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Aggregator

Aggregator reaches extraordinary milestone

by Staff Reporter8 minute read
The Adviser

AFG has grown its loan book to $100 billion after recently celebrating 20 years in business.

The aggregator has also forecast revenues of more than $500 million for this financial year.

AFG said it processes $4.5 billion in loan finance each month from its 2,100 brokers.

It also claims to handle about 12 per cent of all new home loans in Australia and to have a loan book 50 per cent larger than any other aggregator.

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The company was formed in 1994 by four Perth friends and began in a rented Subiaco office.

It is now a diversified financial services business with an annual wages bill of $23 million, according to founding partner and managing director Brett McKeon.

"We have a successful and growing property business with $300 million of projects underway [and] 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."

[Related: AFG warns inquiry against scrapping commissions]

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