Brokers have voiced support for the competition the non-banks bring to the industry, as the winners of the Non-Bank Lending Awards were announced.
Pepper claimed five of the 12 gongs in The Adviser’s inaugural Non-Bank Lending Awards, which were based on a survey of almost 500 brokers and partnered by Advantedge.
Liberty Financial won three awards and Homeloans won two, while Assetline and Scottish Pacific each walked away with one award.
A full list of winners is below, while the awards are explored in further detail in the next issue of The Adviser magazine.
CFC Finance chief executive George Kanellis said non-banks deliver value for borrowers by filling the gaps left by the banks.
“The non-banks provide competition to the majors, which is critical for us to be able to deliver our key value proposition, which is choice and options,” he said.
“Where the non-banks have been successful is in identifying opportunities in the market that are underserviced and then tailoring credit policy to be able to provide a solution to those areas.”
Haysman Financial Services owner Peter Bieg said non-banks recognise that borrowers sometimes want a loan with the bare essentials rather than with all the bells and whistles that banks can provide.
“Any competition that’s out there will keep the banks honest. There have been times when Resimac and Firstmac have had some incredible rates and driven the market. I think the more competition, the better,” Mr Bieg told The Adviser.
Non-Bank Lending Awards winners list
Best Customer Service
Best Turnaround Times
Most Innovative Products
Best BDM Support
Best First Home Buyer Lender
Best Investor Lender
Best Self-employed Lender
Best SMSF Lender
Best Commercial Lender
Best Equipment & Leasing Finance Lender
Best Cash Flow Lender