SMHL Series Securitisation Fund 2019-1

Monthly Investment Report as at 15 July 2021

Contact: Investor Reporting Phone: +61 3 9708 3113 Email: [email protected] Website: mebank.com.au Bloomberg Screen: SMHL

Summary

Fund: SMHL Series Securitisation Fund 2019-1 Cut-Off Date: 06 July 2021 Payment Date: 15 July 2021 Issuer: Perpetual Limited as trustee for SMHL Series Securitisation Fund 2019-1 Joint Lead Managers: Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) Commonwealth Bank of Australia (ABN 48 123 123 124) MUFG Securities EMEA PLC (ARBN 612 776 299) National Australia Bank Limited (ABN 12 004 044 937) Westpac Banking Corporation (ABN 33 007 457 141) Arranger: Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) Trust Manager: Members Equity Bank Limited (ABN 56 070 887 679) (“ME”) Security Trustee: Perpetual Trustee Company Limited (ABN 42 000 001 007) Liquidity Facility Provider: Members Equity Bank Limited (ABN 56 070 887 679) (“ME”) Redraw Facility Provider: Members Equity Bank Limited (ABN 56 070 887 679) (“ME”) Interest Rate Swap Provider: National Australia Bank Limited (ABN 12 004 044 937) Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) Issue Date: 12 June 2019 Legal Final Maturity Date: July 2051

Security Classes

Class Name : A AB B C D E F

ISIN: AU3FN0048476 AU3FN0048484 AU3FN0048492 AU3FN0048500 AU3FN0048518 AU3FN0048526 AU3FN0048534 Rating Agency: S&P / Moody's S&P / Moody's S&P / Moody's S&P / Moody's S&P / Moody's S&P / Moody's S&P / Moody's Rating: AAA(sf) / Aaa(sf) AAA / NR AA / NR A / NR BBB / NR BB / NR NR / NR Currency: AUD AUD AUD AUD AUD AUD AUD Original Balance at Issue: 1,610,000,000.00 77,000,000.00 26,250,000.00 17,500,000.00 8,750,000.00 5,250,000.00 5,250,000.00 Base Rate: 1 month BBSW 1 month BBSW 1 month BBSW 1 month BBSW 1 month BBSW 1 month BBSW 1 month BBSW Margin above base rate: 1.05% 1.85% 2.00% 2.50% 3.30% 4.60% 6.00% Expected Average Life to call: 2.80 5.00 5.00 5.00 5.00 5.00 5.00 Distribution Frequency: Monthly Monthly Monthly Monthly Monthly Monthly Monthly Coupon Type: Floating Floating Floating Floating Floating Floating Floating Principal payment type: Pass Through Pass Through Pass Through Pass Through Pass Through Pass Through Pass Through

Bond Factors as at 15 July 2021

Fund: 0.54112383 Class A 0.50122156 Class AB 1.00000000 Class B 1.00000000 Class C 1.00000000 Class D 1.00000000 Class E 1.00000000 Class F Class F 1.00000000 0.5% Class E Class A 0.5% 85.8% Class D 0.9% Class C 1.8%

Class B 2.7%

Class AB 7.8%

Page 1 Portfolio Structure

Current Interest Amt Coupon Rate Opening Balance Principal Pass- Closing Balance 15 June 2021 15 June 2021 Through 15 July 2021 15 July 2021

Class A 843,519,927.24 36,553,220 806,966,706.76 734,902.29 1.060% Class AB 77,000,000.00 - 77,000,000.00 117,715.07 1.860% Class B 26,250,000.00 - 26,250,000.00 43,366.44 2.010% Class C 17,500,000.00 - 17,500,000.00 36,102.74 2.510% Class D 8,750,000.00 - 8,750,000.00 23,804.79 3.310% Class E 5,250,000.00 - 5,250,000.00 19,892.47 4.610% Class F 5,250,000.00 - 5,250,000.00 25,933.56 6.010%

Total Portfolio 983,519,927 36,553,220 946,966,707 1,001,717

European CRR invested amount (as per Article 405) 54,506,657.74 5.76%

Pool Details

Number of Loans 5,823 Average Loan Size 162,625 Maximum Loan Size 930,935 Weighted Average LVR 58.00% Maximum LVR 131.75% WA Seeding (months) 86 WA Term to Maturity (years) 21 Full Documentation Loans 100.00% WA Interest Rate 3.33%

Principal Collections & Prepayment Analysis

Monthly Quarterly Since inception 15 June 2021 to 15 April 2021 to 12 June 2019 to Repayment Analysis 15 July 2021 15 July 2021 15 July 2021

