Commonwealth Bank to buy A$4 bln of Wizard loans, NAB ends talks

Wednesday 24th December 2008

Commonwealth bank of Australia, that nation's biggest home lender, will buy A$4 billion in mortgages from General Electric's Wizard Mortgage Corp.

The transaction is in conjunction with the purchase by Aussie Home Loans of Wizard's brand and distribution network, Commonwealth Bank said in a statement. Separately today, National Australia Bank announced it had ended talks to buy the assets along with the portfolio of prime Wizard mortgages.

The mortgage portfolio comprises prime mortgages with a maximum loan-to-valuation ratio of 90% and is 100% mortgage insured.

By Jonathan Underhill

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