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Mopping Up The Mortgage Brokers: Australia’s Banks On The Assault

by Marquette Turner

in News & Views

After losing their market share to mortgage brokers during the real estate boom years in the earlier years of this decade, Australia’s banks are on the offensive.

First off the market his year was Westpac which acquired the RAMS Home Loans brand, followed by the Commonwealth Bank which acquired a stake in Aussie Home Loans in August 2008.

Now National Australia Bank has revealed that is planning to purchase the Wizard Home Loan’s brand and Australian distribution network, no doubt for considerably less than the $500 million AUD now embattled GE Money purchased the company for in 2004.

NAB has also stated that it is also negotiating to acquire up to $4 billion of prime mortgages from Wizard. The bank says the portfolio is made up of mortgages with a maximum loan to valuation ratio of 90% and is 100% mortgage insured.

Does this mean that ANZ will be the next to make a purchase?

Simon Turner

FYI:  Read related articles on the Credit Crunch, or Banks, or Mortgages

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