Brokers have rated a non-major bank as the top performing ADI in the mortgage broker market, ahead of the big four, according to major new research.
Over 1,000 mortgage brokers took part in Momentum Intelligence’s Third-Party Lending survey 2019, which was conducted over February and March this year.
The survey asked brokers to rate the performance of residential mortgage lenders (both banks and non-banks) across 17 attributes covering product, support and technology.
Interestingly, out of the 30 mortgage lenders included in the survey, brokers rated several non-major banks ahead of the four major banks.
Bankwest (Highest rated ADI and highest rated non-major bank)
According to Momentum Intelligence’s Third-Party Lending Report 2019 – the comprehensive report and detailed competitive analysis of the survey results – Bankwest was ranked first amongst its direct competitive set, the non-major banks, for the third year in a row.
Under the new format of the report, non-major banks were also ranked against the major banks.
When looking at the combined authorised deposit-taking institutions (ADIs) list, Bankwest also came out as the best rated bank.
The bank therefore outperformed its parent company, Commonwealth Bank of Australia (CBA) as well as Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB) and Westpac.
Indeed, brokers rated six non-major banks ahead of the big four in terms of performance.
NAB (Highest rated major bank)
NAB has taken out the top spot amongst the largest lenders in Australia with brokers rating NAB as the best performing major bank in the third-party channel.
Mortgage brokers have reported continued improvement and satisfaction in NAB’s offering in the past four years. In 2015, NAB was ranked fourth out of the four major lenders, climbing to third in 2017, second in 2018, and now is first for 2019.
While mortgage broker satisfaction with the lender has improved substantially over a long period, other major banks have seen diminishing sentiment.
Firstmac (Highest rated non-bank)
Looking at the non-banks, Firstmac was ranked first of its competitive set in Momentum Intelligence’s Third-Party Lending Report 2019.
The lender outperformed 10 other non-bank lenders to take out the top spot.
The Adviser will be publishing further analysis and the full ranking of each of the competitive sets (non-major banks, major banks and non-banks) in upcoming features and supplements within The Adviser magazine.
Stay tuned for the first of these in The Adviser’s supplement to the June edition of the magazine, which will reveal how brokers rated each of the 15 non-major banks in this year’s survey.
The full comprehensive results of the Third-Party Lending Report 2019 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.
[Related: Raising the Stakes]