AFG Competition Index – January 2015
Non-major lenders grab unprecedented 41% of refinancing loans Non-major lenders wrote 41.4% of all new refinancing loans in December according to AFG, Australia’s largest mortgage broker. This is the highest proportion of home loans nonmajors have achieved in any home loan category since the GFC. AFG’s quarterly Competition Index shows that non-major lenders increased their share of refinancing […]
Ease the squeeze
The good news is interest rates are at record lows. The bad news is the average mortgage size in most Australian capitals has hit an all-time high. The challenge for many borrowers who are used to low rates could be keeping up with payments when rates inevitably rise. Those who want to get ahead will […]
Kids & Money: Making Cents – Teaching kids about money
“Money doesn’t grow on trees,” we tell our kids. But do we help them understand where it comes from and what to do with it? Like most good habits, financial responsibility needs to be taught and modelled. How you handle money probably has a lot to do with what your parents did or didn’t show […]
Alleged mortgage fraud not connected to AFG
Australian Finance Group (AFG) was first made aware of an ASIC investigation regarding Mr Aizaz Hassan through media reports on 6 January 2015. Allegations against Mr Hassan relate to his employment with Myra Financial Services from 2008 to 2011. Myra Financial Services has no affiliation with AFG. Mr Hassan was later employed at Cigna Financial, […]
Mortgage Index – January 2015
Refinancing surges: borrowers bet on rate cut The proportion of home loan borrowers changing mortgage arrangements surged to 37.3% of all new mortgages in December, the highest level since March 2012 according to AFG, Australia’s largest mortgage broker. AFG Mortgage Index shows that refinancing rose over the last quarter of 2014 from 33.5% of all […]
Take cover with home insurance
Summer once again highlighted the extremities of our harsh Australian weather. In addition to Dorothea Mackellar’s droughts and flooding rains, communities too often contend with bushfires, cyclones and severe storms; stark reminders of the need for adequate home insurance cover. But the wild weather is not to blame for every home insurance claim. Break-ins, fire […]
AFG Hits $100 Billion Milestone
AFG, Australia’s largest mortgage broker, passed a milestone today as its loan book hit the $100 billion mark. AFG may not have the public profile of competitors with a retail presence or an ASX-listing, but its loan book makes it comfortably the largest mortgage broker in Australia – 50% bigger than its nearest rival – […]
Mortgage Index – December 2014
Only 1 in 50 NSW borrowers a first home buyer – latest figures The proportion of first home buyers in NSW fell to its lowest ever level last month with fewer than 1 in 50 new borrowers (1.9%) being first home buyers. First home buyers also fell to their lowest ever level in Victoria and […]
Save on electricity bill – switch on to power savings
With electricity costs rising and temperatures dipping, now is the perfect time to get charged up about changing your home habits. We’ve put together our top tips to help take the shock out of your next electricity bill and help you save on electricity bill. You might be surprised how seemingly small changes can add […]
Lender support adding weight to AFG’s recent submission to the Financial System Enquiry.
AFG recently approached its lender panel seeking public endorsement of the broker channel. We asked each national residential lender to publicly endorse the importance of the broker channel and to echo the many dangers of any move towards a fee for service model. We are pleased to let you know we have received endorsements from […]