Lenders

NEWS LENDERS

MOULA JOINS PANEL AT HOUSING BOOM BOOSTS AGGREGATOR FAST WESTPAC PROFIT RESULTS

WESTPAC has rebounded from a slump in 2020, posting strong results for the first half of 2021. Shares jumped by 4% on the back of the results announced on 3 May. Westpac recorded a higher profit than expected, with cash earnings of $3.537bn, up 256%, and statutory net profits of $3.443bn, up 189%. Digital transformation, a streamlined head office and the housing boom have all helped, with over $2.6bn added to the mortgage book since the start of 2021.

FIRSTMAC RMBS ISSUE LARGEST BY NON-BANK

FIRSTMAC has announced the largest ever issue of residential mortgage-backed securities completed by an Australian non-bank lender. The Queensland-based bank broke its own 2017 record by chalking up a $2.0bn issue, surpassing the previous high of $1.7bn. Firstmac paid just 73 points above the bank bill rate for the funds, the least since before the GFC. “We’re riding some good volumes now: in April, we settled $500m for the first time,” said CEO James Austin.

“We’re extremely humbled with the quality of the investors that have come on board and our ability to showcase what we’ve built over the years”

Mario Rehayem CEO, Pepper Money

Greg O’Neill President and CEO, La Trobe Financial

Mario Rehayem, CEO, Pepper Money

PEPPER MONEY’S IPO AIMING TO RAISE HALF A BILLION DOLLARS

Non-bank lender Pepper Money is set to list on the ASX before the end of the month, with the float expected to raise $500.1m

PEPPER MONEY is to float on the stock market on we’ve built over the years.” It marks the beginning of a new 25 May and is expecting to raise era at Pepper, which recently $500.1m with its initial public celebrated its 21st birthday. offering of shares, the biggest to “For us, it’s just another date in 2021. milestone and a part of our new

The non-bank lender’s IPO chapter coming into a publicly exceeded expectations with a target listed environment,” said Rehayem. of $500.1m at $2.89 per share, “It’s about continuing our ability resulting in a market capitalisation to help people succeed, continuing of $1.3bn. to roll out new innovative products

“I’m definitely happy on behalf onto our extensive distribution of the wider Pepper team,” said platforms through mortgage Pepper Money CEO Mario brokers and introducers and really Rehayem. “We’re extremely organically growing this business humbled with the quality of the the way that we have in the past. investors that have come on board “The non-bank sector is and our ability to showcase what maturing as a business and as a sector, and we’re really in a position to be able to grow.”

Rehayem paid tribute to the broker community that has delivered billions of dollars’ worth of business to Pepper over the last two decades.

“We owe a lot of our growth and success not only to our staff but also to our brokers and introducers. They have been an exceptional business partner and have allowed us to continue to innovate, continue to grow and have represented our brand in a way that we are extremely proud of.”

Pepper Money chairman Michael Culhane said he and the board were delighted that investors have the opportunity to become fellow shareholders in Pepper.

“Since writing its first loan in 2001, Pepper Money has originated over $32.3bn of loans in Australia and New Zealand,” Culhane said.