Car Dealer Takes On Home Loans
Illawarra Mercury
Saturday April 5, 2003
ILLAWARRA'S biggest car dealer has teamed up with a leading non-bank home loan lender to launch a home loan office in Wollongong.
The Tory Motor Group has become the licensee for Homeloans Ltd's new facility in Flinders St, Wollongong.
The office is located on the northern side of Wollongong Toyota's spare parts building and will offer a comprehensive range of mortgage products.
``The reason why we decided to go with these guys was they are the only publicly listed home loan company in Australia," Tory Motor Group general manager Mirko Milic said.
``They are expanding and we always wanted to jump on the bandwagon with this. We just didn't know who with."
Tory Motor Group has been looking for such an opportunity for a year and Mr Milic said Homeloans Ltd was a good marriage because it provided an extension of the financial services already offered.
``Tory Toyota already does $2.5 to $3 million a month in car finance," he said.
``When we decided to introduce home loans, one of the main driving forces for us was credibility. We wanted to make sure we aligned ourselves with someone with credibility."
Homeloans Ltd has $4.2 billion under management and more than 40,000 customers.
During the last financial year it posted a net profit of $4.67 million.
Wollongong Homeloans Ltd manager Steve Yildiz said the new office was the second of three in NSW. The other two are located in Penrith and Ingleburn.
Homeloans Ltd aims to establish 50 satellite offices throughout Australia by the end of 2003.
The company now provides loans from as low as 5.15 per cent.
Mr Yildiz described the company as a home lender.
He said unlike many brokers it offered its own range of products including home loans, business/commercial loans, standard loans and all types of leasing and financing.
The company has been involved with the Tory Group for 18 months, he said.
Mr Yildiz has an extensive background in home loan lending and has previously worked for another major home loan lender.
The Wollongong office has two consultants who are happy to meet clients.
© 2003 Illawarra Mercury