Shares in Australian Finance Group have doubled in value this year as the Perth company benefits from the increased market share held by brokers in a growing housing loan market.
WA mortgage broker Australian Finance Group is set to pay up to $70 million for asset finance aggregator Fintelligence, adding another 285 brokers and $1.1 billion in projected settlements to its books.
Mortgage lender Australian Finance Group has posted an underlying profit of $36.3 million for the full financial year on the back of rising residential settlements.
Australia's competition regulator says it will not oppose a planned merger between mortgage aggregators Australian Finance Group and Connective, despite holding previous concerns around competition.
Australian Finance Group has announced a capital raising to strengthen its financial position ahead of an expected softening of the housing loan market and to support the growth of its subsidiary AFG Securities.
Australian Finance Group has reported a 20 per cent rise in first-half net profit to $17.7 million, sending its shares 10 per cent higher at the market close today.
Australia's consumer watchdog has raised concerns over the proposed acquisition of mortgage aggregator Connective by Perth-based Australian Finance Group, as the merged group will have nearly 40 per cent market share.
Housing finance provider Australian Finance Group says lending for homes in the first quarter of the 2020 financial year in Western Australia has rebounded from record low levels to reach its highest figure since the end of the 2017 fiscal year.
Australian Finance Group has posted a 0.8 per cent decrease in net profit, but is optimistic about its future following the federal election result earlier this year.
Australian Finance Group has signed a binding agreement to acquire Melbourne-based Connective Group in a cash-and-scrip deal worth around $120 million that will create an entity with over 6,575 brokers.
Housing finance provider Australian Finance Group says lending for homes in the first three months of 2019 in Western Australia has plunged to the lowest level since it began tracking mortgage values in mid-2012.
Shares in Perth-based Australian Finance Group and in ASX-listed Mortgage Choice plunged today on concerns the mortgage broking sector will be one of the biggest losers from the banking royal commission, which recommended the banning of commissions paid by lenders to brokers.
West Perth-based Australian Finance Group has announced it will purchase a 30.4 per cent stake of Sydney-based commercial property lender Think Tank Group for $10.9 million.
