Invest with ORDE
What is private credit?
Private credit is broadly defined as lending to individuals or businesses from financial institutions other than banks. These loans are considered 'private' as they're not issued widely or traded publicly like bonds.
Non-bank lenders like ORDE play an increasingly important role in the Australian economy, providing flexible lending solutions to borrowers who are underserved by traditional banks.
Unlike banks, non-bank lenders do not offer savings or transaction accounts which provide them with a source of deposits for lending capital. Instead, they source capital from a mix of investors and banks.
Investing in private credit offers investors an opportunity to generate income through the regular repayment of loans by borrowers. This income is typically greater than than what might otherwise be earned through traditional fixed income products like savings accounts, term deposits or bonds.
Importantly, not all private credit is the same which means investors have the opportunity to earn differing level of return for taking on an associated level of risk. Factors like loan type, security type or ranking on the capital structure can significantly influence the level of risk.
ORDE operates at the more conservative end of the risk spectrum - high-quality loans secured by registered first mortgages over Australian residential and commercial property.
Why consider private credit?
Private credit offers a number of benefits which may make it worth considering. Here are three reasons why private credit may be suitable for you:
Reliable and consistent income: A diversified pool of loans can generate consistent income through the collection of loan repayments.
Attractive risk adjusted return: Underlying loans are typically subject to interest rates greater than those sourced through traditional banks. This can result in returns which outperform traditional fixed income products like term deposits.
Low correlation and low volatility: Private credit offers diversification within your portfolio as its returns are not correlated with shares or bonds. Additionally, the unlisted nature means capital valuation is not subject to the same volatility as publicly listed assets.
As with any investment, there are risks to investing in private credit which should be considered. Some of these include: borrowers not meeting repayment obligations, changes in asset valuations and the potential for delays in withdrawals.
Why consider ORDE for private credit?
Through its Income Fund, ORDE offers investors access to Australia’s longest performing private credit assets: high quality, small to mid-size first mortgages.
Institutional grade credit: As an investor in the Fund, you gain access to the same calibre of loans ORDE originates for banks and major institutional investors. Every loan is approved within the same lending framework and processes. That extends to how loans are assessed, how risks are managed and how performance is reported.
Direct senior ranked investment: ORDE's Fund has one investment product which, for all loans directly holds the whole, exclusive claim over high quality first registered mortgages. This is the strongest, secured position available over Australian real property. We believe this is the benchmark asset every other Australian private credit exposure should be measured against.
Designed to improve investor outcomes: Features such as portfolio framework with relatively constrained exposure limits and underwriting controls, two reserves and committed liquidity support, simple Fund structure and best practice governance put investor fidelity first.
A leadership team with deep credit experience: Led by one of Australia’s pre-eminent credit teams, with a proven track record building income investment products from $1 million to more than $10 billion and deep expertise in 12‑month mortgage investments
Loan originationEach of our loans are originated through a national network of more than 8,000 mortgage brokers.
Loan approval and underwritingEvery loan the Fund invests in is approved within the same lending framework and processes ORDE applies across its institutional relationships.
Portfolio constructionThe portfolio targets conservative complex prime mortgages, built to a mid-yield specification.Deep credit expertise
A $12 billion lending platform behind every loan
ORDE Financial is an Australian non-bank lender and institutional grade asset manager headquartered in Melbourne. The Fund's investment team has deep expertise in designing and managing 12‑month mortgage investment products, previously leading large, comparable credit fund investment products.
Our loans are originated through a national network of more than 8,000 mortgage brokers. Our capital markets platform includes long-standing bank warehouse facilities and RMBS public term issuances, supported by leading domestic and international banks and institutional investors.
The ORDE story, which led to substantial growth in our lending market, is an emphatic drive to deliver stronger outcomes for our customers than previously available.
For investors, the ORDE Income Fund story is about significantly improving the investment product quality available in mid-yield pooled mortgage investing. To deliver this, ORDE has implemented superior standards across many features, directly to benefit investors.
ORDE Income Fund
ORDE has applied the same credit discipline that underpins its lending business to a new opportunity for income investors.
The ORDE Income Fund is an institutional-grade 12-month investment product, offering wholesale investors consistent income from direct, senior ranked positions in first registered mortgage loans over Australian property.
Questions worth asking
Investing well starts with asking the right questions. We've answered the ones we hear most often below - and if yours isn't here, reach out to the team directly.
The ORDE Income Fund invests directly in senior, first mortgage loans secured against Australian residential and small commercial property. These underlying assets comprise loans originated by ORDE and secured by real property, forming the core income‑generating exposure of the Fund.
Please refer to section 2 ‘Our business model’ of the Information Memorandum for more information.
A first mortgage means the Fund’s mortgagee (ORDE Mortgage Custodian Pty Ltd) holds the first‑priority security interest over the property. In the event of borrower default, the Fund has priority over other creditors in recovering outstanding amounts. As the senior lender, the mortgagee has the right to enforce the security, including taking possession of the property and arranging its sale to repay the loan. This structure supports capital protection by providing priority access to the underlying collateral.
Whilst sometimes the term senior ranked can also be used to just mean first mortgage, in the ORDE Fund we use it to clarify that some (non-ORDE) investment products invest in partial interests within the first mortgage itself: senior, mezzanine or less. ORDE only invests in first mortgages that represent the whole of the loan. We will not invest where there are any split interests in the first mortgage. This provides ORDE complete control of the first mortgage security should we move to take possession.
