ORDE Income Fund – 12 Month Investment Account
ORDE’s Income Fund launched in February 2026. Since then, the Fund has enjoyed support from experienced investors within our private networks who understand the high quality and performance built into this progressed investment product.
The Fund invests in a diversified pool of high-quality loans secured by registered first mortgages over Australian residential and commercial property. Every loan is originated, assessed and managed by ORDE to the same institutional grade credit standards that underpin our $12 billion lending platform.
Positioned as a mid-yield, conservative investment, the Fund is designed for investors seeking consistent, risk-appropriate monthly income and a clear focus on capital preservation.
Since inception the Wholesale Round target return has risen to 7.75% p.a. and the portfolio has maintained all performance objectives. Independent research house assessments have also provided positive feedback for a first-year fund.
Building on this performance foundation, the Premium Wholesale Round is now also open to public investment. We expect to open the Fund to retail investors in 2026.
Key Features at a glance
The Premium Wholesale Round offers qualifying investors early-stage entry with a 0.50% p.a. return premium.
| Target Distribution Rate | 7.75% p.a. variable (net of fees)*^^ (8.03% p.a. compounding) Rate includes 0.50% p.a. premium fixed for minimum three years | |
| Investment Term | 12-months with monthly income or reinvest options | |
| Underlying Assets | 100% senior-ranked first-registered mortgage securities over Australian property and cash | |
| Management Fee | 0.70% p.a. including a performance-aligned component of 0.40% p.a. payable only when benchmark returns are met^^ | |
| Performance Benchmark | RBA cash rate + 1.65% p.a. (6.00% p.a. at reference date)^ We typically expect Target Distribution Rate outperformance of the Benchmark to be broadly maintained^^ | |
| Minimum Investment | $10000 | |
| Responsible Entity | ORDE Capital Management Limited | |
| Custodian & Backup | Servicer BNY Mellon |
Consistently outperforming the benchmark
The Income Fund target return has risen to 7.25% p.a. (7.75% p.a. for Wholesale Round) and has consistently provided a premium of 2.90% p.a. (3.40% p.a. for Wholesale Round) above the RBA Official Cash Rate.
Early demand, independently rated
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. Our lending history exceeds $12 billion with exceptional performance against benchmarks. It is supported by long standing bank funding facilities and three public bond issuances of $1 billion each.
Every loan the Fund invests in is approved within the same lending framework and processes ORDE applies across its institutional relationships. That extends to how loans are assessed, how risks are managed and how performance is reported. A large proportion are the same loans. The result is an investment underpinned by the same discipline that banks and capital markets partners rely on.
Direct senior ranked investment
Not all first mortgage investments are structured the same way. In some, investors have a direct and exclusive interest in the first mortgage. Other marketed investments in first mortgages hold a shared, or partial, subordinated, often deeply subordinated, position via an indirect investment structure. For investors focused on capital preservation, these structural differences directly shape the strength of security rights supporting their investment.
Our 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.
How the Fund improves investor outcomes
ORDE has brought to market an investment product offering investors significantly improved access to Australia’s longest performing private credit assets: high quality, small to mid-size first mortgages. We have designed Fund and product profiles which progress and uphold investor interests, at the forefront of market expectations, and overseen by best practice governance for our asset type.
Conservative, mid-yield portfolio design
The portfolio targets conservative complex prime mortgages, built to a mid-yield specification:
No single loan greater than $10 million
Conservative LVRs, with maximum average <=75%
Loans above $2 million capped at 50% of the pool
Typically APRA-eligible security quality - the same 'cornerstone' assets that underpin Australian bank lending
Much greater detail to portfolio concentration limits, preventing undisclosed risk concentrations
Stronger performance and capital protection
Two dedicated reserves strengthen performance reliability:
Arrears Reserve: 0.20% of AUM plus
Portfolio Reserve Target: 0.40% of AUM
To protect liquidity ORDE maintains comprehensive, committed institutional funding sources to purchase mortgage assets from the Fund upon request - providing best-practice support for redemption liquidity.
An unlisted 12-month investment prioritising stability of capital value over short run market pricing data and traded liquidity.
Proving investor fidelity
ORDE builds fidelity to all investors, large and small, as a key business value:
ORDE’s Fund only has one investment product. We consider this structure clearly superior for investors, reducing significant risks, complexity and conflicts of interest, and supporting significantly increased transparency.
The Fund is governed by a majority-independent Responsible Entity Board with specific experience and a majority-independent Investment & Disclosure Committee.
