Aussie (Financial Group)
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| Private Company | |
| Founded | 1992 |
| Headquarters | Sydney, Australia |
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Area served
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Australia |
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Key people
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John Symond (Executive Chairman and Founder) James Symond (Chief Executive Officer) |
| Services | Mortgage broking, Home loans, Personal loans, Credit Cards, Insurance |
| Website | http://www.aussie.com.au/ |
John Symond (Executive Chairman and Founder)
Aussie is an Australian retail financial services group with operations spanning all mainland capital cities and major regional centres throughout Australia. The Commonwealth Bank (CBA) is an 80 per cent shareholder in Aussie. As of April 2012[update], Aussie reported a loan book under management of over A$42 Billion through 750 brokers and 150 stores. On 18 December 2012 CBA increased its share of ownership to 80%.
The firm was founded as Aussie Home Loans on 17 February 1992 by owner and executive chairman John Symond. The company was unique in its approach to home loans, offering 24 hours a day service and lower interest than loans offered by banks. . In 1994 the firm introduced the securitisation of home loans, allowing them to offer loans upwards of 3% cheaper than its competitors. The company rapidly grew as consumers became aware of its products and banks were forced to copy its methods as their market share diminished. The company re-positioned itself as a mortgage broker in 2002, and introduced its own credit card shortly thereafter. In August 2008 the Commonwealth Bank acquired a 33% stake in Aussie.
In February 2009, the firm acquired Wizard Home Loans. The deal saw the loan book expand to more than A$31bn . Aussie also acquired Wizard's franchise distribution network, including over 100 retail outlets and 200 brokers. A further acquisition was made in July 2012 of National Mortgage Brokers (nMB) which added a stand-alone wholesale aggregation channel of 200 broker businesses and loan book of 8.5 Billion dollars thus taking the total loan book under Aussie Group management in excess of 50 Billion through 950 brokers.
Aussie’s accredited mortgage brokers represent 18 home loan brands, including all four major Australian banks, and also offer their own suite of loan products including home loans, personal loans, credit cards and insurance.
Brokers are independently contracted to the firm and are paid on a commission only basis.
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