Mortgage specialist Firstmac has claimed the lowest funding cost for a non-bank issuer in the residential mortgage backed securities market since the financial crisis, with the A-1 notes of its latest issue pricing at 93 basis points over the bank bill swap rate.Firstmac has raised A$750 million of funds - up from $500 it was seeking at the launch of Firstmac Mortgage Funding Trust Series 1A-2014 last week.The issue includes US$270 million of notes. It was Firstmac's inaugural issue into the US 144a market.The A$340 million of A-1 notes, which have a weighted average life of 2.26 years, were priced at 93 bps over the swap rate.Pricing on the US$270 million of A-2A notes, which have a fixed maturity of one year, was not finalised yesterday.Pricing on the A$37.5 million of A-3 notes, which have a weighted average life of 3.03 years, was 110 bps over swap.Pricing on the $45.7 million of AB notes, which have a weighted average life of 5.9 years, was 170 bps over swap.The B-1 notes ($22.5 million) were priced at 280 bps over swap and the B-2 notes ($3.75 million) were priced at 340 bps over swap.