Australian Finance Group Ltd (AFG), one of Australia’s leading mortgage aggregators and LongView, a leader in home equity solutions, announce a new alliance that will enable deposit constrained customers to buy a higher quality home sooner through lending products offered by AFG Home Loans. The alliance will also provide AFG’s network of brokers with access to real-time market analytics.
The initiative integrates LongView’s deposit gap solution, Buying Boost, alongside three products in the AFG Home Loans suite: Retro, Link and Align. It will be piloted in Queensland for a short period before being rolled out to other states. The move widens the pathway to home ownership for Australians and enables broader access and enhanced capabilities for clients to find their ideal home.
Buying Boost is a solution designed to augment a homebuyer’s purchasing power without affecting their serviceability by providing them with equity and expert buying support. It helps increase the deposit that can be put down on a home in exchange for a share of future capital growth (secured through a second mortgage on the home).
Buying Boost is available to Australian residents with at least $100,000 to contribute toward purchasing a property as an owner/occupier in Sydney, Melbourne, Brisbane or the Gold Coast. LongView will then provide up to an additional 50 per cent of the customer’s own deposit, to a maximum of $300,000. LongView will also review the capital growth potential and provide approval of the security property. For eligible borrowers, Buying Boost therefore offers a new answer to the deposit gap constraints many face – particularly first home buyers, families seeking to upgrade their homes, and those trying to rebuild their lives after a major life event.
AFG’s network of mortgage brokers are also set to gain an edge with access to Home Accelerator – LongView’s proprietary platform that delivers comprehensive property insights and analytics, providing a valuable information source for customers and a streamlined solution to help give brokers time back in their day.
According to LongView, this software helps mortgage brokers to align client briefs with their budget, significantly reducing the time to purchase by offering clear, actionable insights, facilitating a smoother and faster home-buying process for clients, and, consequently, a more efficient workflow for mortgage brokers.
The AFG and LongView alliance is poised to redefine the landscape of home financing by providing impactful solutions that resonate with the needs of today’s homebuyers and the brokers who support them.
AFG Home Loans General Manager Hayden Cush said the alliance between AFG Home Loans and LongView represents a significant milestone in AFG’s mission to offer solutions to segments of the market that are typically underserved by providing them with innovative and accessible financial solutions.
“AFG is committed to providing a fairer financial future, and we continue our pursuit to find alternative ways to support underserved customers segments,” he said.
“By working with LongView we are bringing its game-changing solutions to our network of brokers, enabling them to expand upon the type of customers they are able to assist – ultimately making it possible for more Australians to buy their own home.”
LongView’s Executive Chair and co-founder Evan Thornley noted: “Joining forces with AFG allows us to leverage its vast network and expertise in the mortgage industry to help more people buy a better home sooner – especially those who don’t have a “Bank of Mum and Dad”.
“We’re excited about the potential of Buying Boost to make a real difference in the lives of Australians navigating the property market. We will also help brokers and clients close the gap between their clients’ needs and their budget by providing Home Accelerator platform to AFG’s network of mortgage brokers.
“Helping AFG mortgage brokers help their clients to make more informed purchasing decisions can only help to streamline what can often be a long and drawn out process. ”
A spectrum of homebuyers set to benefit:
First Home Buyers: With challenges in accumulating sufficient deposits and aspirations beyond government scheme offerings, first home buyers find Buying Boost an ideal solution for entering the market sooner.
Upgraders: Those seeking larger homes within their current communities, can utilise Buying Boost for the necessary financial boost to make their next home a reality.
Rebuilders: For individuals embarking on new beginnings, often after a life changing event, Buying Boost serves as a crucial aid in acquiring a home that maintains familial and community connections.
For more details on Buying Boost and Home Accelerator, brokers and clients are encouraged to contact LongView and AFG Home Loans.
Important Information
About Australian Finance Group Ltd (AFG):
Australian Finance Group Ltd is listed on the Australian Securities Exchange (ASX:AFG) and one of Australia’s leading mortgage broking groups, offering a comprehensive range of mortgage and finance services to Australians. With a commitment to innovation and customer service, AFG helps Australians achieve their finance and property ownership goals.
About LongView:
LongView is at the forefront of property investment solutions, offering innovative services that make property ownership and investment more accessible and manageable for Australians. Focused on sustainability and financial flexibility, LongView is changing the way Australians think about property investment and management.
For further information, please contact:
AFG
Jenne Brammer
Communications Specialist
Email: jenne.brammer@afgonline.com.au
Phone: 0498 143 366
LongView
Lucy Fisher
Head of Marketing
Email: lucy.fisher@longview.com.au
Phone: 0431 815 274
