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Summary
- John Symond stepped down from his role as the Chairman at Aussie Home Loans on Tuesday.
- Geoff Austin, who had been erstwhile Director of AIA Australia and Colonial Mutual Assurance, is expected to replace Mr Symond as the Chairman.
- Since its inception in 1992, Aussie Home Loan has given stiff competition to incumbent lenders in the market by keeping their interest rates considerably lower than its peers.
- Aussie Home Loan currently operates as a wholly owned subsidiary of Commonwealth Bank of Australia since 2017
Aussie Home Loans founder John Symond retired on 3 November 2020 from the company, after spending almost three decades as the Chairman.
At present, John Symond’s nephew James Symond is the Chief Executive of the company. Geoff Austin, who had been erstwhile Director of AIA Australia and Colonial Mutual Assurance, is expected to replace Mr Symond as Chairman.
Mr Symonds founded Aussie Home Loans back in 1992 when large banks dominated banking.
During the days of dominance by the major banks, the company gave steep competition to major banks with lower interest rates on home loans. By increasing the competition in the home loan market, Aussie Home Loans allowed Australians to save money through lower interest payments.
The company popularly marketed its brand by the catchphrase: ‘At Aussie, we’ll save you’.
The company is currently operating under Commonwealth Bank of Australia (ASX:CBA). The Bank initially bought 33% stake in the company in 2008, and gradually acquired 100% by 2017.
Lower interest rates – the key differentiator
John Symond started the evolution in the industry and pioneered broking in the home loan market. Aussie Home Loans was offering loans at interest rates much lower than the lenders in the market.
The securitisation of home loans introduced in 1994 by the company, allowed it to offer cheaper loans compared to its peer companies. As consumers got to know about the benefits of Aussie Home Loans, market share improved, and competitors were forced to copy.
Largest retail network
Aussie Home Loans operates the largest retail network in the country. It employs over 1000 team members in the country, has over 900 brokers and over 200 stores helping Australians buy homes and refinance their mortgages.
Current home loan portfolio includes 20 different lenders offering competitive rates. Chief Executive James Symond has been with the company since its founding in 1992.
Aussie Home Loans is also known for its customer service. It has been in business for almost thirty years now and over a million Australians have sourced a loan from the company.
For customers, the company gives options to meet the broker wherever they want. Aussie Home Loan brokers help customers receive knowledge about various products, guide through the home loan process, compare home loans, and help to find the right product.
