Volt Bank and AFG have launched a personal finance management (PFM) app Handl. by AFG and a white-label home loan product, AFG Home Loans Sparc, both powered by Volt’s Banking-as-a-Service (BaaS) platform. The two products, which have been piloted by a group of 125 AFG brokers and their customers over the past few months, are said to be the first BaaS-powered consumer products to go live in the Australian market.
Handl provides users with access to personal financial management (PFM) tools such as budgeting and financial highlights and provides access to Volt bank accounts. Meanwhile, the AFG Home Loans Sparc product features interest rates for owner-occupiers and investors with sub-80% loan-to-value ratio (LVR) loans.
According to the product’s target market determination, the mortgage is available for loans of between USD 100,000 and USD 1.5 million over terms of 10 to 30 years and has offset and redraw availability. It can be used for purchase, personal cash advance, or refinance. They are set to be rolled out to all AFG brokers in early 2022.
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