More Rams in paddock

Westpac yesterday publicised a reworking of the business model for its Rams Home Loans subsidiary that plans for a doubling in its franchise network over two years, the Financial Review reported.

The new franchises mean that existing franchisees will have to concede marketing territory to others. Some new outlets will cover new areas including in South Australia and Tasmania.

Westpac will also offer altered remuneration for franchisees (who may opt for higher up-front commissions or higher trail payments).

Rams has written $2 billion in loans for Westpac since January the AFR reported, while the Westpac brand manages a $5 billion loan book.