Independent mortgage firms to challenge big banks

Thursday 04 February 2010

Article by Mozo

Independent home loan suppliers could soon challenge the supremacy of Australia’s major lenders, it has been claimed.

According to the Herald Sun’s George Lekakis, alongside leading wholesale mortgage supplier Resimac, which has announced plans to launch its new retail operation next week, Opportune Home Loans and New Loan are entering the fray.

Opportune Home Loans, which is headed up by co-founder of Wizard Paul Ryan, is marketing a standard variable home loan to owner-occupiers with a rate of 6.24 per cent.

Mr Ryan said: "We want to be the next generation of Aussie, RAMS and Wizard."

"We’re expecting to double our lending to $500 million this year," he added.

Meanwhile, New Loan, the direct lending arm of First Folio, is offering a variable-rate deal at 5.89 per cent.

First Folio’s managing director Mark Forsyth said New Loan’s success will be boosted by the fact that the company has got "unlimited funding".

Yesterday, Aussie Home Loan boss John Symond told a Sky Business Channel interviewer that the company is ready to dominate the mortgage sector in the country.

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