Franchise network Wizard Home Loans in Australia has been sold to Aussie Home Loans for an undisclosed amount by GE Money Australia and New Zealand. All existing loans will continue to be serviced by GE Money.

The buyout affects more than 300 mortgage advisors in city and regional areas through 160 outlets

The complex transaction (brand, distribution network, personnel and a portion of the loan book) is expected to be a done deal by the end of February. In the deal the Commonwealth Bank, which owns a 33 per cent stake in Aussie Home Loans, will take on mortgages worth $4billion but which the bank assures meet its lending criteria.