’ll have access to their best rate
Draw backs
  • Dealership sales only! If you’re looking to go through a private seller, Firstmac’s not for you
  • No negative equity allowed if you decide to apply with Firstmac. If you’re looking to pay out and trade in your existing car loan, Firstmac won’t allow for any of the previous loan to be re-financed
  • Paper-based. You'll need to manually print and sign your contract in order to get your loan application finalised

Firstmac overview

Firstmac is Australia’s largest non-bank lender, offering a range of financial products. This ranges from home loans to car loans, an investment fund and term deposits. Interestingly, you cannot apply directly for a loan with Firstmac, who rely entirely on providers like Driva for the origination of their loans.

Unlike banks such as ANZ or Commonwealth Bank who use deposits from everyday Australian’s, Firstmac funds their loans through what are called Residential Mortgage Back Securities (RMBS). Firstmac’s RMBS program gives them access to large pools of funding by grouping together thousands of home loans as security over that funding, which then gets used for things like their car loan product.

How to apply for a Firstmac loan

To get access to the low rates available with a Firstmac car loan, you’ll need to be over 18 and have a minimum Equifax credit score of at least 560 - which is the highest of any of the lenders on our panel. You’ll have to be buying a vehicle that is no more than 7 years old, and you’ll need to be buying it from a dealership (no private sales).
See if you qualify for a Firstmac loan in 60 seconds
Find my rates
Fixed rates from:
4.47% (5.28% comparison rate*)
Loan amounts:
$5,000 - $100,000
Loan terms:
3-5 years
Loan types:
Secured personal loans only
Min. credit score:
560 (based on Equifax score)
Min. income:
N/A
Co-applicants?
Yes (if residing at the same address)
Fees:
  • Establishment fee: $400
  • Monthly: $0
  • Early termination charges: Starts at $700, and reduces each month (no fees payable in the last 12 months)
  • Brokerage up to $990

Big no-no's (automatic declines)

  • If you’re a contractor, self-employed or casual employee - you’re going to need at least 12 months in the same role to be considered
  • You’ll need a squeaky clean credit history. This means no defaults, debt collections, or outstanding late payments on things like your credit card
Driva tip: Firstmac are a bit stricter than Driva’s other lenders when it comes to credit history, but that doesn’t mean you have to worry. Driva does all the policy checks for you before your details are shared with Firstmac, to make sure your loan is very likely to be approved before any hit on your credit file.

Other hot tips

  • If you’re looking at a “green” car (most hybrids or electric cars), you can get a rate discount of 0.7%!

Firstmac - Frequently Asked Questions

01

How does Firstmac decide what rate to charge me?

Firstmac looks almost exclusively at vehicle age when determining what range to charge a customer. This means whether you are charged their best rate or worst rate depends on how old the vehicle you’re looking at is.

Unlike most lenders, credit score is not something that will impact your interest rate with a Firstmac car loan.

As long your score is above the minimum threshold of 560, the rate charged for a customer with a 1,000+ credit score vs. someone with a score of 560 is exactly the same.Firstmac also rewards environmentally friendly customers who are buying a “green” car (e.g. most new hybrid or electric vehicles) with a 0.7% rate discount.

With Driva, the hard work of figuring out exactly what rate Firstmac will give you and comparing it to other lenders is done for you. Just enter some basic personal information to see what these tailored rates are from Firstmac (and the other lenders on our panel) without impacting your credit score. You can then play around with vehicle age in the rate calculator to determine how it impacts your rate.

Learn: what other lenders look for when pricing your loan

02

Does Firstmac charge fees?

Firstmac charges a variety of fees for their car finance product. As with all Driva lenders, these fees are included in the monthly repayment shown at the time of your instant quote, which is the best point of comparison when deciding which lender to choose when you're looking for a great rate.

These fees include:

  • Establishment fees: $495
  • Monthly fees: $7.70-$15.00 (depending on risk profile and length of loan)
  • Early termination fees: Variable, but usually around ~$800

Don't forget that every lender charges fees and that these charges (including any money that lenders pay to Driva) are already built into personalised quotes. The monthly repayment figure you see is exactly what will come out of your account each month and fully inclusive of all costs (bye bye hidden fees!).

03

How does Driva get paid by Firstmac?

Firstmac pays us for sending them, high-quality customers. This payment generally includes two components:

  • Brokerage: up to $990
  • Commission: Up to 4% of the amount financed

As with all lender fees, these are not payable from you to Driva directly and are not required to be paid upfront. Rather Firstmac incorporates them into your total loan amount, which is paid off over the life of the loan.

04

Driva’s rate quotes for Firstmac are higher than what I’ve seen elsewhere!?

You can not apply with Firstmac directly (only through a broker), and all car loan brokers have access to the same rates. This means that if you're seeing a lower rate for Firstmac somewhere else, it could be because other brokers are showing generic comparison rates that will be increased later in the process because of an older vehicle.

If you still think our rates are higher than you’re seeing them elsewhere, we’d love to know about it and we’re confident we’ll be able to beat it. Email us at hello@driva.com.au.

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