Listed mortgage aggregation group AFG has secured a new white-label agreement with Macquarie Bank.
AFG managing director Brett McKeon said the agreement will see a new product range, AFG Home Loans Icon, added to the group's existing white-label offering.
"AFG has been working solidly for the past 18 months to bolster its range of home-branded products after strong signals of demand for specially tailored AFG-branded products from our members," Mr McKeon said.
"The launch of this product range allows us to deliver on our commitment to expand our white-label footprint for our members and their clients.
“We see significant benefit in launching this new white-label offering with Macquarie, which has a strong track record of white-label partnerships with mortgage providers."
Icon will complement AFG’s existing product range with features such as a global limit facility, an SMSF product and a family guarantee offering.
Mr McKeon said the addition of the white-label product range is part of a key growth strategy for the company.
"AFG is delivering on its commitment to increase the penetration of the AFG Home Loans white-label offering by developing industry-leading, fully flexible and innovative products and this new partnership will help us do just that," Mr McKeon said.
"We will continue to work with AFG brokers and lenders to provide mortgage products tailored to suit their clients."
The news comes after the group recorded a surge in settlements of its existing white-label home loan offering in the 12 months to 30 June.
AFG forecast $150 million in settlements for its AFG Home Loans’ Edge product in the 2015 financial year, however settlements achieved, owing to both competitive pricing and higher than anticipated broker uptake, were more than $460 million.
This is an increase of 207 per cent on AFG’s original forecast.
AFG recorded a net profit after tax of $19.3 million, up 8.4 per cent compared to its forecast, while its residential settlements in the period totalled $31.24 billion, up 19 per cent on the previous financial year and 1.0 per cent higher than its forecast.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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