FirstMac and Members Equity are the first lenders to benefit from the government’s $8 billion RMBS scheme.
The Australian Office of Financial Management (AOFM) yesterday announced that it had selected the two lenders from a total of 12 submissions and would invest up to $500 million in each.
The deals are subject to final approval on conditions and pricing but are expected to be priced by mid-November.
The AOFM said a request for proposals for the second selection round would likely be issued in late November 2008. This will be for RMBS issues to be completed by February or March 2009.
Under the scheme, beneficiaries are selected, among other things, on the competition they will provide to the mortgage market.
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