Mayne Investments was formed in Lismore, Northern New South Wales in June 1968.

It was started with the aim of attracting and pooling investor funds in order to lend money to regional people against first mortgage security, on the NSW North Coast at a time when many were finding it difficult to get help from the traditional banking system. From the outset the Fund took a safe and conservative approach to lending.

As the Fund grew, it maintained that conservative approach, and has since grown to become one of the largest regional funds of its kind in Australia. It has more than 4,000 investors, and currently has around $197 million in funds under management.

Mayne is a public company licensed by ASIC. It is the responsible entity for the Northern Investment Trust Fund and holds an Australian Financial Services License. The Trust is registered as a managed investment scheme and operates under the Corporations Act.

The Fund has had a strong and stable Board of Directors since its formation. It has two original members still on the Board. The Foundation General Manager, Mr Barry Wappett, remains on the Board as Chairman, while the Foundation Manager and Director, Mr Patrick Rummery remains as a Director.

There were changes to Mayne Investments and all other mortgage funds in July, 1998, with the introduction of the Federal Government’s Managed Investments Act. These changes were implemented to give more protection to investors.

In October, 2008, at the height of the global financial crisis, the Federal government guaranteed Australian bank, credit union and building society deposits. In order to prevent a panic run by investors, Mayne, along with most other mortgage fund in Australia, took the difficult decision to suspend redemption requests. Prior to that, the Fund’s normal practice was to meet withdrawal requests within two business days.

Since then Mayne has maintained a strong and consistent financial performance allowing us to continue to pay quarterly distributions as well as moving to a regime of regular partial redemption offers. In that time the company has maintained regular correspondence with investors.

Mayne Investments has stuck by its original charter of giving investors, no matter how small their nest egg, the opportunity to invest in a secure, profitable and ethical local enterprise.

The growth of the Fund is a credit to the policies and philosophies Mayne first established more than 40 years ago. That coupled with a highly experienced Board and management team, ensures that Mayne remains well placed to continue to deliver a sound investment option.