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BFCSA: AFG: Emails from Bank BDMs direct to all Mortgage Brokers nationwide = Toxic Loans

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AFG   21 May 2004   CIO to all brokers

To all members not using FLEX……Electronic Lodgement has arrived.

Lenders support: ANZ, Macquarie, ING, CBA


AFG   17 March 2006   BDM to all brokers

Lo Doc 95% LVR

ABN is required for 2 years

Must be registered for GST

Regulated or Unregulated

Purchase and refinance

CBD apartments acceptable

Cash out limited to $125,000 conditions apply

[“Must not be distributed to customers”]


AFG  MM   7 April 2006   BDM to all brokers

Lo Doc Term Loans

Maximum 80% LVR

LMI paid by Funder


LOC available

100% off set account available

[How can it be PAYG if self /employed????]


AFG MM   24 May 2006   BDM to all brokers

Up to 100% of purchase price

Capitalise LMI premium up to Max LVR of 102.5%

No genuine savings required

Redraw available (max of $2000)

Cash out/ refinance/ construction loans


AFG   14 July 2006   BDM to all brokers

Borrow up to 105% LVR


No genuine savings required


AFG   20 July 2006   BDM to all brokers

‘Why invest in property?  The long term average growth rate for Australian residential property is about 9% per annum.  Take investment view over 10 year period.”


 “Can you book me in asap to meet with you and your team as I want to present you with our new Mobius Loans.”


AFG,  Macquarie, ING   26 July 2006   BDM to all brokers

No ABN or registration of GST required.

Maximum loan size of $1.5 million up to 75% LVR

No LMI up t6o 75%

Free re-draw

Regulated and Unregulated.


AFG   28 July 2006   BDM to all brokers

“Under PUMA Loan we will need ABN for one day, don’t disclose any A & L or income. Is that any good for you?”



AFG   MM 12 September 2006   BDM to all brokers

PAYG Lo Doc 80% LVR


No Doc 70% LVR

Max loan $1.5 million

LVR 105% no genuine savings required AFG MM Innovation



AFG & PERPETUAL  4 April 2007   BDM to all brokers

AFG Mortgage Management has now launched its own range of Home Loan Products.  Product specs, service calculators are all available online.

Attached:  “Acknowledgement of Reliance on Information provided by the Borrower.” Form

Self employed – Personal Income.

Do not complete income for “stated income 70 loans”

“I have requested Perpetual to not require any documentary evidence of my income or A&L.”

“That Perpetuals have relied on the information contained in the application for finance (The LAF), in order for Perpetuals to assess my ability to make loan repayments and approve my LAF.”

“That neither Perpetual or the Mortgage Manager have independently verified the information provided by me.”

“And declare that the information provided by me in the LAF is true and correct and I can afford to make the relevant loan repayments in accordance with the loan terms and without any undue financial hardship.”

[attached Finance Brokers Contract WA issued via AFG first issue January 2006]


AFG SECURITIES   29 March 2007   BDM to all brokers

100% LVR loans available

Capitalise the LMI premium with Low docs and No Docs

No Docs 70% LVR

Low Docs 80% LVR


AFG MM   1 November 2007   LPO direct communication with broker

“We require copies please…...”


AFG   17 December 2007   BDM to broker

Our Number one loan writer in WA – we have allocated an extra gold ticket for South Africa (5 star trip).   Well done and thank you.


AFG MM   4 February 2008   MRM direct communication with broker

“We require signatures on Flex Licence Agreement…...”


AFG   14 April 2008   LPO/CA to particular broker

“Before we continue with the assessment we will require the following…..”

[This demonstrates the bank employed LPO’s were in direct contact with Broker.]


AIMS   14 May 2008   BDir to all brokers

Low Doc 85% LVR to PAYG applicants: “letter from employer” as sole income verification. 

Boarding letter for boarder income verification.

Up to 95% LVR and LMI Capitalised.  No genuine savings required.

Non residents: AIMS offers 80% up to $750,000 – verification employment letter only

Insurers GE and MGIC

On 21st April AIM announced they had temporarily suspended its Lo Doc and No Docs products


ANZ   30 April 2008    BDM to broker

 “ANZ Policy Changes:  PAYG and self employed income verification has been simplified.”

ANZ  16 May 2008    BDM  to broker

“ASIC will regulate brokers.  Article from broker News.”

AUSTRALIAN FM  9 January 2008   BDM to all brokers

AFM is a Mortgage Manager operating since 2003.  I would like to join you on one of your sales training days in order to introduce myself to you and your team.


AFM  Platinum Lo Doc 36 for self employed borrowers.

No Valuation or applications fees


No ABN required and No GST

No mthly fees and no commission claw backs

Max 75% LVR  Up to $1.5 million

24/48 hour turnaround times

Full upfront commissions and trail


No Doc Loan offer for self employed borrowers

No Valuation or applications fees

 LMI capped at 70%

1 day ABN required and No GST

LOC available

Max 70% LVR  Up to $1.5 million


Lite Doc Loan Offer

90% plus capped fees over 90%

Up to $5.5 million per client

1 day ABN and GST < 12 months self employed

Max 85% LVR

Regulated or unregulated

No LMI and No genuine savings needed

Credit impairment available

Larger Jumbo Loans for WA



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Guest Wednesday, 25 November 2020