Firstmac's New Secured Caravan Loans: Flexible Financing for Homeowners

Marie Mortimer, Chief Commercial Officer at Firstmac, highlighted the growing interest among brokers for more robust caravan finance options. She noted that brokers have observed a surge in customers seeking lifestyle finance, particularly in the caravan sector, where existing options have been limited. The new secured caravan loan offers brokers a competitive product to meet this demand, enabling them to retain more business in-house and strengthen customer relationships.

The loan product offers both fixed and variable rate options, with fixed rates starting from 7.14% per annum and variable rates beginning at 6.59% per annum. Loan terms range from three to seven years, providing flexibility to suit various financial situations. The secured nature of the loan structure is designed to offer borrowers a lower-cost entry point into caravan ownership compared to unsecured alternatives.

Industry data underscores the popularity of caravanning in Australia. In the year leading up to December 2024, Australians embarked on 15.2 million caravan and camping trips, generating $14 billion in spending and accounting for 57.1 million nights away, predominantly in regional areas. Additionally, national caravan and campervan registrations have surpassed 901,000, marking a 27% increase since 2019.

For homeowners considering the purchase of a caravan, Firstmac's new loan product presents an opportunity to finance their investment with competitive rates and flexible terms. Prospective borrowers are encouraged to consult with their brokers to explore how this financing option can be tailored to their individual needs.