After announcing a strategic investment in neobank Volt earlier this year, AFG has today announced the completion of the first stage of work planned for the alliance.
After four months of close collaboration, the teams at AFG and Volt have successfully launched the white labelled AFG Home Loans Sparc product which is accompanied by a new personal finance manager (PFM) app for customers called ‘Handl. by AFG’.
AFG Chief Executive Officer David Bailey has thanked the teams for their work in delivering the important milestone. “The AFG Home Loans Sparc product has been made available to a pilot group of 125 brokers, with plans for a full rollout to the balance of the 3,050 AFG brokers early next year.”
The Sparc product features a very competitive interest rate for owner occupiers and investors with sub 80% LVR and promises a fast turnaround. “Sparc will round out AFG’s white label banking products and responds to the increased demand for digital banking services from our brokers and their customers.”
“By leveraging Volt’s personal finance manager tool, the teams have developed Handl., a full PFM to manage a customer’s accounts, budgets, and financial insights. Handl. will also serve as the new AFG Home Loans Sparc product’s customer banking application.”
“The development and availability of the Handl. by AFG app 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,” he said. “These first steps have harnessed Volt’s nimble banking as a service offering to deliver innovative solutions for our brokers and their customers. We look forward to expanding the rollout and to support our brokers with the tools they need to succeed.”
“The new Sparc product is the ninth white label home loan in the AFG Home Loans suite and the breadth and depth of our offering ensures we are delivering on our commitment to provide competitive alternatives to the major banks,” concluded Mr Bailey.