Frequently Asked Questions
General Questions
What has happened?
GE Money has sold the Wizard brand and branch network to Aussie. From February 27 2009, Wizard Home Loans ceased to exist and Wizard branches were transitioned across to Aussie.
Aussie has not acquired any Wizard Home Loans mortgages.
The Commonwealth Bank has acquired from GE Money around $2 billion of these mortgages. The balance of Wizard mortgages will remain with GE and be managed by the GE Subsidiary, AMS Mortgage Services Pty Ltd.
All Wizard Home Loan customers were contacted directly by Wizard to confirm new contact phone numbers and web address for ongoing customer service.
What does it mean for the Wizard brand?
The Wizard Home Loans brand was retired on 27th February 2009.
Wizard Clear Advantage credit card customers will see no change to their credit card.
How do I know if my loan is Wizard/CBA or AMS Mortgage Services?
You will have received a mailing from Wizard confirming which of these two funders are now managing your loan. If you did not receive this mailing you can contact the Customer Service Team on 1300 552 079.
What is AMS?
This is the Wizard/GE name for the entity now managing Wizard loans that were not acquired by CBA.
What will happen to the Wizard website and phone number?
The Wizard website has been integrated into the Aussie website and phone lines have been diverted to the appropriate customer service teams.
Access to LSN to manage AMS home loan accounts online will still be offered.
Will Wizard home loans still be available for new customers?
No.
I have been dealing personally with a Wizard broker, can I continue to contact them?
From 27th February 2009 your Wizard branch has had only limited access to your home loan account details. GE recommends you call Customer Service or access your account online.
Are we going to get the same benefits as Aussie customers? Can my Wizard loan be transferred to Aussie?
Your home loan has not been purchased by Aussie and will not become an Aussie Home Loan product (unless you choose to refinance).
If you choose to refinance to Aussie Home Loans or another lender, you will still be subject to discharge fees, which can be confirmed by your lender.
An Aussie Mortgage Broker can help you work out if there is a better home loan deal out there for you. Request a free appointment here.
My Wizard interest rate is higher than the Aussie rate. Will this be adjusted?
Your home loan has not been purchased by Aussie and will not become an Aussie Home Loan product (unless you choose to refinance with Aussie Home Loans).
Aussie have no control over the interest rate of your home loan, this is handled by your funder - AMS Mortgage Services or Wizard/CBA.
I want a better deal, can you do that for me?
An Aussie Mortgage Broker can help you work out if there is a better home loan deal out there for you? Request a free appointment with an Aussie Mortgage Broker.
How can I change lenders?
Don't worry, we can arrange the whole process for you. Request a free, no obligation appointment.
What is the Deferred Administration Fee (DAF) Waiver offer?
DAF is a deferred administration fee that is payable when a customer discharges a home loan before a pre-determined period has elapsed.
If your Wizard Home Loan is now managed by AMS Mortgage Services, your DAF will be waived if you choose to refinance your loan through Aussie.
This offer is effective from 1 March 2009 until 26 February 2010.
What is a DAF?
DAF is a deferred administration fee that is payable when a customer discharges a home loan before a pre-determined period has elapsed. The maximum period is five years from settlement of the initial loan. This covers some of the costs borne by the lender when establishing the loan.
What does refinance through Aussie mean?
The DAF Waiver will apply to AMS Mortgage Services loans that are refinanced through an Aussie Mortgage Broker. Using Aussie’s Mortgage Explorer software, your Aussie Mortgage Broker will search hundreds of home loans from our panel of lenders to find the right home loan for you.
What happens to loans that are fixed or have a fixed/variable split?
Fixed rate break costs will still be applied for the fixed rate component of the loan. However, the DAF will be waived for the variable component.
Do all other fees associated with a discharge still apply?
Yes. The DAF is the only fee that may be waived on discharge. All other fees and charges associated with a discharge are applicable.
Will the SDAF be waived?
No. The Settlement Deferred Administration Fee (SDAF) of $350 will still apply.
Will the DAF be waived on Wizard loans that have been purchased by CBA?
No. In the case of loans assigned to CBA where a DAF is applicable, CBA will still require this to be paid.
Full DAF Waiver Terms & Conditions:
The DAF will be waived for AMS Mortgage Services loans provided the following conditions are met: 1. The AMS Mortgage Services loan is eligible for a DAF Waiver. 2.The AMS Mortgage Services loan is refinanced through Aussie and with an approved Aussie panel lender, including Borrowers Choice. 3. Authorisation from Aussie is received by GE between 1 March 2009 to 26 February 2010 confirming the AMS Mortgage Services loan has been refinanced via an approved Aussie lender.
Loans acquired and now funded by CBA are not eligible for the DAF Fee Waiver. Applicable fixed rate break costs will still be applied for fixed rate loans and for the fixed rate component of a variable/fixed split loan. The DAF will be waived for the variable component of a split loan. AMS Mortgage Services loans with a Step Down DAF fee (SDD), are eligible for the DAF fee waiver provided all other terms and conditions of the waiver period are met. The Settlement Deferred Administration fee (SDAF) will still apply.
There may be other costs to discharge your home loan. These should be confirmed by contacting AMS Mortgage Services before any decision is made to refinance.