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Finance Wizard

Bouris

Interesting interview this week on Alan Kohler’s Business Spectator web site, with Mark Bouris, who established and then sold Wizard Home Loans.

Bouris, John Symons (Aussie Home Loans) and a number of others did Australian borrowers a big favour in the 1990’s and into the 2000’s when they offered a real alternative for home borrowers, and in doing so reduced the rates that the big banks were charging on home mortgages by several percent.

As a result of the Global Financial Crisis, most of these non bank lenders were sold or lost substantial market share. The Commonwealth Bank purchased Wizard and is also a substantial shareholder in Aussie Home Loans and Rams Home Loans was sold to Westpac.

Bouris is now getting back into the mortgage market with his new enterprise Yellow Brick Road. YBR will be establishing individual shop fronts and intends to offer a range of services including home loans as well as Insurance and financial advice.

Kim Ward, Director of Sandhurst Residential Real Estate noted that this move by Mark Bouris was a pleasing sign. She added that new home loan products such at the NAB’s Ubank on line loans were also helping to bring rates down.

Ms Ward said “The more competition in the marketplace for mortgages should mean better rates for borrowers and that will please not only home buyers but everyone with a mortgage. I encourage everyone to have a look at the rates they are currently paying or being offered. There are some great rates around”

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