AFG marks an important milestone celebrating 30 years in business. AFG’s breakout into the market effectively led the mortgage broking industry to become the competitive and diversified lending market we know today.
Founded by Directors Brett McKeon, Malcom Watkins, Kevin Matthews and the late Bradley McGougan in September 1994, they helped create choice for millions of Australians seeking mortgage finance.
AFG CEO David Bailey reflected on the beginning of AFG’s journey, saying, “The AFG business – and effectively the mortgage aggregation industry – started in an office in the Perth suburb of Subiaco, expanding across the country over the next two years, and working from an office so small that the photocopier needed to be wheeled in and out daily to make room for the team.”
AFG has grown into one of Australia’s leading diversified financial services companies, with eight offices across five states and over 300 employees supporting 4,000 brokers. Over the past three decades, AFG brokers have helped millions of customers secure finance and now settles more than $60 billion in mortgage, asset finance, and commercial finance annually.
AFG’s prominence in the industry can be reflected by its many industry firsts, including introducing trail commission in 1996, developing in-house professional indemnity insurance for its network, creating an electronic software-as-a-service (SaaS) CRM tool in 2003, and establishing comprehensive compliance and learning and development programs to upskill brokers.
Mr Bailey emphasised AFG’s ability to diversify and adapt to market changes, “Diversification initiatives include the launch of a securitisation business in 2007, securing a stake in commercial lender Thinktank in 2018, the acquisition of Fintelligence (asset finance provider) and BrokerEngine (finance software provider) in 2021, and the launch of a spot and refer program Partner Connect in 2024.”
Mr Bailey also noted AFG’s lending arm, AFG Home Loans, and its drive to expand its suite of products tailored to borrowers the major lenders may not always serve. “AFG is proud to be at the forefront of an industry that creates competition and choice, ultimately leading the banks to offer more competitive pricing, which equates to massive savings for borrowers,” he said.
AFG strives to deliver diversified opportunities to its customers and its business. “Our business model is, and has always been, one of shared success. When our brokers grow, we grow.”
Mr Bailey said when AFG started the business years ago, the founders never would have dreamt of seeing almost three quarters of all Australian mortgages being written by a broker. “More than 74 per cent[1] of home loans in Australia are written through a broker. This result is testament to the recognition and trust Australian consumers have for the broker model,” he said.
AFG has, from the start, been a business that is one of inventiveness and reimagining broker processes. AFG remains committed to innovation, and this year, BrokerEngine is saving brokers an average of 90 minutes per transaction with direct lodgement to ApplyOnline. “Our model of shared success remains. AFG brokers will continue to grow and prosper, playing a vital role in helping Australians source competitive finance for all their borrowing needs – fulfilling AFG’s purpose of creating a fairer financial future for all,” he concluded.
[1] MFAA | Mortgage brokers remain the first choice for homebuyers
