Economy

Mortgage aggregator AFG offers reward for information on damaging sale rumours

Larry Schlesinger /

Australia’s biggest mortgage aggregator, AFG, has denied that the business is up for sale and has offered a $10,000 reward for anyone who can tell them who is spreading the rumours.

Rumours of the business being put up for sale have resurfaced, after doing the rounds around 12 months ago.

AFG managing director Brett McKeon dismissed the speculation and offered a reward for the successful prosecution of a defamation case against the person spreading the rumour.

“The simple truth of the matter is that AFG is in fantastic shape.

“And I would ask anyone who knows who the person or persons are that are spreading the rumour togive me a call, I may have $10,000 for them.

“Once again, I say to all those who are asking – quite simply, AFG is not for sale. And to the person or persons spreading the rumour – enough!”

AFG, which processed around $3.6 billion in mortgages in June and has around 1800 mortgage brokers in its network is one of the few remaining independent aggregators.

It’s main aggregator rivals PLAN Australia, FAST and Choice were acquired by NAB in 2009, when the bank acquired Challenger Mortgage Management.

They now form part of NAB’s Advantedge aggregator business.

Macquarie Bank is a cornerstone investor in AFG with insurance providers Allianz and Tower also holding equity.

This article first appeared on Property Observer.

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