CBA aquires $2.25 billion of Wizard home loans

by Rachel Seymour 25/02/2009

 The Commonwealth Bank of Australia will acquire $2.25 billion of Wizard Home Loans' portfolio from GE Money as of February 28.  

The CBA are going to cut standard variable home loan rates as well, to any Wizard home loans that are moved over the the CBA, as of March 9.

Yesterday GE Money said they would not pass on the Reserve Bank rate cut to their customers with a GE Money variable home loan instead saying they can refinance their home loans through Aussie without having to pay exit fees.  Aussie Home Loans is a part-owner of its Wizard Home Loans unit.

CBA retail banking boss Ross McEwan said the bank will also continue to the look at the interest rates being offered to all of our customers to ensure that they receive competitive pricing.

 

CBA said the rate cut will benefit more than 16,000 customers who are waiting for a cut to home loan interest rates following the RBA's decision to cut rates more than three weeks ago.

Mortgages by Wizard meet CBA's tough lending rules and all loans are mortgage insured in order to offer CBA some piece of mind that this was a good business move.


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source: The Australian
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