AFG Loan Guide

Australian Finance Group (AFG) is a lender, but it’s not a bank. They have been one of Australia’s top mortgage broker firms for nearly 25 years.

AFG helps Aussies across the country find a home loan to meet their needs. They began offering home loans of their own 12 years ago to compete with the big banks.

AFG home loan products can only be accessed through an AFG broker. These brokers can help you with a wide range of available loans, even if the best option isn’t from AFG’s line of products.

One of the unique elements of AFG home loans is that they consider unusual factors when lending. They know that self-employed and other irregular income requirements are common and offer mortgages tailored to fit these needs.

AFG Loan Options

AFG offers a few different features with their loans. For more information on features like redraw facilities and additional repayments, take a look at our section below.

AFG Home Loan Features
Flexible Repayments
Some AFG loans allow you to choose when you make your repayments. This means you can make weekly, bi-weekly, and monthly repayments on select loan products
Split Loans
Split loans allow you to have the security of a fixed rate loan with the features of a variable rate loan.
Offset Account
AFG offers optional offset accounts on many of their variable rate loan products.
Offset accounts allow you to deposit funds into a transactional account, and have those funds count towards your home’s principal when interest is calculated. The result is lower interest accrual over the life of the loan.
Broker Support
AFG is a broker-first company, which means their home loan brokers are at your disposal if you have a question or concern about your loan.

There are six loan products from AFG, most of which may be attractive to those who are self-employed or have irregular income. AFG makes it a point to lend to those who don’t have traditional jobs, making homeownership accessible to more people.

AFG’s Retro loan is their “old fashioned” loan type with a few optional features that can save you money in the long term. Retro is a variable rate loan, and it allows you to make as many additional repayments as you like.

The feature options included in the Retro loan are offset accounts, redraw facilities, and an interest-only period (up to five years). These features come at no additional cost. All you have to do is ask your broker about them during the application process.

The St.George Portfolio Loan is a standard line of credit loan that allows you to access up to 90% of the value of your property for investments, renovations, expenses, or anything else you might need.

You can choose to keep your rate variable or lock it in with a fixed rate when you apply. You can also choose to bundle a Portfolio Loan with the Advantage Package to save on interest rates and fees.

The Icon line of home loans is for both owner-occupiers and investors who want flexible options and access to both variable and fixed rate loans. You can also split an Icon home loan if you want the security of a fixed rate loan with the features of a variable rate loan.

You can make unlimited additional repayments on your loan and access those funds through the redraw facility. However, fixed rate loans do not have a redraw option and your extra repayments are capped at $20,000.

Alpha home loans are packages, similar to loan packages you might have seen from other lenders.

You can bundle your fixed or variable rate loan with a Visa credit card and transactional offset account to save on interest repayments. The Alpha Package even makes the offset account available for fixed-rate borrowers.

You can also use the Alpha Package as a bridging loan, which helps you to build or buy a new home before selling your current home.

Unlike many other loan packages, the Alpha package stands on its own, meaning you can’t combine AFG’s other loan products with the Alpha package.

The Options home loan from AFG caters towards a similar crowd as the Link loan – specifically attracting first-time home buyers.

These loans are for those who don’t meet standard lending requirements. For example, borrowers with a low deposit or nontraditional income documentation. If you have needs and requirements outside of these parameters, the Options home loan might be something to consider.

Who Are Options Loans For?
Borrowers who need low-deposit loans (up to 95% LVR)
Borrowers who need different income documentation considerations
Borrowers who need large loans
Borrowers who don’t meet LMI requirements
Borrowers who have poor credit histories

ou can only access the AFG home loan products from an approved AFG home loan broker. To contact an AFG Broker, visit their website and fill out the brief information form. A broker will be in touch when they become available.

AFG Contact Details
General Enquiries:
1800 629 948
9:00am to 7:00pm EST Monday – Friday
Email:
Visit the AFG website for Email specifics
Mail: Attn: Client Services AFG Home Loans
PO Box 710 West Perth WA, 6872

AFG, like many lenders, allows you to make unlimited additional repayments on variable rate loans. You can access your extra repayments when you need them through the optional redraw facility for no added cost.

You can also make additional repayments on fixed rate mortgages, but they aren’t unlimited. AFG caps your extra payments at $20,000 during the fixed rate period. Once this term ends, your loan reverts to a variable rate loan, allowing you to repay as much as you like without facing a fee.

There are no redraw facilities on fixed rate loans.

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