AFG is promising brokers “a full digital mortgage experience with a linked personal financial manager”, with the launch of the first product under its strategic partnership with Volt.
AFG and Volt formed their partnership in June, when AFG paid $15 million for a 7.6 per cent shareholding in Volt Corporation Ltd.
Since then they have been working on the new loan, which will be funded by Volt and offered as AFG Home Loans Sparc. The loan will be accompanied by a PFM app called Handl. by AFG.
Sparc is AFG’s ninth white label product. It has been made available to a pilot group of 125 brokers, with plans for a full rollout early next year.
AFG is promising a fast turnaround with the digital loan and a “very sharp” rate.
“Sparc responds to increased demand for digital banking services from our brokers and their customers,” said AFG chief executive David Bailey.
“The development and availability of Handl. by AFG is an important part of ensuring our brokers and their customers have the best opportunity to participate in the benefits of open banking as it builds across the market.”
Volt is an accredited data recipient under the Consumer Data Right.