Smart50 rank: 43
Revenue: $15,500,000
Growth: 42.50%
Founders: Wayne Ormond, 35
Based: Queensland
Employees: 32
Industry: Finance and insurance
Website: www.refundhomeloans.com.au
Prior to starting Refund Home Loans in 2004, Wayne Ormond had a successful career in the banking industry, before realising "there had to be a fairer way for customers struggling under heavy interest rates and increasing bank fees".
As such, Refund is committed to ‘giving back' by refunding a component of their property purchase cost - up to 50% of the commissions it receives from its lenders, which often amounts to more than $1,000 per loan - to their customers.
Recent economic conditions have not adversely affected Refund. In fact, they have had the opposite effect - as homebuyers have responded to the opportunity to gain any savings on the purchase of their home.
"With Refund's loan volumes continuing its annual growth, the company has increased total refunds to its customers to more than $5 million since commencing business," says Ormond.
But reaching this point hasn't been without its headaches.
"As with many small businesses, the early days were far from easy. The mortgage broker market is tough at the best of times and, on the day we announced the launch of Refund, I was required to confront and eventually overcome aggressive criticism and treatment from established brokers, including some large publicly-listed companies."
Ormond though stood his ground, against odds that would have discouraged many business people. He lodged a complaint against one bank with the ACCC for price fixing which resulted in an Australian bank being prosecuted for the first time for breaches of the Trade Practices Act.
Today the company has access to a panel of more than 35 lenders, including all Australia's major banks.
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