Ormond hits BRW's Young Rich list
By
Andrea Lavigne
|
14/10/2009 10:30:00 AM
|
4
comments
Refund Home Loans' founder Wayne Ormond features in BRW's Special Edition of the Young Rich.
The 36-year-old ranked 74th on the list, thanks to his 65% stake in Refund Home Loans worth $25m.
Ormond started his mortgage broking franchise in 2003 and says the secret to the company's success is its strong focus on customer service.
"[Customers] don't want to get treated like they do at the banks and other mortgage brokers are starting to work like banks. People want a bit of independence," he told the magazine.
Ormond's business model, which splits the commission it receives from lenders with the borrower, initially attracted the ire of major banks. Attempts to stop Ormond from refunding half its commission failed, but the publicity that resulted really helped his young business grow.
"The banks probably thought we were bigger than we were. I was worried but at the same time I knew we had done nothing wrong. So I saw it as an opportunity and went on the attack."
The company's annual revenue increased from $10.5m in 2007-08 to $15.5 m in the last financial year.
It's not the first time Ormond has been recognized by BRW - Refund has also appeared on the BRW Fast 100 and Fast Franchises lists.
Latest Comments
Total:
4
comment(s)
oldBroker on
21 Oct 2009 11:15 AM
So Mr Ormond relies on the brokers to do all the work, pays them only half the commission, and ends up worth $25M. God, I love this country...
Matt on
21 Oct 2009 11:21 AM
If that company is worth $25 million I am a monkeys uncle. Sounds like what ever its worth may be refunded to ex franchisees.
Jim on
21 Oct 2009 02:42 PM
The Refund model is flawed and doomed to fail. A decent broker is worth 100% of the commission they receive.
Trev on
26 Oct 2009 04:00 PM
I wonder what the fees are for a loan, do they get some thing in extra to be able to give away half their commission?? Banks dont pay much these days so what does a franchisee get for his work?? Maybe some one could tell us?!