Wayne Ormond's Refund Home Loans sold to non-bank lender Homeloans Ltd

Failed mortgage broker Refund Home Loans has been sold to the listed non-bank lender Homeloans Ltd.

The company has signed a sales agreement and is set to acquire the business in early June, Property Observer has learned

It will acquire the Refund mortgage book, distribution network and other selected assets of the business.

Refund Home Loans franchise holders will have the opportunity to become brokers with Home Loans Ltd.

The holding company Refund Pty Ltd has been placed in liquidation.

Refund Home Loans, which was founded by Wayne Ormond, collapsed in October last year.

Homeloans Ltd was founded by Tim Holmes and Rob Salmon in 1985. It was previously named International Financing and Investment (IF&I) and originated mortgages for RESI Building Society, which later became The Bank of Melbourne.

In late 1993 it was rebranded as WA Home Loans and then expanded Australia-wide with the development of five similar state-based brands; Homeloans VIC, Homeloans NSW, Homeloans QLD, Homeloans SA and Homeloans Canberra Pty Ltd.

In March 2001 the company was publicly listed on the Australian Stock Exchange.