GE Money Australia and New Zealand will sell its Wizard Home Loans brand and franchise network in Australia to Aussie Home Loans for an undisclosed amount. As part of the deal, Commonwealth Bank of Australia will acquire up to $4 billion of mortgages originated by Wizard, GE Money said in a statement on Wednesday. [click to continue...]
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Aussie Home Loans
Aussie cuts home loan rates
Non-bank lender Aussie Home Loans has announced it will cut its variable home loan rate to 6.99 per cent.It has also cut its standard variable rate by point 9 to 7.65 per cent.Last week the Reserve Bank cut interest rates by three-quarters-of-a-percentage point.Aussie Home Loan’s new rate is effective from today.
Aussie saves lenders’ confidence by passing on cut
Aussie Home Loans’ basic variable rate has also been cut by half a percentage point to 7.59 per cent.
The cuts follows Aussie’s move last week to drop its basic variable rate for first home buyers and all fixed rate loans, with the one-year fixed rate dropping 1.7 per cent to 6.79 per cent.
NAB fell short of ANZ’s lead on October 17 with a 20-basis-point adjustment to its variable rate on Sunday last week to 8.36 per cent.
Aussie-CBA link has a post-sub-prime logic
THERE’S exquisite irony in Aussie Home Loans getting into bed with the Commonwealth Bank. The biggest bank provider of home loans and the biggest non-bank player in the home loan market. Read more of this story at news.com.au
CBA to buy a third of Aussie Home Loans
Commonwealth Bank of Australia (CBA) will buy a 33 per cent interest in mortgage broker Aussie Home Loans.. read more
AMP to insure Aussie mortgages
MORTGAGE broker Aussie Home Loans has formed a strategic alliance with AMP under which AMP will offer it customers mortgage protection insurance. read more
Non-banks’ home loan share shrinks
BIG banks are routing non-bank lenders in the battle for home loan market share, winning back large chunks of business once lost to their more nimble and cheaper competitors.
In a reversal of a decade, banks are now writing 17 out of every 20 new housing loans — close to 85 per cent — as their mortgage competitors struggle with the burden of higher wholesale funding costs brought on by the US economic crisis.
Aussie Home Loans, once the biggest thorn in the side of the banks, this week launched a “We’ll match you” advertising campaign to try to stem the loss of market share. read more
Regional Aussies ’secure’
THE days of easy credit may be gone, but regional areas are better positioned to absorb the financial shocks, according to a leading Australian financier.
Founding chairman of Aussie Home Loans John Symond, in Bendigo yesterday to open its new Hargreaves Street operation, said the international credit squeeze and interest rate rises were having the most serious consequences for borrowers who relied too heavily on debt to fund purchases.
