Australian Finance Group winning share in broker market

Australian Finance Group said yesterday they continued to gain market share in the mortgage market. AFG, an “aggregator”, said residential mortgages brokered through its affiliated brokers increased by 10 per cent in May, to $2.0 billion, from $1.8 billion in April. AFG said its new business levels were 33 per cent more than in May 2004. By number, AFG’s new loan volumes are up by eight per cent over the month, and 21 per cent over the year. The AFG sales data shows a slight pick up in the proportion of new loans taken out by residential property investors, which was 27.5 per cent in May, up from a low of 23 per cent in December and January,