THE Commonwealth Bank has bought 33% stake in Aussie Home Loans.
Commonwealth Bank chief executive Ralph Norris said the acquisition is a strategic holding and provides it with an additional investment in the strong and growing home loan industry in
Norris indicated that Aussie will continue to be an independently managed and run operation under the control of its successful founder, John Symond.
“The group will have a minority representation on the Aussie Board, with no management involvement in the day to day running of the company,” Norris concluded.
In other home loan market news, Wizard Home Loans has cut rates for first time in seven years.
Wizard is the first lender to do so and is a few days out of the Reserve Bank meeting this week.
Wizard will cut its variable rate from 9.54 to 9.29%.
Australian Property Journal
