Wizard versus Aussie: The PR battle that sparked disruption in Australia’s mortgage industry
Disrupting the Industry: The Real Meaning
The term “disruptor” has become a buzzword in the business world, often used by fintech companies claiming to revolutionize their industry. However, the true meaning of disruption lies in the ability to create a permanent and sustainable change in the way an industry operates. This definition perfectly fits companies like Aussie Home Loans and its rival Wizard Home Loans, who played a pivotal role in transforming the Australian mortgage industry throughout the 1990s and 2000s.
The Beginning: ‘We’ll save you’
James Symond founded Aussie Home Loans in 1992, alongside his uncle John Symond and Nick Paten. The company made a bold move that undercut banks by offering 24-hour service and low interest rates. This was driven by an aggressive advertising plan that aimed to position Aussie as a household name.
The PR Game: Choosing Your Vehicle
When Mark Bouris saw a news crew on 60 Minutes following a fleet of Aussie Home Loans-branded cars, he realized that PR was the game. This inspired him to go into partnership with Packer and use Channel 9 as his PR vehicle. In 1996, Bouris launched his own mortgage company, Wizard Home Loans, and began a competitive rivalry with Aussie Home Loans.
The Rivalry Picks Up Steam
Throughout the late 1990s and early 2000s, the two companies traded blows as two of the biggest mortgage dealers in the country. This competitive rivalry shaped the mortgage industry into what it is today, making mortgage broking the primary driver of home loans.
The Transition to Mortgage Broking
By 2003, Aussie Home Loans began to divest its loan book and reposition itself as a mortgage broker. This transition was a significant milestone in the industry, marking a shift towards consumer-centric services.
Real Disruption
In the true sense of the term, Aussie and Wizard were disruptors before disruption became a trendy term. Their actions led to a permanent and sustainable change in the Australian mortgage industry, proving that real disruption is more than just a buzzword.
Wizard versus Aussie: The PR battle that sparked disruption in Australia’s mortgage industry
Wizard versus Aussie: The PR battle that sparked disruption in Australia’s mortgage industry
Disrupting the Industry: The Real Meaning
The term “disruptor” has become a buzzword in the business world, often used by fintech companies claiming to revolutionize their industry. However, the true meaning of disruption lies in the ability to create a permanent and sustainable change in the way an industry operates. This definition perfectly fits companies like Aussie Home Loans and its rival Wizard Home Loans, who played a pivotal role in transforming the Australian mortgage industry throughout the 1990s and 2000s.
The Beginning: ‘We’ll save you’
James Symond founded Aussie Home Loans in 1992, alongside his uncle John Symond and Nick Paten. The company made a bold move that undercut banks by offering 24-hour service and low interest rates. This was driven by an aggressive advertising plan that aimed to position Aussie as a household name.
The PR Game: Choosing Your Vehicle
When Mark Bouris saw a news crew on 60 Minutes following a fleet of Aussie Home Loans-branded cars, he realized that PR was the game. This inspired him to go into partnership with Packer and use Channel 9 as his PR vehicle. In 1996, Bouris launched his own mortgage company, Wizard Home Loans, and began a competitive rivalry with Aussie Home Loans.
The Rivalry Picks Up Steam
Throughout the late 1990s and early 2000s, the two companies traded blows as two of the biggest mortgage dealers in the country. This competitive rivalry shaped the mortgage industry into what it is today, making mortgage broking the primary driver of home loans.
The Transition to Mortgage Broking
By 2003, Aussie Home Loans began to divest its loan book and reposition itself as a mortgage broker. This transition was a significant milestone in the industry, marking a shift towards consumer-centric services.
Real Disruption
In the true sense of the term, Aussie and Wizard were disruptors before disruption became a trendy term. Their actions led to a permanent and sustainable change in the Australian mortgage industry, proving that real disruption is more than just a buzzword.
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