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The Story of Refund Home Loans
When Founder and Executive Chairman Wayne Ormond launched Refund Home Loans in April 2004 with the promise to refund its customers a share of its commissions, it was just another small broker with no market share or reputation.
While becoming a highly successful lender of home loan products and services at Suncorp Metway, Wayne became concerned seeing his bank customers struggle under the pressure of high interest rates and increasing bank fees.
With his background in banking and property, Wayne realised there had to be a better way for borrowers, that he should be able to give something back to say ‘thank you’ to customers who trusted him with the biggest financial commitment most families make – their home loan.
That realisation became the genesis of his revolutionary business model for Refund with its unprecedented double-barrelled offer of refunding customers a share of its commissions and conducting its business through the company’s Franchisees.
Today, six years later, Refund is regarded by its peers as a leader in the mortgage broker industry, as evidenced by an array of industry awards and respect for its professional and ethical standards. Refund is positioned as the leading broker that is unaligned with a major bank.
The company’s unique selling proposition sets the Refund Group apart from our competitors. Refund believes in the philosophy of building success through sharing with its customers; the business is run so that it directly benefits its customers by sharing its commission with customers as a way of saying “thank you for doing business with us.”
Refund’s product has proved increasingly popular in the tighter economic environment as homebuyers have responded positively to the opportunity to gain a saving on the purchase of their home. With Refund’s loan volumes continuing their annual incremental growth, the company has exceeded $5 million in total refunds to its customers since commencing business.
The structure of the home loan market is changing; industry statistics show that in 2003 some 20% of home loans were handled by mortgage brokers. Today the mortgage broker channel accounts for an estimated 40% of home purchases.
The launch in April 2004 of Refund by Wayne Ormond was the most significant factor in that change in that he effectively transformed the way Australian home buyers organise their home loans.
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