AFM gives birth to a new company

Despite a current tough and highly competitive mortgage market, national non-bank lender Australian First Mortgage (AFM) has cast a wider net to ensure continued strength and opportunity, with the birth of its new company, LoanAxis Pty Ltd.

AFM and LoanAxis will walk hand-in-hand into a new period of evolutionary change and development, set to build on an already solid foundation.

AFM Managing Director, Ms Tanya White stated, "AFM is not taking its eyes off the road for one second, but rather emerging from the current mortgage tunnel of turmoil, bigger, better and stronger, laden with vigilance and foresight."

"We all agree that 2008 is going to be a bumpy ride for the banking and finance industry, but AFM is prepared and ready to face any sudden twists or turns in the road ahead by welcoming new business opportunities," White said.

LoanAxis will offer sub-origination (branding), credit processing and back office servicing to mortgage managers.

"With obvious interest rates and home loan affordability on the rise, it's not the time to walk away from brokers who provide specialist advice to Australians bearing the brunt of mortgage stress. LoanAxis will initially run solely from the AFM NSW office at Homebush for credit functions and as volumes grow and systems get tested the role out to other credit teams and statewide offices will occur," White said.

"The highly successful foundation and well-built cultural core of AFM is now underpinned further with the birth of LoanAxis representing great opportunity, strength and long-term sustainability.

"AFM has also opened its Leasing Division and expanded its Commercial and Property Finance nationwide and is experiencing a growing demand for these services.