Brokers reveal which lenders are leading the way

The results of the annual survey paint a holistic picture of the performance of all lenders in the third-party lending channel and provide insights to lenders on how they can improve their proposition in the marketplace, all while informing brokers of those lenders outperforming others.  

In this year’s survey, conducted between 24 February and 15 April 2020, 879 highly active brokers rated the performance of the lenders that they have worked with over the last 12 months. 

The survey asked brokers to rate the performance of the residential mortgage lenders (both banks and non-banks) that they had used across 17 attributes covering product, support and technology.

This year, brokers were also asked for their perceptions around commercial, business and personal lending. However, the vast majority of respondents (768 brokers) were from residential brokers relating to residential mortgages.  

Top-rated lender

Of the 24 authorised deposit-taking institutions (ADIs) rated by brokers, Bankwest was rated highest by brokers. When including the 12 non-bank lenders that were rated, Bankwest was also the highest scoring lender overall.

Bankwest scored 83.19 per cent of the maximum score across the 17 attributes measured in the annual survey conducted between February and April 2020, which explored each lender’s products, personnel, speed, support and technology. 

This marks the fourth year in a row that Bankwest has been rated as the top-performing bank by brokers – largely driven by its high ratings for personnel (including BDMs, call centres), support (training) and technology (online lodgements, online application status tracking, online resources etc). 

Its parent company, CBA, also ranked highly this year (coming top for the major banks), but is still trailing significantly behind Bankwest’s ratings – particularly when it comes to support (score of 69 per cent compared with Bankwest’s 83 per cent).

Bankwest was also the fourth most-used lender this year, coming behind ANZ, CBA and NAB.

Commenting on the report findings, Momentum Intelligence’s head of strategy, Michael Johnson, said: “This survey is a great opportunity for brokers to share their experiences of working with lenders throughout the year.

“Bankwest’s ability to maintain a consistent and high level of service is a testament to their deep understanding of brokers.” 

The Adviser will be publishing further analysis and the top-rated lenders of each of the competitive sets (non-major banks, major banks and non-banks) in upcoming features in The Adviser magazine.

Stay tuned for the first of these in the July edition of The Adviser magazine, which will reveal how brokers rated each of the big four banks in this year’s survey, the areas in which they are leading, and where there is room for improvement.

The full comprehensive results of the Third-Party Lending Report 2020 are available for purchase through Momentum Intelligence. This interactive report is designed to be a detailed competitive analysis tool for lenders to view, compare and contrast their performance against the market.

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[Related: Brokers share their lender experiences in new initiative]