iscover 
AFG Home Loans Bridge will give Australian Finance Group (AFG) brokers access to a dedicated bridging finance solution for customers looking to purchase their next property before selling their existing home.
The product will be available nationally through AFG brokers and is designed to support a range of customer scenarios, including upsizers, downsizers, retirees, and customers looking to unlock equity while transitioning between properties.
The launch comes as bridging finance plays an increasing a role in helping borrowers manage the timing gap between buying and selling property. Recently, AFG has posted a record June quarter, driven by upgraders, while Bridgit has recorded a surge in bridging loan volumes.
Bridging the gap
Bridging finance has been playing a role across a range of market conditions. In June, demand was buoyed by a shift towards a ‘buyer’s market’, with Bridgit data showing national bridging loan volumes were 24.7 per cent higher in May than the six-month average.
The increase was particularly pronounced in Victoria, where bridging loan demand was 46 per cent above its six-month average.
On the other hand, Broker Daily reported in March that bridging finance was surging in Western Australia, when the state was experiencing severe supply shortages, and sellers wanted to secure their next home before selling up.
AFG general manager of white label Hayden Cush said the new white label product was designed to give brokers another option when customers found their next property before selling their existing home.
“Buying and selling property does not always happen in a neat sequence. Many customers find the right next home before their existing property has sold, and they need a finance solution that gives them speed, confidence and flexibility,” Cush said.
“AFG Home Loans Bridge gives brokers another practical option to help customers navigate that transition. It expands the support available under the AFG Home Loans brand and gives brokers a clearer pathway to have broader conversations with customers about their property goals.”
The product has been developed over recent months by AFG and Bridgit and will sit under the AFG Home Loans brand.
Finance partnership
Bridgit founder and CEO Aaron Bassin said the partnership represented a further step for the non-bank lender and would extend its reach through AFG’s broker network.
Last month, AFG expanded its white label offering through a partnership with Pepper Money, providing commercial lending products across full-doc and low-doc scenarios, prime and near-prime borrowers, as well as SMSF lending secured by commercial property only.
“We’re incredibly excited about partnering with AFG, one of Australia’s largest and longest-running aggregators,” Bassin said.
“For Bridgit, AFG marks a significant step forward, giving us deeper reach into one of the country’s most established broker networks.”
Bassin said the lender’s focus was on providing brokers with a digital process for customers looking to buy before selling.
“Everything we do at Bridgit is built around giving brokers a solution their clients can trust to Buy Now and Sell Later, with confidence,” he said.
“That’s only possible because of smart, tech-enabled processes that allow us to assess, approve and settle faster.
“Brokers are seeking speed and certainty to help their clients forward without delay and that’s exactly what we deliver. We’re looking forward to bringing Bridgit to AFG’s network of over 4,000+ members.”
Bridgit has also appointed Jess Vaiano as its Victorian/Tasmanian state manager this week, as it looks to strengthen its presence across the two states.
[Related: AFG appoints new non-executive director]
Want to see more stories from trusted news sources?Make Broker Daily a preferred news source on Google.