Firstmac broadens asset finance suite with new caravan loan

The lender said the new product is aimed at home owners purchasing or refinancing new or used caravans, with borrowers able to choose between fixed and variable rate options across loan terms of three to seven years.

Fixed rates start from 7.14 per cent per annum, while variable rates begin at 6.59 per cent per annum.

Firstmac said the launch follows growing broker demand for additional lifestyle lending products, particularly within caravan finance.

“Brokers tell us they’re seeing more customers looking for lifestyle finance, but the options available – especially in caravan lending – have been limited,” Marie Mortimer, chief commercial officer at Firstmac, said.

“Our secured caravan loan gives brokers a genuinely competitive product they can use to keep this business in-house, with a simple, good value loan. It’s a practical way to broaden their offering and meet more of a customer’s financial needs throughout their life.”

Mortimer said the product was also intended to give brokers another touchpoint with customers outside the traditional home lending cycle.

“When a broker can help a customer with a variety of products including a caravan loan, it strengthens that relationship for years to come. It gives brokers another opportunity to add value, stay connected and build loyalty,” she said.

The lender said the secured structure is designed to provide borrowers with a lower-cost entry point into caravan ownership compared with unsecured alternatives.

“With property prices so high, owning a holiday house is out of reach for many families – but a caravan offers freedom, flexibility and a much lower entry cost,” Mortimer said.

“It’s effectively a holiday home you can take anywhere.”

Industry data cited by Firstmac showed Australians took 15.2 million caravan and camping trips in the year to December 2024, generating $14 billion in spending and 57.1 million nights away, the majority in regional areas.

National caravan and campervan registrations have also surpassed 901,000, representing a 27 per cent increase since 2019.

The launch marks a further expansion of Firstmac’s broker product suite as non-bank lenders continue to diversify beyond traditional residential mortgages.

[Related: EV finance demand surges, but brokers report mixed conditions]

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