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National RMBS Trust 2018-2: 23 December 2018

Another domestic RMBS transaction from originator NAB, where all loans were originated by NAB themselves, are 100% fully verified and are all secured by registered first ranking mortgages on properties located in Australia.

As at the cut-off date (23 November 2018) the portfolio consists of 5,485 full-doc loans, where the average loan balance is A$297,256 and the largest is for AS980,000. Occupancy type (by current balances): owner-occupied 75.82%, investment 24.18%. Product type: Principal and Interest 87.94%, and IAR 12.06%. Mortgage Insurer: Uninsured 88.70%, QBE 8.79% and Genworth 2.52%. The WA current LVR is 56.91%. Regional concentration: Victoria 37.39%, NSW 35.80%, Queensland 13.87% and Western Australia 6.52%.

CRR 405: NAB (as sponsor) will undertake to hold, in accordance with the CRR, a net economic interest in this securitisation 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(d) of Article 405 of the CRR.

Compare/contrast: National RMBS Trust 2018-1, Medallion Series 2018-1, Pepper Residential Securities Trust No. 22