AUI makes more redemption changes
By Christine St Anne
Thursday 26 August 2010
Australian Unity Investments (AUI) has made another change to the redemption policy, increasing yet again the withdrawal levels for its mortgage funds.
From now, investors will be able to withdraw 3 per cent from the Mortgage Income Trust each month.
AUI recognised that investors need to access capital in its mortgage funds, AUI general manager Mark Pratt said.
"One of our main aims with the mortgage funds over the last two years has been to increase redemption offers for investors whenever possible," he said.
The latest change to its redemption policy means investors with an average balance of $45,000 in the trust in October 2008, will be able to receive their capital by October if they have applied for the maximum amount under each offer, according to Pratt.
The last redemption change to the trust was in October 2009 when the firm allowed investors to withdraw up to 2 per cent of their total investment in the trust or a maximum of $2000 every month.
"In addition investors will have received returns of 4.29 per cent per annum over the last two years," Pratt said.
"Mortgage funds have a strong future and good quality and conservatively managed funds will continue to meet the increasing demand by investors for regulator income."
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