Wednesday 17 Aug 2011
August 17, 2011 – Sydney – Oxygen Home Loans has been named the AFG Champion Group of 2011 (NSW/ACT), writing $362 million in home loans for the financial year ending June 30, 2011. AFG is Australia’s largest mortgage broker.
The result represents a 65 per cent year on year increase, achieved during a period in which there was a significant property market downturn. It includes a record 1,270 lodgments totaling $691 million from 24 brokers.
James Green, General Manager of Oxygen, a fully owned subsidiary of McGrath Limited, said the outstanding 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.
Oxygen was also recognised as the fastest growing brokerage within the Top 25 Group in Australia, with six of its brokers included in the AFG’s Top 40.
The award, judged on the highest gross volume by a group, was presented to Mr Green at Watersedge Restaurant in Sydney on Friday, August 12.
McGrath Chief Executive John 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.
"We set out to offer a six star brokerage service in line with our real estate offering and James has steered the company towards outstanding results," said Mr McGrath.
"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."
Mr. McGrath adds, "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."
Mr Green said Oxygen was continuing to expand into more franchised McGrath offices and expected results to continue their upward spiral.