Hi, everyone. I'm Dave Stevens, CEO and Managing Director of Harmoney. For those of you unfamiliar with Harmoney, we're Australasia's largest 100% consumer-direct personal lender. We offer both secured and unsecured personal loans up to NZD 70,000, 100% online. This short video accompanies our first quarter financial year 2025 trading update released today. I wanted to take a brief moment to highlight a few key takeaways from that announcement. If you have any questions on the announcement, please submit them here through our Investor Hub. We will get back to you as quickly as we can. So I'm really pleased to announce that we've had a strong start to financial year 2025, ensuring that we're well on track to achieving our 20% target cash return on Equity run rate this financial year.
With our new Stellare 2.0 platform, driving an increase in our Australian new customer originations of more than 50% right through the entire quarter. With this traction, we've continued our development focus on the larger Australian opportunity for Stellare 2.0 for now, and elected to move New Zealand's transition into the second half of this financial year. Our loan book is up over 1% from the last quarter to NZD 769 million, with Australian loans now comprising over 55% of the loan book. This growth has been achieved while also increasing our risk-adjusted income to 5.1%, up from 4.6% in the prior comparative period and from 4.8% for the last financial year. As a reminder, risk-adjusted income is our income after both funding costs and credit losses.
Our cost-to-income ratio has also continued improving, down to 21% for the quarter from an already low 24% in the last financial year. This exceptional efficiency ratio is due to Harmoney's high levels of automation, which enable us to continue to scale our loan book and revenue faster than operating costs. These strong and improving key business metrics, combined with accelerating originations and loan book growth driven by Stellare 2.0, provides us with real confidence as we head into the rest of financial year 2025 and beyond. I'd like to thank you for your interest and continued support, and if you haven't already, I'd encourage you to sign up to our Investor Hub to follow our journey and of course, ask us any questions you might have. Have a great day!