Timothy Holmes, co-founder of ASX-listed lender Homeloans Ltd, passed away on Saturday. He was 65.

Holmes left a mark in the industry as the pioneer of the non-bank sector. In 1985, he founded with Rob Salmon the International Financing & Investment Pty Ltd before it became known as Homeloans Ltd.

Peter White, CEO of the FBAA, said the association is deeply saddened by the news of the passing of Holmes and their sincere condolences go out to Holmes’ family and friends, and all at Homeloans Ltd. 
"Mr Holmes was highly respected in the finance industry. He was a leader and innovator of his time who will not be forgotten. His achievements were profound and his work will be an inspiration for years to come. Tim Holmes will be deeply missed," White said.

He is replaced by Robert Scott, a non-executive director of the company, as chairman.