Bendigo and Adelaide Bank will buy $1.35 billion of mortgage debt from the West Australian government as it looks to expand its business outside the eastern states.
The bank said it has agreed to buy about 6,000 standard residential home loans from the state government’s Keystart Housing Scheme Trust, designed to help people buy homes through low deposit loans and shared equity schemes.
Bendigo and Adelaide Bank managing director Mike Hirst said the bank will not be acquiring any loans that are more than one month in arrears.
“The customers in the portfolio we are acquiring have, on average, a track record of meeting their loan repayments for more than five years,” he said.
“Keystart has a long and successful history of providing residen…
Read the full article at: http://www.news.com.au/finance/business/breaking-news/bendigo-buys-135b-in-wa-home-loan-debt/news-story/5111ef5783da2f4d067b7dc938322215