AFG-NAB tie-up may toughen rates competition

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The recent partnership of Australian Finance Group with National Australia Bank is expected to create more competitive home loan choices, as demand continues to surge, the former’s co-founder Brett McKeon was quoted as saying in The West Australian.

With the tie-up in place, NAB-owned wholesale funder Advantedge would help AFG offer “very aggressive” variable and fixed- rate loans starting December.

AFG loans were reportedly having a hard time in overcoming other attractive deals from big banks prior to the new partnership, even if the group has been processing an “ever rising number of mortgages”.

AFG saw a 17% rise in profits to $17.9 million last financial year.

Plans of an initial public offering were shelved in 2007 following the global financial crunch. Despite this, McKeon said AFG will not dismiss the idea of an IPO.

"We're always thinking about it . . . (but) nothing has materialised to this point," he said.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

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