Aussie is an Australian retail financial services group with operations spanning all mainland capital cities and major regional centres throughout Australia. As of April 2012, Aussie reported a loan book under management of over A$42 Billion through 750 brokers and 150 stores. The firm was founded as Aussie Home Loans on 17 February 1992 by owners, executive chairman John Symond and former executive director, Nick Paten. The company was unique in its approach to home loans, offering 24 hours a day service and lower interest than loans offered by banks. [citation needed] . In 1994 the firm introduced the securitisation of home loans, allowing them to offer loans upwards of 3% cheaper than its competitors. The company rapidly grew as consumers became aware of its products and banks were forced to copy its methods as their market share diminished. [citation needed] The company re-positioned itself as a mortgage broker in 2002, and introduced its own credit card shortly thereafter. In August 2008 the Commonwealth Bank acquired a 33% stake in Aussie. On 18 December 2012 CBA increased its share of ownership to 80% then to 100% in August 2017. In December of 2020 the Commonwealth Bank announced plans to divest 55 per cent of its holding in Aussie Home Loans in a deal that would merge the company with fellow mortgage broker Lendi. In 2021 the company partnered with the Australian fintech Tic:Toc Home Loans to offer its own online home loan. More information...
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