A third $1 billion RMBS transaction and rising investor numbers have reinforced ORDE’s expanding term‑funding platform.
ORDE Financial has sealed its third consecutive $1 billion residential mortgage‑backed securities (RMBS) transaction, cementing the Melbourne‑based non‑bank’s position as a regular benchmark issuer and deepening its access to term funding markets.
The latest deal involved 34 investors, including seven that came into the program for the first time, extending relationships that began with ORDE’s record‑breaking debut RMBS in 2024.
Investor base widens around $1bn platform
The new transaction maintains the $1 billion size, which ORDE has now achieved in three straight-term RMBS issues – a scale commonly associated with long‑established banks.
ORDE said the strong participation across both existing and new investors reflected confidence in the performance of its underlying mortgage book, its credit standards, and the transparency of the data it provided to the market.
Emphasising the significance of the latest issue, executive director, debt capital markets, Dragan Jugovic, said the deal was a clear validation of ORDE’s funding program and asset quality.
“This transaction demonstrates the strength of ORDE’s funding program and the confidence investors have in our assets and our processes,” he said.
Jugovic added that expanding the pool of investors was a strategic priority as opposed to an accident of market conditions.
“Growing and diversifying our investor base is a deliberate focus, and it plays an important role in building resilience across the platform,” Jugovic said.
RMBS at the core of diversified funding
The new RMBS continues a program that began with ORDE’s $1 billion inaugural term deal in 2024 – the largest debut RMBS by a non‑bank lender in Australian history.
This was followed by a second $1 billion transaction in 2025 that broadened the investor set further.
These repeat transactions come as non‑bank RMBS issuances reach record volumes in Australia, with institutional investors seeking diversified exposure to prime and specialist mortgage pools.
Chief operating officer Ryan Harkness said the latest deal underlined how securitisation fit within a broader, globally oriented funding model designed to withstand shifting credit and rate cycles.
“We take a broad view of funding across the business, markets and investor types, because diversification is what gives us stability over the long term,” Harkness said.
He said that term securitisation was now integral to ORDE’s balance sheet strategy.
“RMBS is a core part of that mix, helping us diversify our funding sources, manage liquidity and remain consistent for brokers and their clients,” he said.
Term funding supports ongoing loan growth
ORDE said the settlement of the deal drew on tight collaboration between its funding, credit, and broader business teams, with the lender highlighting that the deal would ensure it could continue to write new business at scale.
ORDE Financial has grown rapidly since its 2019 launch, now managing around $5 billion in assets, with capacity to write up to $7 billion.
The lender remains 100 per cent broker‑originated and focuses on borrowers banks “won’t, can’t or find too hard,” according to Harkness, particularly self‑employed Australians across residential, commercial, SMSF, short‑term bridging, construction, and development lending.
It has also positioned itself as a “built for broker” non‑bank, emphasising consistent service levels, a two‑day credit SLA, and direct access to BDMs and credit decision‑makers for complex scenarios.
[Related: Out of the ORDE(inary)]
