Heritage Building Society has finalised an $800m RMBS deal in its largest domestic securitisation transaction.

The deal, which was increased from its initial amount of $500m due to investor interest, was arranged by NAB in conjunction with ANZ and Westpac. Heritage said the transaction was its first public RMBS issue in five years.

Heritage CEO John Minz said the RMBS transaction represented the strength of the building society's low-risk funding style.

"We road-showed the deal and received a very positive reaction from investors, with good feedback about the Society and how we are positioned in the market. At $800m, this is the largest domestic transaction for Heritage surpassing the $750m deal completed in June 2006, which demonstrates the depth of support for our low-risk style of securitisation issuance," he commented.

Minz said while Heritage had been successful in increasing the diversity of its funding, it had not been active in public securitisation since 2006, and judged that funding conditions were now right for its return to the domestic RMBS market.