AFG has hit a milestone today, as its loan book passed the $100 billion mark. The aggregator said this now makes it comfortably the largest mortgage broker in Australia – 50% bigger than its nearest rival.
The aggregator said it is now responsible for approximately 12% of all new home loans in Australia. It forecasts an annual revenue turnover of more than $500m and processes $4.5 billion in loan finance each month.
“Our mortgage platform business was a first for Australia. That same division is today one arm of a much larger financial services company with a wages bill of $23 million,” Brett McKeon, Managing Director of AFG said.
“We have a successful and growing property business with $300 million of projects underway; a growing securitisation arm with over $1 billion in assets that is supported by a treasury department that has issued close to $900 million.”
McKeon said the success of the business was driven by deliberate strategies to build AFG on sustainable market leading principles, to recruit and retain the best people in the industry and to reinvest in cutting-edge technology systems.
“AFG actively advocates on behalf of our members to lenders, government and regulators to ensure a level playing field and encourage a competitive lending market,” he said.
“And in turn we encourage diligent disclosure and compliance by our members which leads to better competition and in turn better outcomes for those everyday Australians looking to secure finance.
“We are one of the fastest-growing providers of holistic financial services and our brokers represent the biggest national distribution network of financial services in the country. This milestone is a real achievement for AFG, our members and our staff.”