Aussie (financial group)

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AHL Investments Pty Ltd ("Aussie")
Type Private Company
Headquarters Sydney, Australia
Area served Australia
Key people John Symond (Executive Chairman and Founder)
Services Mortgage broking, Home loans, Personal loans, Credit Cards, Insurance
Website http://www.aussie.com.au/

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.[1] As of April 2012, Aussie reported a loan book under management of over A$42 Billion through 750 brokers and 150 stores.[2] On 18 December 2012 CBA increased its share of ownership to 80%.

History[edit]

The firm was founded as Aussie Home Loans on 17 February 1992[3] 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.[citation needed] . In 1994 the firm introduced the securitisation of home loans, allowing them to offer loans upwards of 3% cheaper than its competitors.[citation needed] The company rapidly grew as consumers became aware of its products and banks were forced to copy its methods as their market share diminished.[citation needed] The company re-positioned itself as a mortgage broker in 2002, and introduced its own credit card shortly thereafter.[4] In August 2008 the Commonwealth Bank acquired a 33% stake in Aussie.[5]

Acquisition[edit]

In February 2009, the firm acquired Wizard Home Loans.[1] 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 been 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.

Products and Services[edit]

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.[citation needed]

Advertising and Sponsorship[edit]

In 2009, following its acquisition of Wizard Home Loans, Aussie took over Wizard's sponsorship of the Rugby League's New South Wales State of Origin team in the for the next two years, and also inherited the sponsorship of Collingwood Football Club in the Australian Football League (AFL). Both deals lasted two seasons (2009–2010) before Aussie withdrew.[6][7]

In 2002, the firm purchased naming rights to Sydney Football Stadium in a five year plus five year deal, with the stadium renamed Aussie Stadium.[8] On 7 July 2007 the stadium reverted to its original name, after the firm and the SCG Trust mutually elected not to extend the deal.[9]

Leadership[edit]

As of October 2012, John Symond, the founder, is Executive Chairman with his nephew, James Symond, also a founding member and Executive Director for Sales.

References[edit]

  1. ^ a b "CBA buys $2.25b Wizard mortgages from GE". Sydney Morning Herald. 24 February 2009. Retrieved 18 August 2011. 
  2. ^ Aussie sales jump in last quarter, Aussie Home Loans, 17 April 2012
  3. ^ "In Your Interest". Sydney Morning Herald. Retrieved 17 August 2011. 
  4. ^ "About Us". Aussie. Archived from the original on 21 July 2011. Retrieved 18 August 2011. 
  5. ^ Commonwealth Bank make strategic investment in Aussie, Commonwealth Bank, 29 August 2008
  6. ^ Canning, Simon (2 August 2010). "Blues jersey beckons for the next lucky sponsor". The Australia. Retrieved 18 August 2011. 
  7. ^ Canning, Simon (30 July 2010). "Collingwood dumped as Aussie deserts elite sport sponsorship". The Australian. Retrieved 18 August 2011. 
  8. ^ "Renamed stadium is dream realised for Aussie’s Symond". B&T. Retrieved 18 August 2011. 
  9. ^ The World of Rugby League http://www.rleague.com/content/article.php?id=28594 |url= missing title (help). Retrieved 18 August 2011. 

External links[edit]