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

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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