Wizard borrowers to get lower interest rates
Wizard customers will get the chance to cut their mortgage rates by between 0.5 per cent and 1 per cent when Aussie Home Loans and its business partner Commonwealth Bank take over the business. Aussie announced on Christmas Eve that it would buy the Wizard brand with its’ 160 franchised branches and four billion dollars worth of mortgages that have previously been funded by GE Money. Aussie is believed to paying around $30 million for the business which was purchased in 2004 by GE for $400 million. Commonwealth Bank is expected to take over the funding of most of the mortgage book giving borrowers the opportunity to access better interest rates available from a major bank.
Source: Sydney Morning Herald