Aussie set to grow with Commonwealth Bank as strategic
shareholder

29 August 2008

Aussie Home Loans, Australia’s leading mortgage broker, is set to expand its operations following the acquisition of a minority 33 per cent stake in the group by the Commonwealth Bank.

Founder and Executive Chairman of Aussie, Mr John Symond, will continue to be the driving force behind the group, which now includes a national mortgage broking service, car and personal loans and the low rate Aussie MasterCard®, with expansion of its insurance product range also announced this week.

Mr Symond said “Aussie will continue to be an independent financial services group, but be able to provide customers with a broader product offering and the financial muscle to seize opportunities in this current period of consolidation in the non-bank sector.

“We will have the opportunity to gain additional wholesale funding from the Commonwealth Bank for our Aussie branded suite of mortgage products. We will remain strongly independent, maintain and broaden our alliances with other financial services groups to source the best products available for our customers”, he added.

The acquisition of the strategic stake will see the Commonwealth Bank have minority representation on Aussie’s board, while management control will remain with the Aussie team.

The Aussie group has a loan book of $24 billion with more than 220,000 customers, processing about $1 billion worth of new mortgages a month. Aussie will continue to provide its mortgage broking service on behalf of a panel of 17 different lenders, including the Commonwealth Bank.

Aussie will continue its successful business partnerships with the ANZ Bank, Macquarie Bank, GE, CGU and most recently the AMP.

Mr Symond concluded “The difficult conditions in the credit markets have presented Aussie with a great opportunity to enhance our leadership position in the non-bank sector and continue our position as a consumer champion”.

Citi acted as financial advisers to Aussie.

For further information, please call:
Tim Allerton
City Public Relations
(02) 9267 4511

John Symond
Aussie Home Loans

(02) 8297 0702