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Wizard of Aussie Home Loans - what happened?
Aussie, Australia's premier mortgages house, has announced detail on its recent success in acquiring Wizard Home Loans from GE Capital in just over five years. Acquired were 99 Wizard stores and nearly 200 residential mortgages in urban and suburban areas across the nation that joined Aussie's 24 current retailer franchisees in 2009.
"The Wizard gave our then aspiring retailing franchise a surge of momentum; its scale and selling power certainly helped accelerate our growth," said Simon. Upon completion of the transaction, Aussie provided Wizard France's borrowers with its extensive credit or loan board, enhanced commercial safety, more technical assistance, better structuring and advanced technologies, not to speak of the strong brands and market strengths of Australia's premier residential real estate group.
Now, five years later, the Aussie retailing channels have 160 hypermarket franchises and 448 mortgages, just over 40 percent of which are former Wizard dealers. "Because of the Wizard franchisees' capacity to successfully use the Australian brands, embrace our visions and dive into our cultures, their annual loan volume has skyrocketed from $1 million to over $4.5 million per transaction on average.
A former Wizard branch, today's Aussie Parramatta, is one of the outstanding achievements of the canvass. The business, which belongs to the Ross and Scott Le Quesne Brothers, was appointed the main Aussie franchise in 2013 and is well on its way to winning the 2014 award again. The Aussie Parramatta's loan portfolio has increased by 46 percent since the last fiscal year, from $150 million to $220 million a year.
The Australian retailer's credit portfolio has increased from $1 billion about five years ago to $24 billion now, with lending doubling from $5.2 billion in 2011 to over $10 billion by the end of fiscal 2015. The Aussie Group now has more than 1,100 brokerage houses in its branches, via the wireless network and in MB, and its arranged credit portfolio has also increased sharply to over $60 billion, with further expansion anticipated in 2014.
"Wizard was also a great achievement because Aussie continues to innovate and invest in its current broker, wizard recruit, product and client services.