Australian Guarantee Corporation
From Wikipedia, the free encyclopedia
| Australian Guarantee Corporation | |
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| Type | No longer trading |
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| Founded | 1925 |
| Headquarters |  Sydney, Australia |
| Industry | Finance |
| Products | Personal Finance Business Finance Retail Finance Motor Vehicle Finance Investments Line of Credit |
| Slogan | It's Australian for Finance |
Founded in 1925, AGC was Australia's oldest national finance company. AGC offered a range of finance, investment and insurance products and were market leaders in equipment finance, cashflow finance, motor vehicle and personal finance.
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[edit] Types of Products Offered
[edit] Personal Finance
[edit] AGC CreditLine
A retail finance card, which allowed the cardholder to make a purchase with extended interest free and deferred payment options, allowing them to get what they want today, and pay it off before the promotion ends and not pay a cent in interest. The downside to this product for the consumer, is if they failed to repay the balance of a particular interest free plan, it would revert to a high interest rate. These cards could also be used through EFTPOS and ATM terminals, but these would automatically bear high interest. The card has since been superseded by GE CreditLine.
[edit] Personal Line of Credit
Provided a line of credit up to $15,000. Enabled customers to obtain home improvements, motor vehicles, debt consolidation or use the line of credit for any other worthwhile purpose. Cash advances were also available under this product allowing a borrower to take their line of credit up to their limit.
[edit] Mortgage Line of Credit
Provided a line of credit secured by a mortgage, over residential real estate for amounts over $20,000. Maximum amount that could be lent to a customer could be up to 90% of their property's value. This type of credit facility is secured by a first or second mortgage.
[edit] GE Acquisition
On Monday, 26 November 2001, it was announced that GE Capital (GE Money) had made an unsolicited approach to the Westpac Banking Corporation regarding the possible sale of parts of AGC's business in Australia and New Zealand.[1] This was completed in June 2002 and from that point GE started integrating the AGC business into the GE Consumer Finance Australian arm.
[edit] Notes and references
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Founders: Thomas Edison • Edwin J. Houston • Elihu Thomson |
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Corporate directors: James Cash, Jr. • William Castell • Ann Fudge • Claudio Gonzalez • Susan Hockfield • Jeffrey Immelt • Andrea Jung |
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Primary business units: GE Commercial Finance • GE Consumer Finance • GE Healthcare • GE Industrial • GE Infrastructure • NBC Universal |
