John Symond
{{Short description|Australian businessman (born 1947)}}
{{Use dmy dates|date=August 2016}}
{{Use Australian English|date=November 2020}}
{{Infobox person
| name = John Symond
| honorific-suffix = {{post-nominals|country=AUS|AM}}
| image =
| caption =
| birth_name =
| birth_date = {{Birth date and age|df=yes|1947|08|17}}
| birth_place = Crookwell, New South Wales, Australia
| boards =
| occupation = Entrepreneur
| years active = 1965−present
| alias =
| spouse = {{marriage|Amber McDonald|2016-2023}}
| children = 2
| education = {{ubl|St Patrick's College, Strathfield|St Laurence's College|Homebush Boys High School}}
}}
John Joseph Symond {{post-nominals|country=AUS|AM}} (born 17 August 1947) is an Australian entrepreneur, former financial executive, and the founder of Aussie Home Loans.
Early life
Symond was born on 17 August 1947 in Crookwell, New South Wales, and raised in Sydney. He spent most of his time between Brisbane, where his mother's family lived, and Sydney, near his father's relatives. He was one of seven children and the son of Lebanese immigrant fruit shop owners, and he regularly helped at his parents' shop before and after school.{{Citation needed|date=October 2022}}
He attended eleven different schools, 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 and specialized in property and finance.{{Citation needed|date=October 2022}}
Career
By the late 1980s, he had created a boutique financial services company, Mortgage Acceptance Corporation (MAC), that specialised in finding and providing commercial and investment loans to investors. One of Australia's first mortgage brokers, he eventually undertook a joint venture with Beneficial Finance, a subsidiary of State Bank of South Australia. When State Bank of South Australia went broke in the 1980s, he came within a whisker of bankruptcy, and it was this negative experience with a bank that formed the basis of the Aussie philosophy – offering better deals and better customer service to everyday Australians.{{Citation needed|date=October 2022}}
= Aussie Home Loans =
Supported by a $10,000 loan{{Cite web|url=https://www.dailytelegraph.com.au/news/nsw/aussie-home-loans-founder-john-symond-opens-up-on-life-love-and-work/news-story/22290b1d5d4b39f7e1ba16ae886c5db5|title=John Symond on life, love and work|date=2013-10-05|website=Daily Telegraph|language=en|access-date=2019-05-16}} from his older brother Michael, Symond founded Aussie Home Loans in February 1992 and was able to fulfil his ambition. With his nephew James by his side, Symond was widely credited with bringing competition to the Australian home-lending industry and was the first major disruptor to the banks oligopoly of the Australian home loan market. The company was unique in its approach to home loans, offering 24-hours-a-day service and loans far cheaper than those offered by banks. In 1994, Aussie introduced securitisation to its home loans, allowing it to offer loans upwards of 3% cheaper than its competitors. In 2002, Aussie Home Loans diversified to become a mortgage broker, offering bank and non-bank products.{{Cite web|url=https://www.aussie.com.au/blog/about-2/|title=About Aussie|website=Aussie Home Loans blog|language=en-AU|access-date=2019-05-16}}
The company rapidly grew as consumers became aware of its products and that of other non-banks, and the competition heated up. In August 2008, the Commonwealth Bank acquired a 33% stake in Aussie.{{Cite web|url=https://www.commbank.com.au/about-us/news/media-releases/2008/290808-news-investinAussie.html|title=Commonwealth Bank Group|website=www.commbank.com.au|access-date=2019-05-16}} Aussie acquired Wizard Home Loans in February 2009 and National Mortgage Brokers (nMB) in 2012. The Commonwealth Bank increased its investment in Aussie from 33 per cent to 80 per cent in May 2013, then to 100 per cent in August 2017.{{Cite web|url=https://www.smh.com.au/business/banking-and-finance/cba-takes-control-of-aussie-home-loans-20121218-2bka6.html|title=CBA takes control of Aussie Home Loans|last=Johnston|first=Eric|date=2012-12-18|website=The Sydney Morning Herald|language=en|access-date=2018-08-17}} Symond was the Chairman of Aussie from 2017 until November 2020; while his nephew, James Symond, continues to serve as the chief executive officer.{{cite press release |url=https://www.aussie.com.au/insights/media-releases/john-symond-retires-as-chairman-of-aussie.html |title=John Symond retires as Chairman of Aussie |publisher=Aussie Home Loans |date=3 November 2020 |access-date=18 November 2020 }}
Personal life
Symond has two children, Stephen and Deborah. He has been involved with numerous organisations such as Jeans for Genes and is a former chairman of the Sydney Opera House Trust.{{Citation needed|date=October 2022}}
Symond has been married to Amber McDonald from February 2016 to December 2023.{{Cite web|url=https://www.news.com.au/lifestyle/relationships/marriage/aussie-home-loans-founder-john-symond-and-his-wife-split-after-eight-years-of-marriage/news-story/4385331ffd3bab3bee8977860124bfd8|title=Aussie Home Loans founder John Symond and his wife split after eight years of marriage|date=2023-12-23|website=News.com.au |language=en|access-date=2019-05-16}}
He has a substantial collection of Australian art deco and contemporary art including works of Brett Whiteley and Sidney Nolan. In 2017, he took delivery of a {{convert|73|m|ft|adj=on}} Dutch-built Feadship named Hasna, believed to have cost more than $100 million.{{cite news |url=https://www.bosshunting.com.au/motors/john-symond-yacht-hasna-for-sale/ |title='Aussie' John Symond Selling His Yacht HASNA For $160m |work=Boss Hunting |author=Slade, Jack |date=5 August 2019 |access-date=17 November 2020 }}]
Symond built a palatial home called Wingadal in the Sydney suburb of Point Piper that is now estimated to be worth over $100 million. He put it on the market in 2016 but withdrew it two months later in 2017.{{Citation needed|date=October 2022}} In May 2024 Symond put Wingadal on the market once again for an expected price of AU$200 million.{{cite news |url=https://www.afr.com/property/residential/aussie-home-loans-john-symond-to-sell-200m-sydney-home-20240501-p5fnzi |title=John Symond set to break Australia's property record with $200m home |date=2024-05-01 |access-date=2024-05-01 }}
= Net worth =
{{As of|2023|05}}, Symond's net worth was assessed as {{AUD}}780 million, as published in the Australian Financial Review 2023 Rich List.
