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Mortgage funding outlook improving

Staff Reporter 1 minute read

Members Equity has successfully priced a $600 million RMBS deal making it the second lender to benefit from the Australian office of Financial Management’s (AOFM) liquidity program which aims to invigorate the second tier and non-bank lender market.

The deal consisted of 4,503 full documentation home loans with a weighted average loan to value ratio of 64.6 per cent.

Meanwhile banks are lining up to trial the government’s wholesale funding guarantee which will provide banks with greater access to tight credit markets.

The guarantee works by enabling banks to capitalise on the government’s AAA credit rating to borrow funds.

Despite some concern that the scheme will not function without legislation to back it, one big four bank executive told the Australian Financial Review today that he’d expect all of the major banks to complete a deal before Christmas as a result of the guarantee.

Published: 24-11-08

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Mortgage funding outlook improving
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