Wizard cuts prime loans from brokers

Wizard Home Loans has trimmed its mortgage product set. The bank has cut fixed rate loans altogether, withdrawn prime home loans marketed through brokers, withdrawn the construction loan option and introduced a minimum loan amount of $100,000.

Wizard will still market non-conforming loans through brokers. Wizard is one of the few funders still actively funding new lending in this segment.

Fixed rate loans never accounted for more than about three per cent of volumes, and demand for this type of loan was close to zero in recent weeks.