Major mortgage aggregator AFG has partnered with ASX-listed online real estate company buyMyplace to help its expansion into mortgage lending.
buyMyplace’s main business advocates for consumers to become their own real estate agent. Home owners are able to list and sell their properties online through its platform, without having to pay commission to real estate agents.
The partnership with AFG will allow the online real estate company to expand into mortgage lending too, by becoming a licensed credit representative of AFG.
AFG general manager of sales and operations, Mark Hewitt, said that under the partnership, buyMyplace will be able to offer mortgage and other finance products through AFG’s network of brokers.
“We are still working through the final details of how [the partnership] is going to work out in practice. Our intention is [buyMyPlace] will be a credit licensee under our licence and they will be able to offer their customers a bespoke comparison tool,” he told Australian Broker
“buyMyplace vendors will also be able to directly engage with AFG brokers local to their area, who can help them find the best loan for their needs, and provide them with a seamless customer experience.
“Their clients will then be able to come through to our contact centre and we will place them with a broker.”
According to a report in the Australian Financial Review
, buyMyplace expects to offer its customers these services in September and will be earning upfront and trailing commissions from AFG.
Hewitt told Australian Broker
that the partnership was a “natural fit” for both companies and reflects AFG’s commitment to embracing innovation in the sector.
“We have had a relationship with buyMyPlace for the last four or five years and we work well together.
“[buyMyPlace] was looking to for a partner to expand its product offering into finance and mortgages, so it is a natural fit for both of our businesses.”