Briefs: No lo-docs for FirstMac, home ownership out of reach, CBA and Newcastle Permanent pitch fixe 31 October 2014 4:44PM Banking Day staff Briefs, Correction: Yesterday we quoted a Moody's report that incorrectly included FirstMac among a group of non-bank mortgage originators that have securitised low-doc residential mortgages after new rules came into operation in 2010. In fact, FirstMac have not been involved in any securitisation of low-doc loans in the last four years and now concentrate on funding prime Australian mortgages. As a consequence, all of the seven RMBS trades by FirstMac since 2010 show 30-plus days arrears rates below one per cent. Almost one-fifth of Australians (18 per cent) believe they will never be able to buy a home, according to new research by ME Bank. Among people under 30, 26 per cent believe they will never afford a home and, among women, 21 per cent believe a home is out of reach. Fourteen per cent of 18 to 29 year olds said they would buy jointly with friends or family (compared with six per cent of all respondents). Commonwealth Bank of Australia has flagged the launch of a new ten-year floating rate subordinated security, expected to be rated BBB+/A3 by S&P and Moody's respectively and to be priced today (31 October). The securities will be offered in a manner intended to satisfy the conditions for interest withholding tax exemption and launched under the CBA's 28 October 2014 domestic debt programme. The transaction will be self-led. Newcastle Permanent Building Society has priced a new A$200 million two-year floating rate senior unsecured issue. The bonds are expected to rated A2/BBB+ (Moody's/S&P). It priced at par with a coupon of 85 basis points above the BBSW. Settlement date is on 7 November 2014. NPBS has become a keen visitor to capital markets, ever since it sold A$32 million of three year FRNs, priced at spread of 26 bps over bank bills in May 2005. The lender returned to fixed income investors with a A$300 million, three year FRN issue, priced at 25 bps over, in March 2006.