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Australia’s top major lender revealed

by Huntley Mitchell4 minute read

Mortgage brokers have once again left their feedback on the products, service, technology and remuneration offered by Australia’s four biggest lenders.

After ranking fourth in last year’s Third Party Banking Report – Major Lenders, Westpac has emerged as this year's top rated bank, with a broker satisfaction rating of 91.99.

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Westpac dominated 18 of the 23 categories which assessed each of the four majors' products, support, commission structure and technology.

Very little separated the big four in terms of their final ratings, which were based on broker feedback from almost 900 mortgage brokers across the nation.

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CBA was the next-best-placed major, with a rating of 87.98, also finishing second last year.

ANZ remained the third-ranked major, with a rating of 85.26, while NAB Broker went from first in last year’s rankings to fourth, with a rating of 84.46.

While Westpac has not been the lender of choice for many brokers over the past five years, The Adviser’s editor James Mitchell said the results of this year’s survey show the bank has gone to great lengths to up the ante across all areas.

“Many brokers who dealt with Westpac over the past 12 months felt compelled to leave their feedback, suggesting a high level of engagement and satisfaction with the products and services of Australia’s oldest bank,” he said.

“Westpac’s hunger to take out the top spot in the rankings was therefore strikingly clear in this year’s broker survey findings.”

Mr Mitchell said with brokers now writing a majority of home loans, the major lenders have all worked to improve their individual offerings and, in the eyes of brokers, have largely improved over the past 12 months.

"Judging by this year's feedback, all four majors have upped their game, recognising the significance of the third-party channel and deepening their relationships with brokers," he said.

The full details of this year’s major lender rankings will be published in the upcoming issue of The Adviser, set to hit desks this week.

Australia’s top major lender revealed
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