AFG Home Loans customers able to accelerate mortgage payments through shopping rewards

Customers of AFG Home Loans can now benefit directly from a new cashback scheme that could help pay down their mortgages faster and save on interest, through earning rewards on their everyday in-store and online shopping. 

AFG Home Loans has partnered with rewards provider Grow My Money, which has some 500 online and 1000 in-store retail partners, ranging from Myer and Big W to Priceline Pharmacy, Petbarn, BWS, and many of the major airlines including Virgin Australia and Emirates. 

Under the program, AFG Home Loans customers will have access to a customised Grow My Money platform, which is linked to their AFG Home Loans customer profile. The platform will enable seamless access to, and usage of, the mortgage cashback program.

By shopping with any of these retail partners through the customised platform (for online shopping) and by linking credit or debit cards (for in-store purchases), AFG Home Loans customers can earn cashback rewards of up to 15 per cent, enabling them to accelerate repayments on their AFG Home Loan.   

Cashback earned from this program can be paid directly into the customer’s nominated AFG Home Loan redraw or offset facility.

At the same time as earning the cashback, customers can still collect the usual loyalty points offered by the retailers. Customers will also continue to have access to the special offers and sales which are available to all shoppers.

AFG Home Loans General Manager, White Label, Hayden Cush said: “For many people, their mortgage is their single biggest financial commitment, and with the aggressive increases in interest rates over the last 24 months, every little bit helps. 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.”

Kelly Elphinstone, CEO of Grow My Money, commented: “We are delighted to partner with AFG Home Loans for the creation of this unique and market-leading opportunity for their customers. 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.”

The program is available to new and existing AFG Home Loans customers. Existing customers will be contacted by AFG Home Loans via email, detailing what the next steps will be in activating their rewards account.

*Source: Forbes Advisor Australia, 1 March 2024.

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