Mortgage broker AFG has reached a milestone with a loan book of $100 billion.
Mortgage broker Australian Finance Group has reached a milestone with a loan book of $100 billion.
The unlisted Perth company, which started as a mortgage platform business 20 years ago, has had almost a million customers during that time.
It has since expanded into property development and securitisation.
The company said it processed $4.5 billion of loan finance each month, and about 12 per cent of all new home loans in Australia.
Managing director Brett McKeon said the mortgage platform business was the first in Australia.
“We have a successful and growing property business with $300 million of projects under way; a growing securitisation arm with over $1 billion in assets that is supported by a treasury department that has issued close to $900 million in residential mortgage backed securities to global markets over the past 20 months,’’ he said.
“AFG is also a property development manager and this part of the business is thriving.”
Earlier this year, Business News reported that AFG writes about 20 per cent of new loan applications in Western Australia, while growth in Sydney and Melbourne, where its market share is about half that size, was around 40 per cent.
It predicted mortgage volumes to grow by about 10 per cent over the next year unless the government altered policy to restrict investor activity.