John Symond
Encyclopedia
John Symond is an Australian businessman. He is best known as the founder of Aussie Home Loans
.
and raised in Sydney
, Australia
. Growing up he spent most of his time between Brisbane
, where his mother's family lived, and Sydney, near his father's relatives. Symond was one of seven children and the son of Lebanese
immigrant fruit shop owners. He regularly helped at his parents shop before and after school and credits them for his strong work ethic.
He attended eleven different schools during his childhood, including St Patrick's College, Strathfield
, St Laurence's College
, South Brisbane and Homebush Boys High School
where he matriculated in 1965. After leaving school, Symond studied law and joined a firm in Bankstown where he learned conveyancing. Symond became specialised in property and finance and gained a solid reputation for his ability to find various forms of funding for people looking to buy a home.
By the late 1980s he was financially secure and had created a boutique financial services company, Mortgage Acceptance Corporation (MAC). The company specialised in finding and providing commercial and investment loans to small time investors. One of Australia's first mortgage brokers, he eventually undertook a joint venture with a subsidiary of State Bank of South Australia
, Beneficial Finance.
However when State Bank of South Australia went broke in the 1980s, Symond found himself owing a vast amount of money to creditors. He managed to strike a deal to dodge bankruptcy and through sheer determination and hard work was eventually able to pay back 50c in the dollar across all his creditors.
Motivated by a will to succeed, Symond turned the disaster into an opportunity and began working on realising his dream of creating a home loan company.
in February 1992. Driven by his own personal experience, the company was unique in its approach to home loans, offering 24 hours a day service based on a promise to give ordinary Mums and Dads a fair go. The company campaigned against the big four banks with Symond coining the "we'll save you" line that has now become part of the home loans lexicon.
In 1994 the company joined up with PUMA, a subsidiary of Macquarie Bank which allowed it to introduce the securitisation of their home loans. This method of financing allowed Aussie to offer loans to owner-occupiers and take on the banks head-to-head.
The company grew rapidly as consumers became aware of its products and banks were forced to copy Symond's methods as their market share diminished. With banks forced to lower interest rates and fees, home ownership was suddenly a possibility for a whole new generation of Australians. Aussie had created an entire non-bank industry with a whole host of companies mimicking Symond, Wizard Home Loans and RAMS being two of the more high-profile examples.
In 2002, the company under Symond's guidance re-invented itself as a mortgage broker, selling both its own products as well as the banks. As of 2011, Aussie had a loans portfolio of more than A$40 billion, over 750 brokers nationwide and approximately 550 - 1000 employees. Recently John repositioned himself as Executive Chairman of the group.
, Sydney Children's Hospital, Children’s Medical Research Institute and Friends of St Vincent’s Private.
Symond has a love of Australian art deco and contemporary art which has led to a substantial collection, including works from Brett Whiteley and Sidney Nolan. He is also extremely passionate about boating and owns a 90-foot Sunseeker called Xanadu.
Symond at a senate inquiry in December 2010 stated that he is a "bipartisan
" voter and that "Over the last 10 years, I have voted equally both sides of parliament".
In recognition of his services to the industry, John was inducted into the Australian Banking and Finance Magazine’s Hall of Fame in May 2004 — the first non-banker to join the prestigious group of members.
In August 2011, Symond was listed eighth in the The Financial Review's poll of the most influential business, economic and political leaders of the past 60 years. He and Rupert Murdoch
were the only two that still held the positions that made them famous.
Aussie (Financial Group)
Aussie is one of Australia’s leading non-bank retail financial services group with operations spanning all mainland capital cities and major regional centres throughout Australia....
.
Early life
John Symond was born on 17 August 1947 in Crookwell, New South WalesNew South Wales
New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales...
and raised in Sydney
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
. Growing up he spent most of his time between Brisbane
Brisbane
Brisbane is the capital and most populous city in the Australian state of Queensland and the third most populous city in Australia. Brisbane's metropolitan area has a population of over 2 million, and the South East Queensland urban conurbation, centred around Brisbane, encompasses a population of...
, where his mother's family lived, and Sydney, near his father's relatives. Symond was one of seven children and the son of Lebanese
Lebanese people
The Lebanese people are a nation and ethnic group of Levantine people originating in what is today the country of Lebanon, including those who had inhabited Mount Lebanon prior to the creation of the modern Lebanese state....
immigrant fruit shop owners. He regularly helped at his parents shop before and after school and credits them for his strong work ethic.
He attended eleven different schools during his childhood, including St Patrick's College, Strathfield
St Patrick's College, Strathfield
St Patrick's College is an independent, Roman Catholic, day school for boys, located in Strathfield in the inner west of Sydney, New South Wales, Australia....
