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TORRENS Trust (Series 2017-2P): 23 June 2017

A fully amortising securitisation of Australian dollar loans to prime-quality borrowers secured by first-registered mortgages over Australian residential properties with all loans originated by Bendigo and Adelaide Bank Ltd, although all were originated under the third-party mortgage network.

The portfolio consists of 1,226 fully verified income loans (consolidated borrowers), where the average loan size is A$326,977 and the largest loan is for A$741,736. Origination Channel (by current balances): Wholesale 100.00%. Ownership type: owner-occupied 72.74%, investment 27.26%. Repayment type: fully amortising 76.63%, interest only 23.37%. Mortgage insurer: Uninsured 77.51%, Genworth 11.95% and QBE 10.54%. The WA current LTV is 67.62% (original LTV was 71.24%) and the WA seasoning is 25.0 months.

CRR 405: Articles 404 – 410 (inclusive) of the CRR apply in respect of the Notes. BEN (as original lender) will undertake to hold, in accordance with the Retention Rules, a net economic interest in the transaction. As at the closing date, such interest will be comprised of an interest in randomly selected exposures equivalent to no less than 5% of the aggregate principal balance of the securitised exposures in accordance with paragraph 1(c) of Article 405 of the CRR.

Compare/contrast: Torrens Trust (Series 2017-1), Illawarra Series 2017-1 Trust, La Trobe Financial 2017-1