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In 2002, the company began to run down its loan book and re-positioned itself as a mortgage broker, and introduced its own credit card shortly thereafter. [3] In August 2008, Commonwealth Bank acquired a 33% stake in Aussie. [4] In February 2009, the firm acquired Wizard Home Loans. [5] The deal saw the loan book expand to more than A$31 billion.
Supported by a $10,000 loan [1] from his older brother Michael, Symond founded Aussie Home Loans in February 1992 and was able to fulfil his ambition. With his nephew James by his side, Symond was widely credited with bringing competition to the Australian home-lending industry and was the first major disruptor to the banks oligopoly of the Australian home loan market.
Mark Leigh Bouris AM (born 30 November 1960) is an Australian businessman who is best known as the founder and chairman of 'Wizard Home Loans', Australia's second largest non-bank mortgage lender behind Aussie Home Loans. He is now the chairman of Yellow Brick Road, a business which he founded in 2007. [2]
Mortgage Choice Limited, commonly known as Mortgage Choice, is an Australian mortgage broking firm.. Mortgage Choice is a current member of the Franchise Council of Australia [1] as well as the Mortgage & Finance Association of Australia; [2] and holds a credit licence (number 382869) issued by ASIC.
Tiimely, formerly known as Tic:Toc, is an Australian platform technology company and non-bank home lender based in Adelaide, South Australia. [2] Founded in 2015, but launched to the public in July 2017 as Tic:Toc, Tiimely offers Software-as-a-Service, and automated digital home loans to consumers through their retail brand, Tiimely Home.
A loan was later found to have been impaired at the time of purchase but had not been identified to Commonwealth Bank by HBOS as impaired during the acquisition. [62] Commonwealth Bank declared 1,958 out of 26,000 BankWest commercial loans impaired (in default of the loan terms), [62] with a total face value of $17.9 billion. As they were ...