Harvey Trust Series 2018-1: 30 October 2018
A RMBS transaction, backed by a pool of first-ranking Australian prime residential mortgages which have been originated by Credit Union Australia Limited through a combination of third-party brokers and direct channels.
Credit Union Australia Limited provides banking and financial services to its members in Australia. It offers everyday accounts, savings and term deposits, home loans, personal loans, commercial loans, commercial overdrafts, vehicle and equipment finance, debit cards, credit cards, health and other insurance products, investment options, financial planning and online and mobile banking, as well as international financial products for insurance and foreign money needs.
At the cut-off date (15 July 2018), the portfolio consists of 2,484 fully insured loans, where the average borrower exposure is A$281,765 and the largest is for A$976,045. Property ownership type: owner occupied 85.55%, BTL 14.45%. Redemption type: principal and interest 86.0%, interest only 4.0%. Interest rate type: variable 66.12%, fixed 33.88%. Lenders’ mortgage insurance: QBE 98.69%, Genworth 1.31%. The WA current LVR is 55.59% and the WA seasoning is 32.02 months. Regional concentration: Brisbane Metro 22.34%, Melbourne Metro 22.10%, Sydney Metro 15.22% and Queensland Country 9.05%.
EU Risk Retention: In accordance with Article 405 of the Capital Requirements Regulation and Article 51 of the AIFMR, the Seller will retain, on an ongoing basis, a net economic interest of at least 5% in the nominal value of the securitisation on the Closing Date. As at the Closing Date such net economic interest will be comprised of an interest in randomly selected exposures equivalent to no less than 5% of the aggregate principal amount outstanding of the securitised exposures.
US Risk Retention: It is intended that the Notes will be issued under the safe harbour for certain foreign transactions pursuant to the risk retention rules set out in section 15G of the Securities Exchange Act of 1934 of the United States of America, as added to by section 941 of the Dodd-Frank Act regarding non-U.S. transactions that meet certain requirements.
Compare/contrast: Harvey Trust Series 2017-1, AFG 2018-1 Trust, Pepper I-Prime 2018-1