Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Wizard sale no impact on third-party business: GE Money

Staff Reporter 3 minute read

The sale of Wizard Home Loans will not affect GE Money’s third party business, according to a statement issued to the mortgage industry yesterday afternoon.

In the communication Mark Rice, managing director of GE Money Third Party Solutions, confirmed that GE is “considering strategic options for Wizard Home Loans, including a possible sale”.

But while GE Money looks set to offload its retail business Wizard Home Loans, Mr Rice stressed the lender would “remain committed” to the third-party channel.

“GE Money has provided home loans to the Australian market for 40 years and it will continue this commitment,” Mr Rice said.

Advertisement
Advertisement

“Our focus remains on providing our partners and customers with competitive products matched with a solid service proposition.”

GE Money acquired Wizard Home Loans and AFIG Wholesale in 2004 for a reported $500 million. The lender is reportedly looking for a return on its initial investment should it decide to sell.

Published: 28-05-08

Wizard sale no impact on third-party business: GE Money
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
ASIC TA ASIC levy reflects ramped up enforcement: FBAA

ASIC’s raised industry funding levies reflect higher enforcemen...

money piggy 2ad3 Lockdowns threaten business loan demand: Equifax

Construction and retail trade have fuelled business loan growth i...

mortgage money house 48% of home loan applicants frustrated by paperwork

The majority of Australian borrowers think applying for a home lo...