The First Mortgage Trust (FMT) Wholesale Fund offers indirect exposure to property loans, secured by first mortgages by directly investing in the First Mortgage Trust Group Investment Fund (FMT GIF), a retail managed investment scheme.
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The FMT Wholesale Fund offers wholesale investors indirect exposure to first mortgage-backed property loans by investing directly into the First Mortgage Trust Group Investment Fund (FMT GIF).
In return for investing $500,000 or more for a minimum term of two years, wholesale investors receive a bonus return — issued as additional units in the Wholesale Fund paid from FMML's own funds — in addition to the standard quarterly distribution.
⚠ This offer is only available to wholesale investors
To qualify you must meet the criteria set out in clause 3(2) or 3(3)(a) of Schedule 1 of the Financial Markets Conduct Act 2013. Am I a wholesale investor?
FMT Wholesale Fund
| Minimum investment | $500,000 |
| Minimum term | 2 years |
| Distributions | Quarterly |
| Distribution options | Paid out or reinvested |
| Bonus return | Available on qualifying investments |
| Eligibility | Wholesale investors only |
| Minimum investment | $500 |
| Investment term | No fixed term Min. 2 years recommended |
| Distributions | Quarterly |
| Distribution options | Paid out or reinvested |
The PIE TRUST has a risk indicator of 1 — the lowest category. This does not mean it is risk-free. See the PDS for more information.
| Management fee | 1.65% incl. GST |
| Upfront fees | None |
| Withdrawal fee Early withdrawal fees may apply in the first two years |
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Subject to change.
There are no direct management fees for the PIE Trust. However, the FMT GIF charges 1.65% incl. GST — as the PIE Trust invests into the GIF, these are indirectly fees of the PIE Trust and affect your investment return.
This graph shows the historical annualised pre-tax (after fees & expenses) quarterly distribution rates for the First Mortgage Trust Group Investment Fund versus the average 12-month bank term deposit rate since 2017.
Data as at March 2026. Term Deposit data from the Reserve Bank of New Zealand (RBNZ). Past performance is not a reliable indicator of future performance. Returns are subject to change and are not guaranteed.
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There are alternative strategies which may provide better outcomes, we recommend you seek independent advice before making any investment decision. If you have completed this guide and wish to discuss this, we recommend you seek professional tax advice.