Balance @ Determination Date 983,519,927 1,032,836,474 1,750,000,000 Substitution - - -

Scheduled Repayments (3,444,012) (10,635,130) (114,918,594) Prepayments (38,596,039) (88,940,519) (809,212,325) Redraw Advances 5,486,830 13,705,882 121,097,626 Principal Draws / (Repayment of Principal Draws) - - -

Closing Balance 946,966,707 946,966,707 946,966,707

CPR 33.79% 26.28% 22.36% SMM 3.38% 2.51% 2.09%

This space has been left intentionally blank

Page 2 Current Position

Geographical Location Geographical Location VIC - Metro 193,844,275 20% - Non Metro 54,719,223 6% NSW - Metro 130,963,192 14% - Non Metro 67,511,914 7% QLD - Metro 78,123,298 8% 1%4% VIC - Non Metro 57,167,042 6% 26% NSW SA - Metro 58,915,972 6% 20% ACT - Non Metro 3,211,659 0% WA - Metro 180,912,673 19% QLD - Non Metro 7,755,171 1% 7% SA TAS - Metro 25,785,254 3% WA - Non Metro 12,785,185 1% NT NT - Metro 4,593,607 0% 14% 21% TAS - Non Metro 1,067,611 0% 7% ACT - Metro 69,610,631 7% - Non Metro - 0%

TOTAL 946,966,707 100% Loan Security 2 Loan Purpose 1 House 758,213,205 80% Refinance 390,140,221 41% Land 26,961,595 3% Renovation 9,832,736 1% Apartment 59,309,834 6% Purchase 357,919,820 38% Unit 70,776,972 7% Construction 55,904,787 6% Townhouse 25,666,804 3% Other 133,169,143 14% Other 6,038,297 1%

TOTAL 946,966,707 100% TOTAL 946,966,707 100%

Loan Term Interest Option <=5 yrs - 0% Variable 606,929,961 64% >5 & <=10yrs 1,947,695 0% Fixed <3 years 340,036,746 36% >10 & <=15yrs 6,080,684 1% Fixed >3 years - 0% >15 & <=20yrs 21,985,620 2% >20 & <=25yrs 99,692,757 11% TOTAL 946,966,707 100% >25yrs 817,259,951 86% Mortgage Insurance

TOTAL 946,966,707 100% Genworth 292,925,254 31% HLIC Govt - 0% Owner/Investment split 1 Uninsured 583,160,615 62% Owner Occupied 675,686,919 71% QBE 69,336,939 7% Investment 271,279,788 29% Dual Insured 1,543,899 0% TOTAL 946,966,707 100% TOTAL 946,966,707 100% Loan Size Interest Rate Exposure >$250,000 542,905,064 58% > 8.00% - 0% >$200,000 & <$250,000 114,929,324 12% > 7.00% & <= 8.00% - 0% >$150,000 & <$200,000 106,046,374 11% > 6.00% & <= 7.00% - 0% >$100,000 & <$150,000 84,503,447 9% > 5.00% & <= 6.00% 24,874,022 3% >$50,000 & <$100,000 69,287,209 7% <= 5.00% 922,092,684 97% <= $50,000 29,295,289 3%

TOTAL 946,966,707 100% TOTAL 946,966,707 100%

Loan to Value Ratio Loan to Value Ratio >95% 3,110,728 0% $140,000 >90% & <= 95% 4,398,061 0% >85% & <= 90% 23,238,544 2% $120,000 >80% & <= 85% 53,724,938 6%

>75% & <= 80% 99,306,183 10% $100,000 Thousands >70% & <= 75% 117,359,476 12% $80,000 >65% & <= 70% 85,249,118 9% >60% & <= 65% 102,376,934 11% $60,000 >55% & <= 60% 87,127,828 9% $40,000 >50% & <= 55% 79,580,964 8% >45% & <= 50% 60,589,474 6% $20,000 >40% & <= 45% 51,189,791 5% $0 >35% & <= 40% 41,512,367 4% >30% & <= 35% 41,612,213 4% >25% & <= 30% 35,502,595 4% <=25% 61,087,495 6% TOTAL 946,966,707 100%

1 - Due to a recent review of the classification of investor lending, the Bank has now agreed a definition of investor lending which will be applied across all areas of the Bank to undertake reporting, monitoring and analysis. The Bank has decided to move away from the historic “loan security” classification to a “loan purpose” classification. This classificationis based upon each customer’s advice to the Bank as to the purpose of the loan, and takes account that customers are unlikely to choose “investment” as an option when it is not the case, given the higher pricing attached to investment loans.

