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Contrary to reports in the daily and mortgage industry press, Origin – ANZ’s wholesale mortgage division – will continue to fund mortgage managers, albeit at the carded rate of 8.65 per cent.
Speaking exclusively with Mortgage Business, James Brooks, head of Origin, said that it was “business as usual” for the wholesale funder.
“We’ve increased the cost of wholesale funds in line with the current funding climate and will continue to write sustainable and profitable business.
“There’s been no change to our credit policy; we’re simply pricing our funds at an appropriate market rate,” he said.
Two separate company announcements fuelled media speculation that Origin would withdraw from wholesale lending.
On the same day the rate change was communicated Origin also announced it would relocate to Melbourne.
“Timing for the two announcements could have been better,” conceded Mr Brooks.
“The move to Melbourne will help improve our efficiencies and reduce costs – it has nothing to do with a withdrawal from the wholesale market.”
Origin’s new 8.65 per cent rate coincides with a Resimac announcement that it will also increase its wholesale delivery rate to 8.65 percent.
Published: 03-04-08
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