Customers gain access to a customised Grow My Money platform
Aggregator AFG’s white label AFG Home Loans has launched a new cashback scheme to help customers pay down their mortgages faster and save on interest by earning rewards on everyday shopping.
The company has partnered with rewards provider Grow My Money, which has 500 online and 1,000 in-store retail partners, including Myer, Big W, Priceline Pharmacy, Petbarn, BWS, and major airlines like Virgin Australia and Emirates.
AFG Home Loans customers will have access to a customised Grow My Money platform linked to their AFG Home Loans profile. The platform enables seamless access and use of the mortgage cashback program.
By shopping with retail partners online through the platform or by linking credit or debit cards for in-store purchases, customers can earn cashback rewards of up to 15%. These rewards can be paid directly into the customer’s nominated AFG Home Loan redraw or offset facility, helping them to accelerate their mortgage repayments.
Customers can also continue to collect usual loyalty points offered by retailers and access special offers and sales available to all shoppers.
“For many people, their mortgage is their single biggest financial commitment, and with the aggressive increases in interest rates over the last 24 months, every little bit helps,” said Hayden Cush (pictured), general manager of white label at AFG Home Loans. “By being rewarded for shopping through cashback into the mortgage, customers may be able to pay off their mortgage faster.
“Given these strong benefits, it means access to this program is an additional benefit for our brokers to speak to when talking to prospective AFG Home Loans customers.”
Kelly Elphinstone, chief executive of Grow My Money, said they were delighted to partner with AFG Home Loans to launch the cashback scheme.
“This is an obvious win for an AFG Home Loans customer, as they can contribute more to their mortgage, thanks to their everyday spend,” Elphinstone said. “Grow My Money is the only cashback program that invests in your future and delivers a return on your rewards.
“The AFG Home Loans customer can benefit from the partnership by reducing both mortgage interest and duration. With the average mortgage being $624,000, AFG has clearly demonstrated why they are a leading provider in this home loan sector.”
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