Referrals from McGrath Real Estate franchises have helped deliver a 65 per cent on-year surge in home loan volumes for Oxygen Home Loans.
Oxygen Home Loans, a subsidiary of McGrath Limited, wrote $362 million in home loans for the financial year ending June 30, 2011. This included 1,270 lodgments from 24 brokers, the company said.
“The fact that 80 per cent of the business is from McGrath customers is all the proof needed to validate our decision to incorporate mortgage broking within our total service offering,” said McGrath chief executive, John McGrath.
“It makes buying a home that little bit easier when your broker understands real estate and the speed at which financial decisions sometimes need to be made.”
AFG, the mortgage broking company through which Oxygen Home Loans sources its loans, announced the company was its Champion Group of 2011, for NSW/ACT.
James Green, general manager of Oxygen, said the result had been driven by the expansion of McGrath Estate Agents. More than 80 per cent of the business was driven from over 3,000 leads from the McGrath network.
“We are very proud to be recognised for the growth we are sharing with the McGrath network,” said Mr Green. “However we feel we have only scratched the surface and we are now recruiting for another 10 brokers to service newly opened McGrath franchised offices.”
Mr Green said despite softening across most markets, Oxygen continued to write a record number of home loans, recording its highest ever lodgments in July 2011.
Mr McGrath said demand for Oxygen home loans, introduced to streamline the complimentary needs of finance and property when buying a home, had grown exponentially in the past few years.