Sometimes I like to reread the source material others quote to get some context. If the reference is incorrect this becomes difficult. In fact the above quote is not from the half yearly report, because at the time of writing no such separately titled Half Year Report has been issued. I did find the above quote but it was in the 'Half Year Result Press Release' on page 8, which is a different document.
Likewise the above quote is from yet another document, the Half Yearly Presentation (not the Half Yearly Report) on Slide 27.
I would interpret 'Organic Growth' as the growth as a result of normal business operations. In the case of Reverse Mortgages it is not clear what this means. Because even if no new Reverse Mortgages are issued the compounding interest on the existing reverse mortgages will ensure that at least in the medium term the Reverse Mortgage business will continue to organically grow. Yet somehow I suspect organic growth would include the writing of new Reverse Mortgages through established distribution channels.
By 'Buying debt and giving Heartland money up front', I think you are referring the process of loan securitisation. I think that is different to 'Organic Growth'. Loan securitisation refers to the rejigging of the financing that supports a particularly 'grouped subset of the Heartland loan book', by selling that portion of the loan book on to a third party. However, although this can free up Heartland capital to pursue more 'organic growth' as a side effect, the process of securitising existing loans is not a growth strategy in itself.
I would say 'interest from leading aggregators' does refer to the loan securitisation process.
As for the inorganic growth mentioned, you might be onto something with that residual reverse mortgage loan portfolio at Westpac. Westpac seem to be taking every opportunity they can to simplify their business. Getting rid of a Reverse Mortgage Rump would certainly do that. I think it would be a very substantial acquisition for the thinly capitalised Heartland Australia though, even after several years of Westpac being inactive in the reverse mortgage market. There are smaller moribund reverse mortgages facilitators operating the the Australian market nevertheless. So you might be right, even if it isn't the Westpac reverse mortgage portfolio that is up for sale. Bear in mind though that the quote you referenced began 'Explore opportunities', which would suggest there is no imminent 'done deal'.
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