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The landmark deal, valued at $400 million, marks a pivotal moment in the company’s growth and positions the lender as a major player in the financial market.
The sole arranger was NAB, with Deutsche Bank acting as joint lead manager.
The issuance, dubbed the Wave Money Bondi 2025-1 Trust, is backed by a portfolio of Australian residential mortgages, comprising a mix of prime and non-conforming loans. All loans within the portfolio are secured by registered first-ranking mortgages over properties across the nation, providing a solid foundation for the transaction.
Wave Money founder and managing director John Flavell hailed the transaction as a transformative achievement for the company.
“This is a significant milestone in Wave Money’s growth journey,” he said.
“Completing our first public RMBS transaction positions us strongly for the future and enhances our ability to continue meeting the needs of our broker partners and their clients.”
He emphasised that access to diverse and efficient funding markets is critical for non-bank lenders.
This successful public issuance provides Wave Money with greater financial flexibility and a lower cost of funds, which can be channelled into developing more competitive loan products.
Flavell noted that broker partnerships were crucial in this achievement. He credited the brokers with originating the high-quality loans that made the transaction possible.
“Without the ongoing support of our broker partners, milestones like this wouldn’t be possible. Their trust in Wave Money drives us to keep delivering flexible, commonsense lending solutions that genuinely support their clients,” he said.
This achievement is seen as a direct result of the company’s broker-centric model, which has enabled it to build a substantial and diverse mortgage portfolio.
[Related: Spotlight: Perspectives from the front line]