2 - The Bank has also decided to move away from the “Primary Security” classification to a new methodology of determining the main security by using the highest valued security property. This change will drive alignment across the investor reported data and RBA reporting requirements.

This change is effective from 1 March 2016. Feel free to contact Investor Reporting team to discuss the matter.

Page 3 Arrears

30-59 days 15 July 2021 15 June 2021 17 May 2021 Number of loans 24 27 28 Outstanding Balance ($) 4,638,542 6,915,123 7,046,591 Geographical Location Geographical Location % of Pool Outstanding Balance 0.49% 0.70% 0.70% VIC - Metro 9,434,477 17% - Non Metro 1,452,209 3% 60-89 days NSW - Metro 12,421,858 23% Number of loans 18 18 22 - Non Metro 3,020,025 6% Outstanding Balance ($) 5,858,781 4,486,084 5,347,030 QLD - Metro 4,411,410 8% 0%5% VIC % of Pool Outstanding Balance 0.62% 0.46% 0.53% - Non Metro 3,082,213 6% 20% NSW SA - Metro 3,441,436 6% 20% 90+ days - Non Metro 413,330 1% ACT Number of loans 44 46 44 WA - Metro 20% QLD Outstanding Balance ($) 7,959,816 9,471,700 7,651,525 10,636,934 - Non Metro 409,914 1% SA % of Pool Outstanding Balance 0.84% 0.96% 0.76% 7% TAS - Metro 1,658,258 3% WA - Non Metro 843,344 2% TOTAL Delinquencies 28% NT Number of loans 86 91 94 NT - Metro - 0% 14% - Non Metro 0% TAS Outstanding Balance ($) 18,457,139 20,872,907 20,045,146 - 6% % of Pool Outstanding Balance 1.95% 2.12% 1.99% ACT - Metro 3,281,249 6% - Non Metro - 0%

Pool Information TOTAL 54,506,658 100% Number of loans 5,823 5,974 6,077 1 2 Outstanding Balance ($ m) 947 984 1,006 Loan Purpose Loan Security Refinance 23,090,313 42% House 43,545,949 80% Renovation 629,414 1% Strata Unit 4,228,843 8% Purchase 22,089,358 41% Apartment Unit 5,615,703 10% Construction 2,606,792 5% Townhouse 1,057,155 2% Other 6,090,781 11% Other 59,008 0%

TOTAL 54,506,658 100% TOTAL 54,506,658 100%

Loan Term Interest Option <=5 yrs - 0% Variable 38,331,322 70% >5 & <=10yrs 41,819 0% Fixed <3 years 15,056,981 28% >10 & <=15yrs 73,667 0% Fixed >3 years 1,118,355 2% >15 & <=20yrs 1,859,108 3% >20 & <=25yrs 5,571,088 10% TOTAL 54,506,658 100% >25yrs 46,960,976 87% Mortgage Insurance TOTAL 54,506,658 100% Genworth 15,785,145 29% HLIC - 0% Owner/Investment split 1 Uninsured 34,970,109 64% Owner Occupied 46,927,653 86% QBE 3,069,858 6% Investment 7,579,005 14% Dual Insured 681,545 1% TOTAL 54,506,658 100% TOTAL 54,506,658 100% Loan Size Interest Rate Exposure >$250,000 31,941,980 59% > 8.00% - 0% >$200,000 & <$250,000 4,542,514 8% > 7.00% & <= 8.00% - 0% >$150,000 & <$200,000 6,554,077 12% > 6.00% & <= 7.00% - 0% >$100,000 & <$150,000 4,970,361 9% > 5.00% & <= 6.00% 485,111 1% >$50,000 & <$100,000 4,186,861 8% <= 5.00% 54,021,547 99% <= $50,000 2,310,866 4%

TOTAL 54,506,658 100% TOTAL 54,506,658 100%

Loan to Value Ratio Loan to Value Ratio >95% - 0% $14,000 Foreclosure & Mortgage Insurance claims since inception >90% & <= 95% - 0% >85% & <= 90% 683,005 1% $12,000 >80% & <= 85% 2,579,094 5% >75% & <= 80% 4,506,165 8% $10,000

Loan count Amount Thousands >70% & <= 75% 5,435,706 10% $8,000 Outstanding Balance of Defaulted Loans 1 310,476 >65% & <= 70% 12,150,854 23% >60% & <= 65% 7,755,574 14% $6,000 >55% & <= 60% 6,165,639 11% Proceeds of sale 1 240,077 $4,000 >50% & <= 55% 2,137,033 4% >45% & <= 50% 1,864,797 3% 1 7,630 $2,000 Loss on sale of property >40% & <= 45% 3,133,160 6% >35% & <= 40% 2,702,238 5% $0 Claims submitted to Insurer 1 97,894 >30% & <= 35% 1,437,804 3% >25% & <= 30% 1,564,177 3% Claims paid by Insurer 1 89,820 <=25% 2,391,413 4% TOTAL 54,506,658 100% Unclaimed 0 0

