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The aggregator has partnered with the property business to enable brokers to access its analytics and offer buyers its equity investment product.
Aggregator Australian Finance Group (AFG ) has announced a partnership with integrated residential property business LongView that will enable brokers to offer clients with smaller deposits enter into loans faster with LongView’s equity investment product on some AFG Home Loans products.
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The partnership with AFG will allow LongView’s Buying Boost product to become available on three AFG Home Loans products: Retro, Align, and Link loan products.
LongView’s equity investment product, Buying Boost, provides an owner/occupier borrower with an additional 50 per cent of their deposit (assuming they have a minimum deposit of $100,000).
LongView said that it can contribute up to $300,000 to a borrower’s deposit and is available to borrowers in Sydney, Melbourne, the Gold Coast, and Brisbane.
The product increases a borrower's deposit in exchange for a share of future capital growth that is secured by a second mortgage on the property. LongView said that it would also “review the capital growth potential and provide approval of the security property”.
The integration of Buying Boost into AFG Home Loans products will be piloted in Queensland before it becomes available to brokers in other states.
According to AFG, the partnership will enable more Australians to achieve home ownership, particularly for first-home buyers and families looking to upgrade their homes.
As part of the partnership, AFG brokers will also be able to access LongView’s propriety platform, Home Accelerator, which delivers property analytics and insights.
LongView said that the software would support mortgage brokers by offering more efficient workflow.
Home Accelerator aimst o help brokers “align client briefs with their budget”, according to LongView, and reduce the time to purchase a property by offering “actionable insights”.
Hayden Cush, general manager of AFG Home Loans, said that the partnership was a “significant milestone” that would further AFG’s mission to support underserved segments of the lending market.
He continued: "AFG is committed to providing a fairer financial future, and we continue our pursuit to find alternative ways to support underserved customer segments.
“By working with LongView we are bringing its game-changing solutions to our network of brokers, enabling them to expand upon the type of customers they are able to assist - ultimately making it possible for more Australians to buy their own home.”
Evan Thornley, executive chair and co-founder of LongView, said: "Joining forces with AFG allows us to leverage its vast network and expertise in the mortgage industry to help more people buy a better home sooner – especially those who don't have a "Bank of Mum and Dad”.
He continued that the partnership would allow its equity investment product to have an impact on home buyers.
He commented: “We're excited about the potential of Buying Boost to make a real difference in the lives of Australians navigating the property market. We will also help brokers and clients close the gap between their clients’ needs and their budget by providing Home Accelerator platform to AFG’s network of mortgage brokers.
“Helping AFG mortgage brokers help their clients to make more informed purchasing decisions can only help to streamline what can often be a long and drawn out process.”
AFG has been expanding its broker offering recently, having recently launched its AFG Partner Connect program (and appointing a new lead to head it up).
AFG Partner Connect enables residential brokers to access specialist advice (including insurance, commercial and asset finance, etc) from other members aggregating under the group.
[Related: AFG appoints leader for new referral program]
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