Australia’s leading online lender loans.com.au has passed $4 billion in loans under management in just its sixth year of operation, propelling parent Firstmac Limited past household names such as Citibank and Heritage Bank in the home loan market.
Managing Director Marie Mortimer said the milestone was remarkable because it had come about so quickly, with the company going from zero to hero much faster than anyone could have imagined.
“When we started loans.com.au, we knew online lending was the way of the future but it is still a shock that the future arrived so quickly,” Ms Mortimer said.
“It feels like just yesterday when loans.com.au wrote its first loan but now it has truly become our billion-dollar baby.”
“Analysts are now predicting that online lending will grow to 35 per cent of the market from 3 per cent today and I think it will happen faster than people realise given that we went from nothing to $4 billion in what seems like the blink of an eye.”
Ms Mortimer said that the success of loans.com.au was easy to explain because borrowing online was quicker, easier and much cheaper.
“There are very few financial products these days where the buyer meets the service provider face-to-face and fills out a paper form so traditional lending is really out of date.”
“Borrowers who come to us can apply at their convenience at any time of the day or night, have control over how fast their loan progresses, and typically save tens of thousands of dollars over the life of their loan so it is not surprising that their numbers are constantly increasing.”
Loans.com.au currently offers home loans starting at 3.64% (3.66% comparison rate).
Loans.com.au provides innovative online finance products backed by Firstmac, Australia’s largest non-bank lender, with 38 years’ experience and $8 billion in mortgages under management.
For all media and analyst enquiries, please contact Duncan Macfarlane, Public Relations and Communications Manager for loans.com.au, on 0434 184 264 or: