La Trobe Financial 2017-1: 26 March 2017
The La Trobe Financial Group was established in 1952 and since then has lent over A$12 billion to over 130,000 borrowers nationally. Over the last 10 years, La Trobe Financial has lent A$6 billion in primarily residential and commercial secured mortgage loans. Throughout its history La Trobe Financial has specialised in lending to borrowers who fall outside the traditional lending criteria of bank lenders, commonly referred to as the "specialised mortgage market".
The Mortgage Loans have been sourced from a pool of loans originated by the Originator. Each Mortgage Loan is secured by a first ranking Mortgage over residential property located in Australia. Eligibility criteria (also includes): the Mortgage Loan is denominated, and only payable, in Australian dollars; the Mortgage Loan requires monthly payments sufficient to pay interest and fully amortise the principal over the loan term except that a Mortgage Loan may require monthly payments sufficient to pay interest only for up to the first five years and then, for the remaining term of the Mortgage Loan, monthly payments sufficient to pay interest and fully amortise the principal over the remaining term of the Mortgage Loan; the Mortgage Loan is secured by a valid and enforceable first mortgage; the relevant Obligor has no right to convert from a variable loan to a fixed rate in respect of the Mortgage Loan; no payments due and payable by the relevant Obligor are outstanding or have not been paid in full.
As at the cut-off date (31 December 2016) the portfolio consisted of 791 loans (advanced to 748 borrowers), where the average consolidated loan balance is A$400,699 and the largest is for A$1.874mln. Occupancy (by current balances): investment 51.44%, owner-occupied 48.56%. Documentation: Full docs 53.04%, low doc 46.96%. Repayment type: P&I 53.19%, interest-only 46.81%. The WA LVR is 70.18% and the WA seasoning is 10.6 months. Regional concentration: Victoria 36.85%, NSW 26.08% and Queensland 22.74%.
CRR 405: Neither La Trobe Financial Custody & Securitisation Services Pty Limited nor any of its related entities undertakes, in relation to any economic interest in the La Trobe Financial Capital Markets Trust 2017-1 it retains or holds, to meet the requirements of the EU Retention Rules on an ongoing basis.
Compare/contrast: La Trobe Financial 2015-1, FirstMac Mortgage Funding Trust 4, Series 1-2017