AFG Loan Guide

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AFG Home Loans is a non-bank lender in Australia and has been in business for over 12 years. It is part of one of Australia’s leading mortgage broking firms, the ASX-listed Australian Finance Group Ltd (AFG), which has over 2900 mortgage b

AFG Home Loans is a non-bank lender in Australia and has been in business for over 12 years. It is part of one of Australia’s leading mortgage broking firms, the ASX-listed Australian Finance Group Ltd (AFG), which has over 2900 mortgage brokers.

AFG Home Loans have no brick-and-mortar storefronts—their home loan products can be accessed through accredited mortgage brokers.

AFG was established in Perth in 1994 and is now one of the largest mortgage broking groups in Australia. It began as an aggregator (a company which links mortgage brokers to financial resources) and has since expanded to offer over 3,800 finance products. AFG works with a wide range of award-winning brokers to help match its clients with home loan products.

Awards

AFG is a young company, but it has won some impressive awards.

  • 2017 The Adviser Australian Broking Awards – Aggregator of the Year
  • 2017 The Adviser Australian Broking Awards – Technology Platform of the Year

53% of Australian mortgages are written through a broker

Broker numbers
have grown to over 2,875 across Australia

AFG works with over 45 lenders

1 in 11 Australian residential mortgages are organised by an AFG broker

AFG’s home loan products are developed to suit specific needs. The company has loans geared towards first home buyers, investors, non-traditional borrowers, and more. There are six main home loan packages to consider.

  • Retro

    A traditional home loan with a selection of useful, up-to-date features.

    • Optional 100% offset facility (terms and conditions apply)
    • Variable rate loan with low upfront fees
    • Optional interest-only period of 1 to 5 years
    • Retro Lite option designed for self-employed customers
  • Link

    A new product in 2018, this flexible home loan is for those who may not qualify for traditional home loans. It may suit people who are self-employed, recently re-entered the workforce, or have a poor credit history.

    • Optional redraw and offset facility
    • Unlimited repayment options without charge
    • Flexibility to tailor interest rates and payment plans to your personal situation
    • Low-documentation options for those who don’t fit standard lending criteria
  • Edge

    Straightforward home loan—good for first home buyers.

    • Low-fee variable loans
    • Fixed loan options
    • Unlimited additional repayments
    • Loans funded by Advantedge, a member of NAB
  • Icon

    Comprehensive home loan package packed with features.

    • Loans provided by Macquarie Bank
    • Offset home loan and SMSF home loan options available
    • Fixed and variable rates or a mix of both
    • Fee-free ATM access across Australia
  • Alpha

    Versatile home loans that can adjust to a buyer’s changing needs and circumstances.

    • Credit card with low interest rate
    • 100% offset facility
    • Loans provided by Bendigo and Adelaide Bank
    • Option to combine a Visa credit card with your offset account
  • Options

    This loan is for people who are in atypical situations and may not meet lender’s mortgage insurance requirements or who have unusual income documentation.

    • Borrow up to 95% of the property’s value (not available on all loans)
    • Flexible finance approach
    • May suit casual employees or those with gifted deposits

AFG’s range of home loans offer a wide range of features, though not all features are available with every loan product. If you’re not sure which features are important to you, talk to a home loans advisor for more information. Features include:

  • Offset account: Reduce your interest with an offset savings account
  • Redraw facility: Draw money back out of an account from extra repayments you have made
  • Suspend repayments: Take a break from repayments if you’re going through a life transition
  • Flexible repayments: Make interest-only repayments, extra repayments, or switch from monthly to weekly or fortnightly repayments
  • Direct debit: Set up a direct debit so you’ll never forget a payment
  • Bank package: Eligible home loans can be packaged with discounted financial services
  • Portability: Some home loans can be carried over to a new property if you sell your current one; there may be fees associated with this feature
  • All-in-one home loan: Combine your loan with a cheque, savings, and credit card account, which could reduce the accrued interest

AFG’s home loan products cover a comprehensive range of loan types. Note that not all loan types are available with every product.

  • Variable: interest rates fluctuate over the life of the loan
  • Fixed: payments stay the same for a fixed period of time
  • Split rate: Divide your loan up so part is fixed and part is variable
  • Interest-only: Pay only the interest on your loan for a fixed period of time
  • Line of credit: Pay into your home loan and withdraw it each month
  • Introductory: Low interest rate for a short period of time, but it may carry restrictions
  • Low doc: Require less proof of income, but usually have a higher interest rate

AFG home loan applications are made through an accredited AFG broker. For more information on an AFG home loan, call 1800 629 948 9am to 7pm EST Monday through Friday. AFG is based in Perth. You can also fill out an online enquiry form and a home loans expert will get back to you.

Yes, redraw facilities are available through AFG Home Loans. WIth eligible home loan products, you can redraw from extra repayments you’ve made. However, in some cases a redraw fee may be applicable, as well as a minimum redraw amount.

Yes, you can make extra repayments on an eligible AFG home loan. You can also adjust your repayment schedule to weekly or fortnightly if you prefer. With some loans, you may even be able to hit pause on your repayments for a predetermined period of time.

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