Mortgage specialist Firstmac has completed its second issue of residential mortgage-backed securities in three months, raising A$700 million of funding. Firstmac will pay 90 basis points over the one-month bank bill swap rate on the $315 million of A1 notes.In June, Firstmac paid a margin of 93 bps on the A1 notes of a $750 million issue.The group claimed that the pricing on its latest issue, Firstmac Mortgage Funding Trust No.4 Series 2-2014, was the cheapest for the non-bank lender since the financial crisis.Last month Commonwealth Bank priced the A1 notes of a $4 billion Medallion Trust RMBS issue at 70 bps over the swap rate.Firstmac priced the $280 million of A2 notes, which have a weighted average life of five years, at 110 bps over the swap rate.Pricing on the $35 million of A3 notes was 120 bps over the swap rate, pricing of the $45.5 million of AB notes was 175 bps over swap and pricing on the $15.7 million of B1 notes was 280 bps over swap.Pricing on the B2 notes was not disclosed and Firstmac retained the B3 notes.