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The Commonwealth Bank today confirmed that it will acquire $2.25 billion worth of Wizard mortgages from GE Money on Saturday 28 February.
The bank will also pass on a 100 basis point rate reduction to those mortgages it acquires, effective 9 March, which it claims will benefit more than 16,000 customers.
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The acquisition of the Wizard loans by CBA is part of the deal between Aussie Home Loans and CBA to purchase the Wizard brand and franchise from GE Money.
The Wizard mortgage portfolio being acquired by CBA comprises of prime mortgages that are 100 per cent mortgage insured, with a maximum LVR of 90 per cent, the bank said.
