TORRENS Trust (Series 2019-1): 24 June 2019
A fully amortising securitisation of Australian dollar loans to prime-quality borrowers secured by first-registered mortgages over Australian residential properties with all loans originated by Bendigo and Adelaide Bank Ltd, although all were originated under the third-party mortgage network.
At the cut-off date (5 June 2019) the portfolio consists of 4,120 fully verified income loans (consolidated borrowers), where the average loan size is A$242,716 and the largest loan is for A$967,802. Origination Channel (by current balances): Wholesale 100.00%. Ownership type: owner-occupied - 79.45%, investment - 20.55%. Repayment type: P&I – 92.53%, interest only – 7.47%. Mortgage insurer: Uninsured - 75.09%, Genworth - 14.97% and QBE - 9.93%. The WA current LVR is 60.74% (original LVR was 68.04%) and the WA seasoning is 50.0 months. Regional Concentration: NSW Metro – 28.94%, Victoria Metro – 17.74%, South Australia Metro – 11.71% and WA Metro – 8.63%.
EU Risk Retention: BEN will (as an “originator”) undertake to retain a material net economic interest of not less than 5% in this securitisation transaction in accordance with the text of Article 6(1) of the EU Securitisation Regulation. Such material net economic interest will be in the form contemplated by Article 6(3)(c) of the EU Securitisation Regulation.
Japanese risk retention: BEN, as originator for the purposes of the Japan Due Diligence and Retention Rules, will undertake to retain a material net economic interest of not less than 5% in this securitisation transaction.