Michael Frearson

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72 appearances 1 recordings 1 series first heard Apr 2026 last heard 30 Apr

Michael Frearson’s voice in public audio — every appearance, attributed to the second.

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FEAR & GREED | Business News · Q+A: What’s really under the hood of your investments? · 30 Apr 2026 podcast

Both of these investments are backed by the same quality of assets.

So at RAM, we bias the portfolio to secured assets.

residential first mortgages that are domestic only.

So they're 100% Australian first registered mortgages with a low LVR.

So there's a lot of security in the portfolio and we have a very diversified portfolio.

So step number one, we have security and that gives the capital stability.

The other thing we advise the portfolio is to deliver regular income for our investors.

So we have over 7,000 individual home loans which provide that regular monthly income to investors and it also means there's negligible credit risk investors are exposed to.

So the key thing in the current environment besides focusing on quality is to bias the portfolio to floating rate.

So floating rate income streams will benefit if the RBA raises the interest rates again next week like the market currently expects them to.

Okay.

Yeah, we're not concerned about that at all in the current environment, given both the quality of our particular portfolio.

Our 90-day arrears in our portfolio are only 0.22% across the entire 7,000 loans.

So that compares very favourably compared to the major banks, for example.

which are 0.8% to 1% in the 90-day annual careers.

But additionally, if we look for history to understand how different investors behave during times of extreme market conditions, there's been two key tests domestically which have impacted the Australian credit markets.

So during the global financial crisis, there was a lot of funding uncertainty.

There was a big spike in home loan careers, but that didn't follow through to any losses across the major banks or in any of the investment-grade securitized credit investments.

But if we go back further also, back to the 1992 recession, that provides some of the most meaningful data and comparisons we have.

So during the 1992 recession, there was a spike in unemployment.

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