Commonwealth Bank lifts stake in Aussie Home Loans to 80%

The Commonwealth Bank is set to acquire 80% of John Symond's Aussie Home Loans mortgage broking business with the right to subsequently move to 100% ownership.

The bank increasing its stake in Aussie from the current 33% (acquired in August 2008) is subject to it obtaining informal clearance from the Australian Competition and Consumer Commission (ACCC).

John Symond will remain as executive chairman and Aussie will continue to operate as a standalone mortgage broker and financial services provider, said the Commonwealth Bank in a statement.

“We recognise the strength and reputation of the Aussie brand and name in the Australian mortgage market and also the importance of broker distribution of home loans and other financial products," said Commonwealth Bank group executive Rob Jesudason.

Jesudason says that for Aussie, it will be "business as usual as it continues to provide a full range of services to brokers and lenders in the way it always has".

The financial terms of the acquisition are confidential, however the transaction is not material to the Commonwealth Bank.