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AFG grows loan book despite ‘turbulent’ EOFY run

mark hewitt

mark hewitt
Huntley Mitchell 1 minute read

AFG’s overall mortgage volumes saw modest growth last financial year, driven by varying results around the country.

The major aggregator’s loan book increased by 7 per cent during 2015-16, as forecast by AFG last year, according to the group’s general manager of sales and operations, Mark Hewitt.

“The traditional powerhouse states of Victoria and NSW led the way, up 16.6 per cent and 12.2 per cent respectively,” Mr Hewitt said.

“South Australia was up 12.2 per cent for the financial year and Queensland recorded a lift of 4.2 per cent on the previous financial year.

“On the flip side, a drop of 13.4 per cent in WA was not unexpected as the state comes to terms with life post-mining boom.”

Mr Hewitt said it was pleasing to see the non-major lender’s share of AFG home loans rise by 2.8 per cent over the last financial year to 29.1 per cent, with the aggregator’s white-label products generating 7.2 per cent market share in the last quarter of 2015-16.

“The numbers are strong despite a turbulent run in to the end of the financial year and the longest election campaign in memory finally coming to a close,” he said.

“Talk of negative gearing changes and changes to investment lending has seen many home buyers sit on their hands.”

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AFG’s average loan size also grew by 4.0 per cent in 2015-16 to $478,007, but the number of mortgages lodged with the aggregator declined by 2.4 per cent.

Of those home loans lodged, AFG’s investor portfolio recorded the biggest drop, down 15 per cent, while its first home buyer book fell 12.5 per cent.

The number of loans lodged for refinancing rose 2.7 per cent, while those lodged for upgrading purposes grew 17.9 per cent.

[Related: AFG terminates agreement with new mortgage player]

AFG grows loan book despite ‘turbulent’ EOFY run
mark hewitt
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mark hewitt

 

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