find the latest legal job
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Legal Inhouse / Lawyer / Company Secretary
Category: Other | Location: Brisbane QLD 4000
· Fantastic Company · Potential to be Part Time / Flexible Work Pattern
View details
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Blakes, Mallesons in mortgage book sale

Blakes, Mallesons in mortgage book sale

BLAKE DAWSON WALDRON advised HSBC Bank Australia on the sale of its $2.26 billion broker originated residential mortgage book to residential mortgage provider, FirstMac.HSBC retains its direct…

BLAKE DAWSON WALDRON advised HSBC Bank Australia on the sale of its $2.26 billion broker originated residential mortgage book to residential mortgage provider, FirstMac.

HSBC retains its direct Australians loans book, which is worth $4.5 billion.

Lead partner on the deal, Philip Maxwell, said some of the key challenges included the large value of the mortgage book, and the many brokers involved.

“It is a $2.2 billion book, so it’s quite large, and it had over 10,000 separate accounts in it, so there’s a lot of moving parts in this sort of business,” he said.

“We obviously needed to [design] the legal structure to give effect to the transfer, which is by way of legally assigning the loans, which have some consumer credit issues attached to them.”

Maxwell said Blakes’ corporate/M&A team, including himself, worked closely with his firm’s financial services group, including partners Stephen Cavanagh, and Andrew Young to complete the deal.

They were first instructed in June, and the deal was completed by the end of November last year.

“Obviously, if you are buying a book of loans, one of your concerns is, how does it fit with the relevant legislation and regulation for consumer credit?”, he said.

“The other issue is the brokers, because they’re the connection between the customer and the business.”

He said they had to ensure the brokers understood they had to enter into a new contract with FirstMac.

“So you are not only concerned with customers, because they have to be happy with the business continuing, because it is a very competitive market, but also you have to focus on the brokers because they are the connection between the customer and the [client].”

Stuart Davis, CEO of HSBC Bank Australia said “while distributing through brokers has given our portfolio scale, it precludes two of our greatest strengths — our service proposition and the ability to cross-sell our products”.

As well as Maxwell, Cavanagh and Young, the BDW team included Jonathan Gordon, Brent Delaney and Corey McHattan (corporate), Paul Jenkins (financial services), Barbara Phair (stamp duty and GST), Rod Cox (tax), Jennie Mansfield (IR/super) and Bronwyn Badcock (property).

Mallesons Stephen Jaques advised First Mac.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Blakes, Mallesons in mortgage book sale
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Nov 23 2017
Education a passion for YL president
Promoted by University of Melbourne. Melbourne Law Masters student Phoebe Blank is successfully j...
Crowd
Nov 23 2017
Anti-radicalisation programs playing ‘second fiddle’ to terrorism laws
Several academics have questioned the balance between Australia’s counterterrorism legislation and...
 William Ah Ket
Nov 23 2017
‘Bamboo ceiling’ thought piece wins inaugural law prize
A paper that explores the idea of affirmative action to achieve greater diversity among members of A...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...