AFG Home Loans has relaunched its suite of white label products funded through its relationship with Adelaide Bank.
The AFG Home Loans Alpha product suite was rolled out at the start of the month and replaces the AFG Home Loans ABL suite. The relaunch coincides with the 20-year anniversary of the partnership between the two companies.
The relaunched Alpha products will offer consumers a range of options including a fixed rate product with the option of a 100% offset account, access to a competitive Adelaide Bank credit card and support through the bank’s Australian based call centre.
Speaking to Australian Broker
, AFG Home Loans general manager Chris Slater said the relaunch is part of a push to strengthen its product offering.
“There were a couple of things for us. We’ve been committed to expanding our funder base for a while now and bringing as much competitions as we can into the general market and also on the AFG lender panel,” Slater told Australian Broker
“We’ve been promising our lenders for the last couple of years that were going to work on bringing along better products, better service and better outcomes for consumers. Alpha’s part of that process, it’s part of strengthening our offer and providing true competition and choice for our customers,” he told Australian Broker
While the relaunched Alpha offering doesn’t contain products with features that are unique to AFG Home Loans, Slater said the updated products significantly broaden the options AFG Home Loans has to offer and he believes that will help it capture more of the market.
“If you look at the overall AFG Home Loans offering, there are things that Alpha brings that we just don’t have on our panel at the moment and we’re excited about being to capture more of the overall relationship with the customer,” he told Australian Broker
While Slater said AFG Home Loans had made a commitment to broaden and improve its offerings, he also said it was necessary given the current lending environment.
“We have to earn the right to win the business. There are no free deals at the moment. We’re not going to get business because our product has name AFG on it. We’ve got to go out and make it better,” he told Australian Broker
“The focus in the last 12 months on the regulatory changes and new guidelines that are coming in has made it more competitive because it’s a tightening of the space. I’ve only been in the industry for 15 years but it’s probably the tightest I’ve seen it.”
Adelaide Bank general manager Damian Percy said the lender was pleased to expand the existing relationship it has with AFG Home Loans.
“The new enhanced product and service offering is backed by AFG Home Loans’ sales team and Adelaide Bank's service team to ensure a seamless lending experience for both AFG brokers and their customers,” Percy said.
“We understand the AFG group objective of working with multiple funders as a core strategy and are pleased to be able to offer our extensive range of fully featured home loans to AFG brokers and their customers,” he said.