{"id":9830,"date":"2023-08-23T10:38:01","date_gmt":"2023-08-23T00:38:01","guid":{"rendered":"https:\/\/brighten.com.au\/resources\/media-centre\/afg-launches-mortgage-products-for-underserved-markets\/"},"modified":"2023-08-23T10:38:01","modified_gmt":"2023-08-23T00:38:01","slug":"afg-launches-mortgage-products-for-underserved-markets","status":"publish","type":"media-centre","link":"https:\/\/brighten.com.au\/zh-hant\/media-centre\/afg-launches-mortgage-products-for-underserved-markets\/","title":{"rendered":"AFG launches mortgage products for underserved markets"},"content":{"rendered":"\n

Publication Date: Tuesday, 23 Aug 2023
This article originally appeared in<\/em> Mortgage Professional Australia<\/em><\/a><\/p>\n\n\n\n

AFG<\/a> has released a white label home loan range following its partnership with Brighten Home Loans.<\/p>\n\n\n\n

Home Loans Bright consists of six individually tailored products, including bridging finance and options for self-employed and expat borrowers.  Full documentation and alternative documentation options are available.<\/p>\n\n\n\n

Due to the changing needs of self-employed borrowers and recent increases in migration, the aggregator said that its new mortgage range would provide brokers with more options to help customers in underserved areas of the Australian market.<\/p>\n\n\n\n

AFG home and commercial loans national sales manager Hayden Cush (pictured above) said that the new range complemented the aggregator\u2019s existing stable of products, enabling its sales team to better serve members.<\/p>\n\n\n\n

\u201cThe launch of the AFG Home Loans Bright range is aligned with AFG\u2019s purpose of providing a fairer financial future for all Australians by providing further choice in currently underserved segments of the market,\u201d Cush said.<\/p>\n\n\n\n

Following the lifting of COVID-19 restraints, Cush said that AFG was now seeing growing demand for innovative home loan options from customers living abroad, as well as expats.<\/p>\n\n\n\n

\u201cThis new range enables our brokers to expand upon the type of customers they are able to assist,\u201d Cush said.<\/p>\n\n\n\n

Rising migration figures indicate growing need for tailored options <\/strong><\/h2>\n\n\n\n

ABS annual migration figures show a net gain of 171,000 people in the year ending June 30<\/a>, 2022. Overseas migration data for the 2021-22 financial year showed that migrant arrivals increased by 171% overall, migrant arrivals for international students<\/a> increasing by 135,500.<\/p>\n\n\n\n

While net migration dropped during the pandemic, Cush said that statistics now indicate a faster-than expected return of international students, skilled migrants and working holiday makers back into the country.<\/p>\n\n\n\n

AFG, which released its Mortgage Index for Quarter 4, in July, <\/a>has experienced increased enquiry from its members looking for mortgage solutions to suit this type of customer, he said.<\/p>\n\n\n\n

\u201cThis is coming from both those looking to find somewhere stable to live in the country, as well as overseas families looking to support relatives making the move to Australia,\u201d Cush said.<\/p>\n\n\n\n

\u201cOn top of this, over the last five to six years, this has been an underserved customer segment, and existing customers that already hold similar loans in Australia, are now also looking for more competitive options.\u201d   <\/p>\n\n\n\n

Options for self-employed borrowers<\/strong><\/h2>\n\n\n\n

Cush said that the Bright Boss product set within the AFG Home Loans Bright range  would cater for self-employed customers looking for alternate documentation options, flexible servicing and a \u201ccommonsense approach\u201d to credit assessment.<\/p>\n\n\n\n

\u201cIn addition to this, the products offered in the non-resident and bridging product range are also available for self-employed customers on both a full doc and an alt doc basis,\u201d he said.<\/p>\n\n\n\n

Brighten national sales manager Chris Meaker said that the new white label product suite would enable more homebuyers to achieve their goal of homeownership within Australia. <\/p>\n\n\n\n

The Brighten team prides itself on providing a premium service to brokers, including quick turnarounds which include a 48-hour service level agreement, Meaker said.<\/p>\n\n\n\n

The AFG Home Loans Bright product range includes six products:<\/p>\n\n\n\n