Pending claim 0 0

Loss covered by Excess spread 1 7,630

Claims Reduced/Denied by Insurers 1 7,630 Any insured housing loan held by the fund is insured under one of the following:

* master policy with the Commonwealth of Australia dated July 4th, 1994; * master policy with GE Mortgage Insurance Pty Limited (formerly Housing Loans Insurance Corporation Pty Limited (ACN 071 466 334) dated 12 Dec,1997; * master policy with GE Capital Mortgage Insurance Corporation (Australia) Pty Limited (ACN 081 488 440) and GE Mortgage Insurance Pty Limited (ACN 071 466 334) which is effective from October 25,1999.

For further details on the above mortgage Insurance policies reference should be made to the Offering circular and the Transaction Documents. Please note that limitations and exclusions apply with the mortgage Insurance policies, including timely payment cover' for a limited period.

Page 4 Facilities & Reserve

Liquidity Facility

Opening Balance 9,758,684 Liquidity facility drawn during the current month - Repayment of Liquidity Draw for the previous periods Outstanding liquidity draws Reduction in Facility (383,734) Closing Outstanding Balance 9,374,950

Redraw Funding Facility Opening Balance - Drawn amount - Closing balance -

Notional Swaps

Notional Swaps Value 318,500,000 Notional Swap to Fixed Home Loans 93.67%

Neither Members Equity Bank Limited nor any associate of Members Equity Bank Limited (including ME Portfolio Management Limited) in any way stands behind the capital value and/or the performance of the Bonds or the assets of SMHL Securitisation Fund 2019-1. Members Equity Bank Limited does not stand behind the obligations of ME Portfolio Management Limited. The Bonds do not represent deposits or other liabilities of Members Equity Bank Limited or associates of Members Equity Bank Limited including ME Portfolio Management Limited. Members Equity Bank Limited does not guarantee the payment of interest or the repayment of principal due on the Bonds or the performance of the assets of SMHL Securitisation Fund 2019-1 (except to the limited extent provided in the transaction documents). The holding of the Bonds is subject to investment risk, including possible delays in repayment and loss of income and principal invested.

Page 5 invested.

Current Position - SMHL SERIES SECURITISATION FUND 2019-1 (CRD)

Geographical Location Geographical Location VIC - Metro 9,434,477 17% - Non Metro 1,452,209 3% NSW - Metro 12,421,858 23% - Non Metro 3,020,025 6% QLD - Metro 4,411,410 8% 0%5% VIC - Non Metro 3,082,213 6% 20% NSW SA - Metro 3,441,436 6% 20% - Non Metro 413,330 1% ACT WA - Metro 10,636,934 20% QLD - Non Metro 409,914 1% SA 7% TAS - Metro 1,658,258 3% WA - Non Metro 843,344 2% 28% NT NT - Metro - 0% 14% - Non Metro 0% TAS - 6% ACT - Metro 3,281,249 6% - Non Metro - 0%

TOTAL 54,506,658 100%

Loan Purpose 1 Loan Security 2 Refinance 23,090,313 42% House 43,545,949 80% Renovation 629,414 1% Strata Unit 4,228,843 8% Purchase 22,089,358 41% Apartment Unit 5,615,703 10% Construction 2,606,792 5% Townhouse 1,057,155 2% Other 6,090,781 11% Other 59,008 0%

TOTAL 54,506,658 100% TOTAL 54,506,658 100%

Loan to Value Ratio Loan to Value Ratio >95% - 0% $14,000 >90% & <= 95% - 0% >85% & <= 90% 683,005 1% $12,000 >80% & <= 85% 2,579,094 5%

>75% & <= 80% 4,506,165 8% $10,000 Thousands >70% & <= 75% 5,435,706 10% $8,000 >65% & <= 70% 12,150,854 23% >60% & <= 65% 7,755,574 14% $6,000 >55% & <= 60% 6,165,639 11% $4,000 >50% & <= 55% 2,137,033 4% >45% & <= 50% 1,864,797 3% $2,000 >40% & <= 45% 3,133,160 6% >35% & <= 40% 2,702,238 5% $0 >30% & <= 35% 1,437,804 3% >25% & <= 30% 1,564,177 3% <=25% 2,391,413 4% TOTAL 54,506,658 100%

Page 6