First Permanent Financial Services has originated its first mortgage securitization which securitizes mortgages with loan-to-value ratios (LTVs) of up to 100%. First Permanent Securities Mortgage Trust 2001-1 issued A$45 million (U.S.$22.8 million), Australia's fourth securitization of mortgages with a high LTV.

It is also the third transaction backed by loans to borrowers buying new homes constructed by Devine Ltd, a property developer that owns 51% of the originator. Basis Capital arranged and structured the deal and ANZ Bank acted as lead manager on the Class A and B tranches.

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