, St Laurence's College
St Laurence's College
St Laurence's College is an independent, Roman Catholic school for boys located in South Brisbane, Queensland, Australia. It was founded by the Christian Brothers in 1915...
, South Brisbane and Homebush Boys High School
Homebush Boys High School
Homebush Boys High School, founded in 1936, is a comprehensive public high school for boys. It is located in Homebush, in Sydney, New South Wales, Australia....
where he matriculated in 1965. After leaving school, Symond studied law and joined a firm in Bankstown where he learned conveyancing. Symond became specialised in property and finance and gained a solid reputation for his ability to find various forms of funding for people looking to buy a home.
By the late 1980s he was financially secure and had created a boutique financial services company, Mortgage Acceptance Corporation (MAC). The company specialised in finding and providing commercial and investment loans to small time investors. One of Australia's first mortgage brokers, he eventually undertook a joint venture with a subsidiary of State Bank of South Australia
State Bank of South Australia
The State Bank of South Australia was a bank owned by the Government of South Australia. Its collapse in 1991 was a major political event in South Australia...
, Beneficial Finance.
However when State Bank of South Australia went broke in the 1980s, Symond found himself owing a vast amount of money to creditors. He managed to strike a deal to dodge bankruptcy and through sheer determination and hard work was eventually able to pay back 50c in the dollar across all his creditors.
Motivated by a will to succeed, Symond turned the disaster into an opportunity and began working on realising his dream of creating a home loan company.
Aussie Home Loans
Supported by a $500,000 loan from his older brother, Symond founded Aussie Home LoansAussie (Financial Group)
Aussie is one of Australia’s leading non-bank retail financial services group with operations spanning all mainland capital cities and major regional centres throughout Australia....
in February 1992. Driven by his own personal experience, the company was unique in its approach to home loans, offering 24 hours a day service based on a promise to give ordinary Mums and Dads a fair go. The company campaigned against the big four banks with Symond coining the "we'll save you" line that has now become part of the home loans lexicon.
In 1994 the company joined up with PUMA, a subsidiary of Macquarie Bank which allowed it to introduce the securitisation of their home loans. This method of financing allowed Aussie to offer loans to owner-occupiers and take on the banks head-to-head.
The company grew rapidly as consumers became aware of its products and banks were forced to copy Symond's methods as their market share diminished. With banks forced to lower interest rates and fees, home ownership was suddenly a possibility for a whole new generation of Australians. Aussie had created an entire non-bank industry with a whole host of companies mimicking Symond, Wizard Home Loans and RAMS being two of the more high-profile examples.
In 2002, the company under Symond's guidance re-invented itself as a mortgage broker, selling both its own products as well as the banks. As of 2011, Aussie had a loans portfolio of more than A$40 billion, over 750 brokers nationwide and approximately 550 - 1000 employees. Recently John repositioned himself as Executive Chairman of the group.
Personal life
John Symond has two children, Stephen and Deborah and places a strong emphasis on his family life. He is well known for his philanthropy due to his own experience of doing it tough and has been involved with numerous organisations such as Jeans for GenesJeans for Genes
Jeans for Genes is a national appeal in the UK and Australia. Although both appeals raise money to help children with genetic disorders they are not the same appeal....
, Sydney Children's Hospital, Children’s Medical Research Institute and Friends of St Vincent’s Private.
Symond has a love of Australian art deco and contemporary art which has led to a substantial collection, including works from Brett Whiteley and Sidney Nolan. He is also extremely passionate about boating and owns a 90-foot Sunseeker called Xanadu.
Symond at a senate inquiry in December 2010 stated that he is a "bipartisan
Bipartisanship
Bipartisanship is a political situation, usually in the context of a two-party system such as the United States, in which opposing political parties find common ground through compromise. The adjective bipartisan can refer to any bill, act, resolution, or other political act in which both of the...
" voter and that "Over the last 10 years, I have voted equally both sides of parliament".
Awards
In 2002 he was presented with a Member of the Order of Australia Award.In recognition of his services to the industry, John was inducted into the Australian Banking and Finance Magazine’s Hall of Fame in May 2004 — the first non-banker to join the prestigious group of members.
In August 2011, Symond was listed eighth in the The Financial Review's poll of the most influential business, economic and political leaders of the past 60 years. He and Rupert Murdoch
Rupert Murdoch
Keith Rupert Murdoch, AC, KSG is an Australian-American business magnate. He is the founder and Chairman and CEO of , the world's second-largest media conglomerate....
were the only two that still held the positions that made them famous.