Refund chief questions CBA move

Founder of Refund Home Loans Wayne Ormond has issued a press release expressing dismay at Commonwealth Bank’s acquisition of a 33% stake in Aussie Home Loans.

Ormond said it was regrettable to see the recent demise of a number of smaller mortgage brokers, and more so for a market leading broker to lose its independence and join those controlled by the banks.

“John Symond was a pioneer in providing greater choice of funding for home buyers and it is to be hoped that this move does not represent a further erosion of the choice available to home buyers,” Ormond said.

“Despite the current market uncertainties, people still need to buy homes and some people want to take advantage of the declining prices now evident.

“Banks will essentially only provide their own mortgage product and homebuyers should realise that there are in fact many other home loan products available on the market.”

CBA products are offered by both Refund and Aussie.