Progress 2018-1: 04 July 2018

Another RMBS transaction from AMP Bank, where the mortgage loans will be sourced from a pool of loans originated by the originator (or previously acquired by the originator from the other permitted originators). AMP Financial Services provides a range of products and services to customers in Australia and New Zealand. These products and services are primarily distributed through self-employed financial planners and advisers.

Eligibility criteria (includes): the loan must have been fully drawn prior to the cut-off date; must be secured by a valid and enforceable first ranking registered mortgage over the debtor’s residential property or properties; the LVR of the mortgage loan must be less than or equal to 95%; the loan must be covered by a Mortgage Insurance Policy; is not a construction loan; must be denominated in A$; must not be Delinquent for more than 30 consecutive days.

At the cut-off date the portfolio consists of 3,631 unconsolidated mortgage loans (2,780 consolidated split loans) secured by a first ranking mortgage over 2,780 residential property located in Australia. All loans included in the pool were originated with full income verification, and all loans are covered by an insurance policy provided by either Genworth (47.25%) or QBE (52.75%). There are no Lo-doc loans in the portfolio. The average loan part balance is A$356,647 and the largest loan in the pool is for A$1mln. Occupancy: Owner Occupied 80.64%, Investment 19.36%. Interest type: variable 94.66%, fixed 5.34%. Amortisation type (by current balance): P&I 69.11%, interest-only 30.89%. The WA current LVR is 60.34% and WA seasoning is 31.26 mnths. Regional concentration (by balance outstanding): New South Wales 43.31%, Victoria 21.87%, Queensland 15.40% and Western Australia 10.90%.

CRR 405: AMP Bank Limited intends to retain a net economic interest in this transaction in accordance with the requirements of Article 405 and Article 51.


Compare/contrast: Progress 2017-2 Trust, FirstMac Mortgage Funding Trust 4, Series 2-2018, Light Trust 2018-1