Please refer to section 3 ‘Major asset class ’ of the Information Memorandum for more information.
Key portfolio metrics are structured to support diversification and risk control:
Portfolio guardrails: The portfolio is managed within 12 defined pool parameters that guide composition and risk settings and includes specific target range guidance. This is a highly transparent framework including a higher number of parameters and a higher level of specificity and control than typical than other funds.
Loan size limits: Individual loan exposures are capped at $10 million, with loans above $2 million limited to no more than 50% of the total portfolio.
LVR discipline: The maximum loan‑to‑value ratio is 80%, with the portfolio generally skewed toward lower LVRs to provide additional equity buffer. The maximum weighted average pool LVR limits to <=75%.
These parameters help manage concentration risk and support capital preservation across the portfolio.
Please refer to section 5 ‘Disclosure Principle 3 and 6 ’ of the Information Memorandum for more information.
ORDE Financial manages liquidity risk through a combination of portfolio design, funding arrangements and active controls:
Staggered investor flows: Investments are received throughout the year and are locked in for 12 months. This results in a natural spread of redemption dates and a relatively stable investor base. Whilst natural variations will be observed, over any month, notionally, 91.6% of the investor base is stable.
Diversified loan portfolio: Loans discharge at different times, creating a regular flow of repayments to support ongoing liquidity and cashflow.
Prudent asset selection: Conservative LVRs and independently valued security properties provide confidence that loans can be refinanced or realised if required.
Committed liquidity support: ORDE maintains committed mortgage funding arrangements with high-quality counterparties, targeting the ability to convert at least 25% of mortgage assets to cash if needed (see section 3 and 4 of the Information Memorandum for more detail).
Active liquidity management: ORDE monitors liquidity conditions and can utilise funding arrangements, manage redemptions, or extend withdrawal timelines where necessary to protect investors.
Please refer to section 4 ‘Risks to the return of your capital on maturity’ of the Information Memorandum for more information.
The Fund has been rated by independent research houses. Research reports are intended for the professional use of financial advisers or wholesale investors only and are only one factor to consider when making an investment decision.
Foresight Analytics
The material contained in this document has been prepared solely by Foresight Analytics and Ratings Pty Ltd under Australian Financial Services Licence No. 494552. The material contained in this document is for general information purposes only, and individual financial positions, objectives and circumstances have not been taken into consideration. The information contained in this material should not be acted upon without obtaining advice from a licensed investment professional. It is neither an offer to sell nor a solicitation of any offer to purchase and /or sale of any securities in an investment product or managed investment scheme, derivative, index, or financial instrument, nor is it an advice or a recommendation to enter into any transaction. No allowance has been made for transaction costs or management fees, which would reduce investment performance. Any investment in a financial product or fund involves a degree of risk. Actual results may differ from the reported performance. It is important to note that past performance is not an indication of future performance.
Foresight Analytics and Ratings research material maybe based upon information provided by the investment manager which is known to us or which was obtained from sources that we believed to be reliable and accurate at the time of publication, but Foresight Analytics and Ratings makes this information available on an “as is” basis without a duty to update, make warranties, express or implied, regarding the accuracy of the information contained herein. Errors may exist in data acquired from third party vendors, & in coding related to statistical analyses. Foresight Analytics and Ratings Pty Ltd disclaims any & all expressed or implied warranties, including, but not limited to, any warranties of merchantability, suitability for a particular purpose or use. All opinions and views expressed constitute judgment as of the date of the communication and may change at any time without notice and without obligation. Such information may be based on certain assumptions and involve elements of subjective judgment and analysis.
To the extent permitted by law, Foresight Analytics and Ratings Pty Ltd and its employees, agents and authorised representatives exclude all liability for any loss or damage (including indirect, special or consequential loss or damage) arising from the use of, or reliance on, any information within the document whether or not caused by any negligent act or omission. If the law prohibits the exclusion of such liability, Foresight Analytics and Ratings Pty Ltd hereby limits its liability, to the extent permitted by law, to the resupply of the said information.
Zenith Investment Partners
This report is intended for wholesale clients, AFSL holders or their authorised representatives, by accessing this report you are confirming that you are a wholesale client or you either hold an AFSL or are an authorised representative.
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned 11 August 2026) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.
* Effective 1 June 2026. The distribution rate primarily moves with changes in the RBA cash rate. The rate also reflects movements in performance factors such as portfolio mix and loan pricing and cash levels.
** Refer to Information Memorandum for more detail.
^ 6.50% p.a. variable equivalent rate for Premium Wholesale Investment.
^^ The distribution rate is inclusive of a fixed 0.50% p.a. premium to the retail distribution rate for a three‑year investment period, to be reviewed thereafter. Any reduction to the premium at that time will result in a corresponding increase to the Management Fee.
This web page does not constitute financial advice. It is also not comprehensive as it is intended to be an overview only, providing a summary of points usually of interest to investors. Intending investors must obtain a copy of the Information Memorandum. An investment can only be made by completing the application form and subscription deed with the Information Memorandum. Intending investors should consider obtaining independent financial advice on whether an investment in the Fund is appropriate for them. All investments, including that of the ORDE Income Fund, involve the risk of losing all or part of investors' investment capital and/or interest. Past performance is not necessarily a guide to future performance.