Aussie Home Loans 'poised to dominate non bank home lending'

Wednesday 03 February 2010

Article by Mozo

Aussie Home Loans is poised to achieve dominance in the non bank mortgage lending sector, executive chairman John Symond has said.

Money-au reported on an Sky Business Channel interview in which Mr Symond said that while non bank lending remains fragmented, Aussie Home Loans is now diversified enough to dominate the sector.

"My aim with Aussie is to become one of the biggest retailers of financial services outside of the big banks because consumers need a safe alternative . . . when we see St George and Bankwest taken up, and Suncorp struggling, Hopefully, Aussie can fill some of that void," he said.

The growth of Aussie Home Loans will be of interest to any customers who choose to compare home loans. Commonwealth Bank of Australia acquired one-third of the company in August 2008 and Aussie Home Loans now also sells credit cards, personal loans and insurance products.

This week Loan Market Group executive chairman Sam White said that despite the surprise move by the Reserve Bank of Australia to fix the country’s interest rate, mortgage holders may still be subjected to increasing rates in the coming year.

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