{{columns-start}}
{{column}}
| class="wikitable"
!colspan="2"|Legend |
| Icon
! Description |
|---|
| {{steady}}
|Has not changed from the previous year |
| {{profit}}
|Has increased from the previous year |
| {{loss}}
|Has decreased from the previous year |
{{columns-end}}
Awards
Symond was appointed a Member of the Order of Australia in 2002 for service to the mortgage industry in Australia, particularly the home finance sector, and to the community.{{Cite It's an Honour |ausawardid=1040562 |date=10 June 2002 |recipient=Mr John Joseph Symond |award=Member of the Order of Australia |postnominal=AM |citation=For service to the mortgage industry in Australia, particularly the home finance sector, and to the community. |postscript= |accessdate=17 November 2020 }} In 2004, he was inducted into the Australian Banking and Finance Magazine's Hall of Fame in May 2004 – the first non-banker to be admitted.
In August 2011, he was listed eighth in a poll by The Australian Financial Review of the most influential business, economic and political leaders of the past 60 years.{{cite news |url=http://afr.com/p/business/marketing_media/afr_readers_vote_most_influential_f0gsadsus132TGRVKpSAXN |archive-url=https://web.archive.org/web/20120405230002/http://afr.com/p/business/marketing_media/afr_readers_vote_most_influential_f0gsadsus132TGRVKpSAXN |url-status=dead |archive-date=5 April 2012 |title=AFR readers vote most influential |work=Australian Financial Review }} In August 2012, he was named Australian Father of the Year.{{cite news |url=http://www.heraldsun.com.au/news/breaking-news/john-symond-is-father-of-the-year/story-e6frf7kf-1226459787157 |archive-url=https://web.archive.org/web/20160424022025/http://www.heraldsun.com.au/news/breaking-news/john-symond-is-father-of-the-year/story-e6frf7kf-1226459787157 |url-status=dead |archive-date=24 April 2016 |title=John Symond is Father of the Year |work=Herald Sun |access-date=28 August 2012 }} In July 2013 he was honoured with the 2013 Gold Harold Humanitarian Award, at the sixth annual Gold Harold Awards, for his ongoing philanthropic interest in children's causes and charities.
References
{{reflist}}
External links
- [https://web.archive.org/web/20040723161914/http://www.seek.com.au/editorial/0-3-17_cs_banking_3.htm Case Study on John Symond]
- [https://web.archive.org/web/20031018225022/http://www.abc.net.au/insidebusiness/content/2003/s874861.htm Interview on ABC]
- {{cite news |url=http://www.smh.com.au/news/business/housing-outlook-not-all-bad-news/2005/11/06/1131211945241.html |title=Housing outlook not all bad news |author=Kappelle, Liza |work=The Sydney Morning Herald |date=7 November 2005 }}
- {{cite journal |url=http://bulletin.ninemsn.com.au/article.aspx?id=255654 |archive-url=https://archive.today/20110605055623/http://bulletin.ninemsn.com.au/article.aspx?id=255654 |url-status=dead |archive-date=5 June 2011 |title=Lunch with John Symond |journal=The Bulletin Magazine }}
- [https://web.archive.org/web/20021008225653/http://www.det.nsw.edu.au/inform/yr2002/aug/symondsays.htm "inform ARTICLE" on John Symond]
- {{cite news |url=http://www.stereo974.com/detailed_news.php?page=8 |archive-url=https://web.archive.org/web/20070927122546/http://www.stereo974.com/detailed_news.php?page=8 |url-status=dead |archive-date=27 September 2007 |title=Report on John Symond |work=Stereo 974 |page=8 }}
- {{cite web |url=https://www.aussie.com.au/why-aussie/our-experience.html |title=Our legacy |publisher=Aussie Home Loans |date=n.d. }}
{{Authority control}}
{{DEFAULTSORT:Symond, John}}
Category:Australian people of Lebanese descent
Category:Businesspeople from Sydney
Category:Members of the Order of Australia