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Illawarra Series 2017-1 Trust: 06 June 2017

The originator/seller was established in 1880 and IMB is the longest standing mutual building society in New South Wales. With A$4.7 billion in assets and around 180,000 members, IMB has grown to be one of Australia’s largest building societies. IMB offers full-service face-to-face, over the phone, internet and mobile banking facilities including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and a wide range of insurance products.

The Eligibility Criteria are: (a) a Mortgage Loan must: be advanced and repayable in Australian dollars; be secured by a mortgage over land which is residential property in Australia; have a stated term to maturity at the relevant cut-off date not exceeding 30 years; be valued by a qualified valuer if the LVR exceeds 80% or the property falls within the parameters requiring a valuation irrespective of the LVR, determined at or about the time of its approval date; have a LVR not exceeding 95% determined as at the cut-off date; and (b) a Mortgage Loan must not: be a loan in favour of present staff of the seller; be a loan in favour of a person who is not a permanent resident of Australia; be a loan whose arrears days are greater than 30 as at the relevant cut-off date.

As at the cut-off date (17 May 2017) there are 1,591 fully-verified loans in the portfolio, with an average current loan size of A$188,557 and a largest loan size of A$877,699. Interest rate type: variable 81.89%, fixed 18.11%. Repayment type: principal & interest 83.86%, interest only 16.14%. Interest-only loans account for 12.62% of the pool. Occupancy type (by current balances): owner-occupied 71.72%, investment 28.28%. Mortgage insurer: GE 51.53%, QBELMI 48.47%. The current WA LVR is 64.66% and the WA seasoning is 75.06mnths. Regional concentration (by current balances): NSW 73.05%.

CRR 405: The Seller intends to retain a net economic interest in this transaction in accordance with the requirements of Article 405 of the Capital Requirements Regulation and Article 51 of the AIFMR.

It is intended that the Notes will be issued under the safe harbour for certain foreign transactions pursuant to the risk retention rules set out in section 15G of the Securities Exchange Act of 1934 of the USA (the Exchange Act) as added by section 941 of the Dodd-Frank Act (U.S. Risk Retention Rules) regarding non-U.S. transactions that meet certain requirements.

Compare/contrast: Illawarra Series 2013-1 Trust, RESIMAC Triomphe (Premier 2017-1)