This dual structure provides detailed independent governance across asset and portfolio management and performance, structural performance protections, Fund and RE income, related party transactions, conflicts of interest and our enhanced disclosures to investors.
Lower management fees
Premium Wholesale Round management fee of 0.70%. p.a.^^
Within the management fee, 0.40% p.a. is aligned with investor performance and is only payable once investor returns exceed the Performance Benchmark.
A low borrower fee model applies, with investors receiving all default interest. ORDE discloses upfront and activity-based fees.
Conservative, mid-yield portfolio design
The portfolio targets conservative complex prime mortgages, built to a mid-yield specification:
No single loan greater than $10 million
Conservative LVRs, with maximum average <=75%
Loans above $2 million capped at 50% of the pool
Typically APRA-eligible security quality - the same 'cornerstone' assets that underpin Australian bank lending
Much greater detail to portfolio concentration limits, preventing undisclosed risk concentrations
Stronger performance and capital protection
Two dedicated reserves strengthen performance reliability:
Arrears Reserve: 0.20% of AUM plus
Portfolio Reserve Target: 0.40% of AUM
To protect liquidity ORDE maintains comprehensive, committed institutional funding sources to purchase mortgage assets from the Fund upon request - providing best-practice support for redemption liquidity.
An unlisted 12-month investment prioritising stability of capital value over short run market pricing data and traded liquidity.
Proving investor fidelity
ORDE builds fidelity to all investors, large and small, as a key business value:
ORDE’s Fund only has one investment product. We consider this structure clearly superior for investors, reducing significant risks, complexity and conflicts of interest, and supporting significantly increased transparency.
The Fund is governed by a majority-independent Responsible Entity Board with specific experience and a majority-independent Investment & Disclosure Committee.
This dual structure provides detailed independent governance across asset and portfolio management and performance, structural performance protections, Fund and RE income, related party transactions, conflicts of interest and our enhanced disclosures to investors.
Lower management fees
Premium Wholesale Round management fee of 0.70%. p.a.^^
Within the management fee, 0.40% p.a. is aligned with investor performance and is only payable once investor returns exceed the Performance Benchmark.
A low borrower fee model applies, with investors receiving all default interest. ORDE discloses upfront and activity-based fees.
'Very Strong' Investment Rating~
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.
Understanding investment risk
All investments carry risk. Here is a preview of the key risks that may impact an investment with ORDE. You can read more about these in our Information Memorandum.**
Credit risk: Borrowers may not meet repayment obligations.
Liquidity risk: Withdrawal requests may be delayed in certain market conditions.
Interest rate risk: Movements in interest rates may impact investment returns.
Property market risk: Changes in property values may affect loan recoveries.
Regulatory risk: Updates to laws or regulations may affect Fund operations.
Operational risk: Technology, process or documentation errors may impact the Fund’s performance.
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.
See exactly what's in the Fund
Quality of transparency varies widely across funds. ORDE offers a transparency framework designed to satisfy skilled and interested investors, knowing that this can provide comfort to all.
Every month we publish a detailed Portfolio Report covering key fund metrics and portfolio composition across a broad range of key attributes.
Every quarter we will issue our tailored Enhanced Disclosures Report (commencing for the quarter ending 30 June 2026). This report provides a deeper inspection of the portfolio and addresses a broad range of governance priorities. It is the “last mile” of disclosure, not the first that defines a manager’s intent when it comes to transparency and this report is ORDE defining for what we really think investors should want to know or be able to see when investing in a mid-yield, mixed asset pooled mortgage fund.
We encourage comparison with disclosures of other funds and we encourage investors to assess carefully the extent that each fund’s disclosures provide simple and meaningful insight to the assets, Fund and key risks.
Investors are also encouraged to contact us if ORDE can do more to build your understanding and comfort. As our history builds we will continue to add to disclosures providing meaningful trend and range based data.
Download the latest report below, or browse prior months in the archive.
Independently rated
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. By downloading a report, you are confirming that you are either an adviser who holds an AFSL or a wholesale investor. ~
Talk to the team
Our Income Fund specialists are here to answer your questions - whether you're ready to invest or still working through the detail.
How to invest
The application process is straightforward. Get in touch and one of our team will provide all the information you need.
For enquiries, contact the Income Fund team at [email protected] or call 13 ORDE (13 6733), Monday to Friday 8:30am - 5:30pm.
Need further information?
Looking to invest?
Our helpful team is here to assist.
We're rated as 'Very Strong'
Financial advisers and wholesale investors can download the Foresight Analytics research report. ~
Take a closer look
Our Fact Sheet provides you more information about the Fund.
* 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.
~ Research ratings
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.