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 the 100 per cent shareholder in Aussie. As of April 2012, 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% then to 100% in August 2017.
Video Aussie (financial group)
History
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.
Maps Aussie (financial group)
Acquisition
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.
Products and Services
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.
Advertising and Sponsorship
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 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.
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. 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.
Leadership
As of March 2015, John Symond, the founder, is Executive Chairman with his nephew, James Symond, also a founding member and Chief Executive Officer.
References
External links
- Aussie Home Loans
- Aussie Personal Loans
- Commonwealth Bank Takeover
- Interview on ABC Inside Business
- How Aussie John Symond broke the mould
Source of article : Wikipedia
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