Wizard Home Loans was founded by Bouris in 1996 and was sold to GE Money in 2004 for $500 million.[3][4] Subsequently Wizard was sold by GE to competitor, Aussie Home Loans, for a fraction of the $500 million during the midst of the Global Financial Crisis in December 2008. However, thousands of mortgage holders were left locked into a loan with a GE Money subsidiary that refused to pass on interest reductions but did increase interest rates in line with RBA increases[citation needed].
