Firstmac Review | Lenders

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. As long as you meet the minimum credit score requirement, you’ll have access to their most competitive rates.

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

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).

Are you interested in financing an electric car? Click here to see your EV loan options.

See if you qualify for a Firstmac loan in minutes

Find my rates

Fixed rates from:

9.29% (10.56% comparison rate*)

Loan amounts:

$5,000 - $100,000

Loan terms:

3-5 years

Loan types:

Secured Car Loans only.

Min. credit score:

560 (based on Comprehensive 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 $1,210

*Last updated 15/04/24

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!

Firstmac - Frequently Asked Questions

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.

As long your credit 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

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: $400
Monthly fees: $0
Early termination fees: $700 in the first and second years of the loan term. $500 in subsequent years of the loan term (excluding the final year).

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!).

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.

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.

Who is Firstmac owned by?

Firstmac is owned by Kim and Sia, who branched into home loans, introducing some much-needed competition to the industry. Their purchase of the First Mortgage Corporation led to the formation of Firstmac. Through this strategic move, they challenged the big banks to review their offers, fostering more competitive options for consumers. At Driva, we value partners like Firstmac that drive innovation in the lending space.

Which bank is Firstmac?

Firstmac is a leading Australian non-bank lender. Unlike traditional banks, Firstmac has built its business working solely with mortgage brokers and does not sell products through branches (they don't have any). Their focus on third-party distribution allows them to provide unique and flexible lending solutions. For Driva customers seeking alternatives to traditional banking options, Firstmac represents a dynamic and customer-centric choice.

Firstmac Car Loan Review