Brokers to rank Australia’s major banks

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Mortgage brokers once again have the opportunity to drive third-party banking to new heights by providing their views on the nation’s largest lenders.

Now in its seventh year, The Adviser’s Third Party Banking Report – Major Lenders is one of the most anticipated reports of the year, where brokers provide detailed feedback on the products, service, technology and remuneration provided by ANZ, CBA, NAB and Westpac.

Last year’s results saw a massive turnaround, with long-running winners NAB falling to fourth place and Westpac rocketing up to the top spot.

Westpac dominated 18 of the 23 categories in 2015. However, there were only small differences in the big four's final ratings, which were based on feedback from almost 900 mortgage brokers across the nation.

The results of this year’s survey should prove interesting, given the raft of pricing and policy changes that have kept the third-party channel on its toes for the past 12 months, according to James Mitchell, managing editor of mortgages and real estate at Sterling Publishing, publisher of The Adviser.

“The Australian mortgage market has become increasingly complex since last year’s report, with regulatory pressures and capital requirements forcing the majors to make multiple changes across their mortgage products,” Mr Mitchell said.

“This will no doubt influence brokers when they rate the performance of the big four banks,” he said.

“At the same time, service levels and technology can be a game changer for brokers. With rates as competitive as they are, these categories could have a big influence on the final results.”

The Third Party Banking Report – Major Lenders is an important benchmark for Australia’s largest banks, particularly as broker market share continues to dominate mortgage distribution, Mr Mitchell said.

“This survey is an opportunity for brokers to bring about change by providing their feedback on how they view the performance of the major banks,” he said.

Click here to have your say. The survey will close on Friday 5 February.

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