Firstmac Term Deposits
What term deposits does Firstmac offer?
At the time of writing, Firstmac offers one term deposit product. Features include:
- Terms ranging from 30 days to 24 months
- Minimum deposit of $5,000 (or $500 for children under 18 years old)
- Maximum deposit of $5 million
Click below to compare term deposits on our database, with terms, deposit amounts and interest paid options tailored to your preferences.
What terms are available on Firstmac term deposits?
According to Firstmac, it offers term deposits with terms (the length of time your money is deposited) of 30 days, 60 days, 90 days, 6 months, 12 months and 24 months. If you have a specific term in mind, Firstmac says this may be available on request.
You can use Canstar’s term deposit calculator to help you work out what term length might be suitable for you. One factor to consider is that longer terms typically come with higher interest rates, but you would have to wait longer to benefit from the higher interest rate that can come with reaching the maturity date.
When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.
When is interest paid on Firstmac term deposits?
Interest is paid at maturity. Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.
Does Firstmac have a notice period and charge an early withdrawal fee for withdrawals?
At the time of writing, Firstmac does not specify a notice period if you wish to access your money early.
Firstmac says early release of your money (full or partial) will be at its absolute discretion. If Firstmac agrees to do so, it says it has the right to adjust the interest rate payable. Firstmac says the interest rate adjustment is a reduction in the interest rate to 0.10% p.a. calculated daily for the length of the term already served.
Firstmac’s website and Product Disclosure Statement (PDS) provide more information on any interest rate adjustments or other early withdrawal penalties that may apply.
Does Firstmac charge any other fees for term deposits?
At the time of writing, Firstmac says there are no set up costs to establish a term deposit.
For current information on fees and how they apply, please check the PDS or contact Firstmac.
How to apply for a Firstmac term deposit
Before applying for a Firstmac term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.
If applying, consider Firstmac’s eligibility criteria (below) and what you might need to have on hand, such as:
- Your TFN (Tax File Number)
- Proof of ID, such as your driver’s licence, passport or Medicare card
- Personal details, including your residential address, phone number, email address and potentially information on your current job
If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.
To see if you can apply online for a Firstmac term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Firstmac’s website.
According to Firstmac, when applying for a term deposit, you will need to meet the following eligibility criteria:
- You must be investing a minimum deposit of $5,000 (or $500 if you are under 18 years old)
- You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)
What happens to a Firstmac term deposit when it reaches maturity?
There are a variety of options available at maturity. Firstmac says you can choose to:
- Automatically reinvest the original sum plus the interest you have earned;
- Add to your original deposit once it matures;
- Withdraw the interest you have earned and elect to reinvest the principal; or
- Withdraw the principal and interest by having it paid to an external account
Since its establishment over 40 years ago, Firstmac says it has grown from a small family business to become Australia’s largest non-bank lender. Over this time Firstmac says it has provided 130,000 home loans and now manages $14 billion in mortgages and $300 million in cash investments. Firstmac is a privately-owned company with its headquarters in Brisbane.