Specialising in home loans, Firstmac still offers investment products with high returns.
For over 35 years Firstmac Limited has been providing Australians with alternative solutions to home and investment loans. Working out of offices in Sydney, Melbourne, Brisbane, the Gold Coast, and Singapore, Firstmac has backed over 84,000 home loans since the year 2000. They are a recognised financial institution and any deposits made with them are covered by the Australian Government Guarantee.
Who is Firstmac?
Firstmac specialises in home loans for both owner occupants and investors, but they also have savings products focused on rapid growth. These investment accounts include a high interest earning High Livez fund as well as competitive term deposits with flexible terms and payment methods. With term choices that span over two years, this account could be ideal for both long and short term financial goals.
What’s Internet banking like for Firstmac?
You are able to apply for products online with Firstmac and keep track of your accounts through their website. Electronic transfers will also need to be enacted in order for you to make your deposits and receive your interest payments.
What products does Firstmac offer?
Firstmac only provides term deposits and the Livez Fund at this current point in time.
The Firstmac term deposit is for personal and business customers who are willing to invest a minimum of $5,000 at a fixed interest rate for a specific period of time. The amount of time available to choose from ranges from one month to two years, and you can also opt to have interest payments made monthly to a nominated account if you want to earn an extra income.
What are the pros and cons of banking with Firstmac?
- Competitive rates. The interest rates offered by Firstmac are competitive with what you find at other Australian financial institutions.
- No fees. You are not charged any fees by Firstmac for saving with their term deposit.
- Payment options. Monthly interest payments can help in ensuring you meet your monthly obligations.
- Term break. If you decide that you need to break the terms of your account before the maturity date you could face interest reductions and other penalty fees.
- Lack of variety. Firstmac is a home loan lender first, with a limited number of banking products for customers to choose from.
How do I apply for a Firstmac savings account?
Before applying for a Firstmac term deposit, it is important that you compare other products in the market as there could be an alternative product that better meets your financial needs and personal situation.
If you have compared this account with others and believe it best meets your needs, you are permitted to apply online for the Firstmac term deposit, but you will need to be at least 18 years of age. A separate term deposit is available for individuals under the age of 18 that requires a minimum investment of $500.
When applying you are going to want to have your tax information available as well as a photo identification document to ensure that your paperwork can be processed immediately. Upon activation of your term deposit a Certificate of Investment will be sent to you detailing your account, the interest rate and maturity date.