AFG Home Loans Alpha: the 5.84% sharpest prime rate in the AFG family
Alpha is AFG's stripped-down prime product — 222 products, no low-doc, 90% LVR cap on investment, $299 application fee, zero annual. The whole reason to use Alpha is one number: 5.84% variable for OO P&I at competitive LVR. Within the AFG Home Loans family, nothing else comes close on pure rate.
Alpha vs the other AFG brands on pure rate
AFG runs seven home loan brands. For rate-sensitive prime files, Alpha is the clear winner within the family. This is what the rate comparison looks like across the AFG shelf:
What you trade for Alpha's rate advantage
No low-doc. Alpha is strictly full-doc prime. Two years of tax returns for self-employed. For low-doc route to AFG Bright (6.49%) or AFG Link (6.96%) within the family.
90% LVR investment cap. Lower than Options / Retro (95%). For 95% investment LVR specifically, Options or MyState outside the AFG family are better.
6.5x DTI cap. Lower than Options (7.0x). Capacity-tight files may lose access via Alpha where Options would approve.
Narrow shelf (222 products). Sixth of Options' 1,370. For complex structural splits or 10-year fixed, route to Options. Alpha handles vanilla prime; not everything.
$299 application fee. Lower than Options ($995) but not zero — Bank Australia, P&N Bank, BCU all match or beat outside the AFG family. Alpha's rate advantage typically overcomes the fee on $400k+ loans; smaller loans, the zero-fee mutual peers win on total cost.
Who Alpha is for
Full-doc PAYG borrowers at 80%–<90% LVR who want the sharpest AFG rate. Primary target. Alpha's 5.84% beats Options and Retro comfortably at this profile.
Rate-sensitive refinancers with clean credit, 2+ years PAYG or self-employed full-doc. Alpha is the AFG family answer.
Sub-90% LVR investors comfortable with 6.5x DTI. Alpha's investment rate at ~6.14% (add 0.30% to OO) is competitive.
Not the right answer for: low-doc, 95% LVR investment, family guarantee, 10-year fixed, capacity-tight files requiring 7.0x DTI. Route elsewhere in the AFG family (Bright, Options, Link) or outside it.
AFG Alpha — April 2026
Is Alpha's 5.84% the best option for your file?
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Run the comparisonWhat is AFG Home Loans Alpha?
The sharpest-rate prime brand in the AFG Home Loans white-label family. 222 products, full-doc only, 5.84% variable OO cheapest.
Is Alpha cheaper than Options?
Yes — 55bp cheaper headline rate (5.84% vs 6.39%). Trade-offs: Alpha has no low-doc, 6.5x DTI (vs Options 7.0x), 90% investment cap (vs Options 95%). Route to whichever fits the file.
Does Alpha do low-doc?
No. Full-doc only. For low-doc within the AFG family use Bright (6.49%) or Link (6.96%).
What is Alpha's application fee?
$299 — low compared to Options ($995) and most AFG brands. Zero annual fee.
When is Alpha the right pick?
Rate-sensitive full-doc prime files at 80-90% LVR with comfortable DTI. Alpha's 5.84% beats every other AFG brand comfortably.
Richard Esteb
Alpha is my default AFG brand for rate-sensitive prime files. For anything needing low-doc, higher DTI or 95% investment I route elsewhere in the family. Refreshed 3 April 2026.