Q.  I haven’t heard of First Australian so therefore a Bank Loan must be safer than a First Australian loan, isn't that so?

A.  No.  This is a very incorrect assumption.  You may not have heard about us because we do not waste enormous amounts of money in advertising and branding ourselves, like banks do.  We don’t have to tell our Clients how good we are they already judge for themselves and they are loyal to us.  Our “marketing” has traditionally been based on “word of mouth” and a recommendation from a happy customer is the best possible advertisement.  More importantly, we are committed to micro economic programs in poorer communities overseas and we would much rather spend our profits in helping others than spending large sums telling everyone else how good we think we are.

Q.  How safe is my loan with First Australian?

A.  Very safe.  Each of our mortgages are held in trust by a regulated Trustee e.g. Perpetual Trustee Company.  Once your loan has settled, it remains in place for the life specified in the Loan Agreement, normally 30 years.  This means that provided you meet your obligations under the loan i.e. making interest payments, then we will not “call-in”, or reduce the facility.  Importantly, most of the funds we administer are currently provided by the Federal Government through the Australian Office of Financial Management and are regulated to protect Borrowers. 

Q.  Isn't a Bank Loan safer than a First Australian loan, surely it must be because the banks are bigger and I've heard of the bank? 

A.  No.  Your First Australian mortgage is much safer than a bank mortgage because it is held in trust by a regulated Trustee and the Lender cannot interfere with your mortgage, provided you do not default in repayments.  In other words, provided you always meet your interest obligations under the loan agreement, then your loan cannot be changed and is set in place for 30 years.  This is not the case with a bank loan, which is held by the bank and can be varies, changed, or called in by the bank [at the whim of bank staff] for whatever reason as determined by the bank.  Importantly, most of the funds we administer are currently provided by the Federal Government through the Australian Office of Financial Management and are regulated to protect Borrowers. 

Q.  How safe is my loan with First Australian?

A.  Very safe.  Each of our mortgages are held in trust by a regulated Trustee e.g. Perpetual Trustee Company.  Once your loan has settled, it remains in place for the life specified in the Loan Agreement, normally 30 years.  This means that provided you meet your obligations under the loan i.e. making interest payments, then we will not “call-in”, or reduce the facility. Importantly, most of the funds we administer are currently provided by the Federal Government through the Australian Office of Financial Management and are regulated to protect Borrowers. 

Q.  Can First Australian repossess my home, or reduce my loan amount, or force me to repay the loan? 

A.  No.  Once your loan has settled, it remains in place for the life specified in the Loan Agreement, normally 30 years.  This means that provided you meet your obligations under the loan i.e. making interest payments, then we cannot [and will not] repossess the property, force you to repay the loan, or reduce the facility. As well, First Australian must administer mortgages under the Uniform Consumer Credit Code, which is designed by the Government to protect Borrowers from unreasonable action by Lenders.