Co-founder of Australian Finance Group Ltd (AFG) Kevin Matthews will retire from his role as a non-executive director after more than 25 years with the company, the group has announced.
Matthews will step down from the AFG board effective 28 October 2019. He founded the company in 1994 alongside Brett McKeon, Malcolm Watkins, and the late Brad McGougan, playing a key role in building the business from its origins in Perth into a national mortgage broking group and later a publicly listed company in 2015.
Following AFG’s listing on the ASX, Matthews served as a non-executive director and sat on the remuneration and nomination committee, audit committee, and risk and compliance committee. He remains among the company’s top 10 shareholders.
AFG chairman Tony Gill paid tribute to Matthews’ contribution across more than three decades in the finance sector.
“Kevin has been fundamental to the success of AFG through both his management and board roles. In his time as executive director of AFG, he was responsible for negotiating and managing key relationships with banks and lending institutions, product development, and the commercial arm of our business,” Gill said in a statement.
“Kevin’s passion for the industry and his breadth and depth of knowledge of the market has been an invaluable asset to the company. On behalf of the board, I would like to thank Kevin for his commitment to the company and wish him well in his retirement.”
Matthews, who has relocated from Perth to London, said the timing was appropriate to step down.
“I am very proud of the achievements of AFG as it has transitioned from a private company to a highly successful listed entity with a national footprint,” he said.
“AFG is in great shape and its strong financial standing leaves the business well positioned for future growth, with the flexibility to pursue potential opportunities. I remain very optimistic about the future for both AFG and the mortgage broking sector more broadly.”
He added that the mortgage broking channel plays a vital role in fostering competition in Australia’s lending market and said he was proud of AFG’s leadership in promoting benefits for consumers.
Matthews is a former director and life member of the Mortgage and Finance Association of Australia (MFAA) and a senior fellow of the Financial Services Institute of Australasia (FINSIA).
In a separate statement, Watkins also announced his retirement from the AFG board earlier this month after nearly 32 years with the company.
AFG reported continued operational stability amid broader shifts in the lending environment. In its half-year results presentation for FY26, the group outlined revenue trends, earnings performance, and strategic priorities for the remainder of the financial year, reinforcing its focus on broker network growth and diversified income streams.
The results formed part of ongoing market reporting obligations and were outlined in investor materials lodged with the ASX in February 2026.
Throughout 2025, AFG aggressively pursued a broker investment strategy by acquiring minority equity stakes in various mortgage and finance brokerages. A key milestone occurred in July 2025, when the company took a non-controlling stake in the Sydney-based Loan Path Finance. This was followed in October 2025 by the acquisition of a 40% interest in Network Finance, an asset finance brokerage. This move signalled a deliberate expansion into lending segments beyond traditional residential mortgages.
Investor attention to these strategic initiatives and earnings growth drove significant movement in AFG shares during 2025. By early September 2025, the company’s stock price had surged more than 25% over the preceding month. This uptick was supported by heightened market expectations and corporate developments. The trading activity underscores investor sensitivity to the group’s financial performance and its long-term outlook within the Australian lending market.
