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FirstMac Mortgage Funding Trust 4, Series 3-2017: 03 December 2017

Another RMBS transaction from originator FirstMac, where the housing loans and the related securities have been originated by the originators in the ordinary course of their mortgage lending businesses across a range of geographic regions and demographic sectors. The housing loans have been made to Australian resident and non-resident borrowers and are secured by first ranking mortgages over residential property located in a state or territory of Australia.

The pool (as at 18 October 2017) consists of 1,540 fully documented housing loans. None are insured. The pool includes 29 loans of +A$1mln, which account for 6.53% of total current value. Owner type: owner-occupied 65.22%, investment 34.78%. Repayment method: principal & interest 72.35%, interest only 27.65%. Rate type (by current value): floating 96.95%, fixed 3.05. Regional concentration: NSW 34.63%, Victoria 31.64% and Queensland 18.88%.

CRR 405: No Originator nor any other party to the transaction undertakes to retain, either initially or on an ongoing basis, an economic interest in this transaction in accordance with the requirements of the EU Retention Rules or take any other action which may be required by investors for the purposes of their compliance with the EU Retention Rules.

Compare/contrast: FirstMac Mortgage Funding Trust 2-2017, Triton Trust No 7 Bond 2017-2