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The aggregator’s lending arm has partnered with the rewards provider to launch a new cashback scheme for customers.
AFG Home Loans customers are now able to benefit from a cashback scheme that could help them pay down their mortgages faster through earning rewards on everyday in-store and online shopping.
Australian Finance Group’s (AFG) lending arm has partnered with rewards provider Grow My Money, which currently contains around 500 online and 1,000 in-store retail partners, such as Myer, Big W, Priceline Pharmacy, Petbarn, BWS as well as major airlines including Virgin Australia and Emirates.
Customers with AFG Home Loans will have access to Grow My Money’s platform linked to their AFG Home Loans customer profile under the new program.
The lender’s customers will be able to earn cashback rewards of up to 15 per cent through shopping with any of the retail partners through a customised platform (online shopping) and by linking debit/credit cards (in-store).
According to AFG Home Loans, this will enable customers to accelerate repayments on their home loan.
The lender confirmed that cashback earned from the scheme can be paid directly into the customer’s nominated AFG Home Loan redraw or offset facility.
In addition, customers will also still have access to special offers and sales that are available to all shoppers.
Hayden Cush, AFG Home Loans general manager, white label, said that mortgages are the “single biggest financial commitment” for many people.
“… [A]nd with the aggressive increases in interest rates over the last 24 months, every little bit helps,” Cush said.
“By being rewarded for shopping through cashback into the mortgage, customers may be able to pay off their mortgage faster.
“Given these strong benefits, it means access to this program is an additional benefit for our brokers to speak to when talking to prospective AFG Home Loans customers.”
CEO of Grow My Money, Kelly Elphinstone, said: “This is an obvious win for an AFG Home Loans customer, as they can contribute more to their mortgage thanks to their everyday spend.
“Grow My Money is the only cashback program that invests in your future and delivers a return on your rewards; the AFG Home Loans customer can benefit from the partnership by reducing both mortgage interest and duration.
“With the average mortgage being $624,000, AFG has clearly demonstrated why they are a leading provider in this home loan sector.”
AFG Home Loans has confirmed that the program is available to new and existing customers.
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