Mortgage lender Firstmac has raised A$500 million of funding through an issue of residential mortgage-backed securities, paying a margin of 150 basis points on the senior notes.The pricing is a little higher than margins in recent comparable deals. ING Direct paid a margin of 146 bps on the top tranche of its issue in March and Resimac paid 139 bps on the top tranche of its issue last month.When Firstmac issued this time last year, it paid a margin of 98 bps on the top tranche.Pricing on the $405 million of A-1a notes, which have a weighted average life of three years, was 150 bps over the one-month bank bill swap rate.Pricing on the $20 million of A-1b notes, with a life of 3.7 years, was 150 bps over BBSW.Pricing on the $35 million of A-2 notes, which have a life of 3.8 years, was 210 bps over the swap rate.Pricing on the $26 million of B notes, which have a life of 5.1 years, was 250 bps over swap.Pricing on the $6.5 million of C notes, which have a life of 5.1 years, was 325 bps over swap. Pricing on the $5.5 million of D notes, which have a life of 5.1 years, was 600 bps over swap. And $2 million of E notes were retained by Firstmac.Firstmac chief financial officer James Austin said 14 investors participated in the transaction, including nine "real money" accounts. There were three offshore investors.