The Westpac-owned RAMS Home Loans is up for sale, according to the AFR.
The news outlet reports Morgan Stanley is managing the sale, and has distributed an information memorandum to interested parties.
Potential buyers for the RAMS business with its highly-identifiable woolly mascot could include mortgage brokers such as Aussie, or Mortgage Choice.
Westpac rescued the home loans service provider in 2007, paying $140 million for the business, after confidence dropped in the brand following the US subprime mortgage market crisis.
An external market source told AFR the franchise business now is hard to value and might be worth about $10 million.
For the past four years the network of about 40 RAMS franchises has been dedicated to selling Westpac loans based on the bank’s lending criteria.
Jake Bromwich, who headed up RAMS, was appointed the CEO of Beyond Bank last December.
