One of Australia’s top brokerages has seen a surge in loan settlements in Queensland after another record month.
Oxygen Home Loans, a fully owned subsidiary of McGrath Estate Agents, broke another record in July with over $78 million in residential loans settlements.
Last month’s figures are up from their previous record in May 2015 by 13 per cent and up 41 per cent on settlements recorded in July 2014.
Oxygen general manager Alan Hemmings said the result comes off the back of a strong 2014-15, with settlements in excess of $680 million, but noted that the Sunshine State was a winner for Oxygen in July.
“The real mover for us was in Queensland, where we saw loans settlements increase by 30 per cent,” Mr Hemmings said.
“We attribute the increase in Queensland to improved market conditions as well as the expansion of our business through broker numbers.”
Oxygen boosted its broker numbers by 33 per cent during the 2015 financial year.
“In our NSW team, we also had five of the team lodge in excess of $100 million each,” Mr Hemmings said.
“These brokers service Sydney’s eastern suburbs, lower north shore, Hills District, Sutherland Shire and the Central Coast.
“Our lodgement volumes in the last four months are up 53 per cent year on year with $250,000 to $500,000 bracket being the most popular, representing 36 per cent of lodgements.
“Strong lodgements are always a good indicator of continued interest in the market particularly as we approach the spring selling season”.
Mr Hemmings said that his continued focus is improving the productivity of the existing team and recruitment of new brokers as the McGrath network continues to grow.
Oxygen Homes Loans currently has 30 brokers servicing NSW, ACT and QLD and a book size of $1.9 billion.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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