Woolworths takes another step closer to mortgages

by Adam Smith30 Jul 2014
The supermarket financial services war is on, as Woolworths has telegraphed its next move into the sector, which could include mortgages.

According to a Fairfax report, Woolworths has trademarked the brand Woolworths Money. The trademark covers a range of financial goods the retailing giant could offer, including insurance, savings and investment accounts, personal loans and home loans. The brand also covers any eventual foray into financial advice, with a category of the trademark covering insurance administration, consultancy and information services and pension and retirement super funds, Fairfax reported.

Woolworths has already had a misstep in its foray into financial services, with Fairfax reporting last week the supermarket had been probed by APRA for the use of the word "banking" in the online marketing for its financial services.

Coles has also made moves into the finance sector, recently announcing a joint venture with GE Capital to offer financial products, though finance director Robb Scott would not be drawn on the specific products the supermarket plans on offering.


  • by Kris Menon 30/07/2014 8:39:46 AM

    Next thing i heard very soon may also happen that Oporto or KFC will selling finance or the local bakery.

  • by Coast Broker 30/07/2014 8:57:38 AM

    I will just go down to Woolworths and do my shopping for the week and while I am there I will get a Home Loan approved and use my shopping docket to get discounted fuel. NOT

  • by Regional Broker 30/07/2014 9:09:20 AM

    Hope ASIC are keeping a close watch on developments at Woolworths and Coles, to ensure they remain fully compliant with the NCCP legislation, or are they still going to just watch the small broker niche? Time will tell !