Aussie to replace Macquarie funding in six weeks
Aussie Home Loans expects to replace Macquarie Bank as a funder with Commonwealth Bank in about six weeks, Aussie chief executive officer Stephen Porges said.ANZ, through its Origin unit, is Aussie's major funder, along with Macquarie, for Aussie's own brand of home loans. (Most Aussie originated loans are through a broker acting on behalf of banks.)Commonwealth Bank, which bought a one-third stake in Aussie a few months ago, will replace Macquarie."A significant portion of funding is from ANZ, but a significant portion is still from Macquarie. I guess you can look at them [CBA] replacing Macquarie, and we will be keeping Origin as a long-term partner."So it will be Origin and CBA, rather than Origin and Macquarie."Wholesale funding from Commonwealth, though, is not expected to be at a discount considering the bank's shareholding."I don't think so. Commonwealth treat us well, but they are a very commercial organisation, which is why we need to keep a number of opportunities there."