Yellow Brick Road chairman Mark Bouris has been working on a new home lending venture since February, according to a report by The Australian.
Sandwiched (somewhat bizarrely) in an article about banks raising rates outside of RBA increases, it is not clear if the new venture will form part of Yellow Brick Road or is a separate entity.
Yellow Brick Road offers mortgage broking as part of its wealth advice offering.
The paper quotes Bouris as saying, rather cryptically of his new venture, that "only three people know what 's going on, and there are some regulatory hoops to jump through, but we are not looking for any handouts or guarantees.
"Hopefully it will come together soon; Yellow Brick Road is not there for the fun of it."
Further on in the article, following on from more talk about funding costs, Bouris again reapppears, this time to agree with Aussie founder John Symond (who bought his Wizard business) that the Westpac rate rise decision highlighted the lack of competition in lending.
"Normally you'd expect lenders to wear the higher funding cost and then average it out when costs go in the other direction," he said.
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