Aussie John going back to his roots
By
Tim Neary
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4/03/2010 12:00:00 AM
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1
comments
Aussie Home Loans is going back to its roots with a plan to ramp up the sale of its own home loans backed by securitisation.
The move is the latest positive sign for the RMBS market, which is on the comeback after virtually suffering a shut down when the GFC hit in 2008.
Aussie's founder and executive chairman John Symond said in an interview with The Australian Financial Review that he wanted to write "billions of dollars" of loans originated by Aussie and packaged for sale as RMBS.
"We are going back on the attack and put out home loans and instead of 95% of our loans being brokered it will fall to 75%," he said.
Aussie John said the strategy had already kicked off with the assistance of the CBA, which owns a third of the company.
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Broker Tony on
05 Mar 2010 01:34 PM
This is an example of a benefit of part ownership by a bank. It will be good to see another lender in the market although brokers at large ware unlikely to have access to the Aussie product.