REDS Trust (Series 2018-1): 06 June 2018

Bank of Queensland established a securitisation programme known as the REDS programme in February 1998, pursuant to the Master Trust Deed, for the purpose of enabling the Trustee to issue debt instruments and to apply the proceeds of those debt instruments to invest in assets originated from time to time by the Bank of Queensland group.

Each Series Trust is a separate and distinct trust fund and is created pursuant to the Master Trust Deed, a Trust Creation Deed and a Series Supplement establishing specific provisions of the relevant Series Trust and the instruments to be issued by that Series Trust. Multiple classes of notes may be issued by the Trustee in relation to each Series Trust that differ amongst themselves as to, among other things, currency of denomination and payment, priority of repayment and credit risk.

The portfolio consists of 3,710 fully-verified, prime, domestic residential loans, where the average loan size is A$256,528 and the largest is for A$943,844. Additionally, each Housing Loan is insured under a mortgage insurance policy. Ownership type (by current balance): owner-occupied 90.20%, investment 9.80%. Repayment type: Principal & Interest 91.31%, Interest Only 8.69%. The Weighted Average initial LVR is 66.64% and the WA seasoning is 29.76 months.

CRR 405: The Series 2018-1 REDS Trust securitisation complies with the text of each of Article 405(1) of Regulation (EU) No 575/2013, Article 51(1) of Regulation (EU) No 231/2013 and Article 254 of Regulation (EU) No 2015/35.

Compare/contrast: Reds Trust 2017-1, La Trobe Financial 2018-1, Progress 2018-1