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AFG has grown its Victorian home loans business by almost 50 per cent, while its national business has achieved almost 10 per cent growth.
The aggregator achieved a company record in July when its brokers sold $1.1 billion of loans in Victoria – the first time AFG had topped $1 billion in any state other than NSW.
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Home loan demand in Victoria increased by 44 per cent compared to the previous year.
Victoria’s average mortgage size jumped by 21.3 per cent to $470,000, while the average LVR increased from 71.0 to 71.2 per cent.
AFG’s general manager of sales & operations, Mark Hewitt, said Victoria had traditionally been the state with the lowest use of brokers, but that was starting to change.
“With increasing competitiveness and complexity in the mortgage market, we are seeing a marked shift in borrowers using brokers to help them find the best deal,” he said.
“The resilience of the Victorian market, defying concerns about high-rise oversupply, is another factor underpinning mortgage demand there.”
Meanwhile, AFG sold 9,300 mortgages across Australia in July, a 9.6 per cent increase on the year before.
The value of mortgages sold rose 21 per cent to $4.1 billion, while the average mortgage size grew 10.5 per cent to $443,000.
Average loan LVRs fell from 68.4 per cent to 68.2 per cent, while the share of fixed-rate loans dropped from 28.9 per cent to 24 per cent.
Investors increased their market share from 35.9 per cent to 38 per cent as first home buyers fell from 11.6 per cent to 9.8 per cent.
The major banks also grew their market share, from 73.6 per cent to 74.7 per cent, while the non-major banks fell from 26.4 per cent to 25.3 per cent.
[Related: AFG lender stats reveal big gains and losses]
