New broker survey reveals lender preferences

The data, derived from a pool of brokers who are surveyed on their lender experiences each month, has confirmed Macquarie Bank’s growing favourability in the third-party channel, with a greater proportion of brokers sending deals to the lender than three of the big four banks in December 2019. CBA is the only lender that saw more deals being sent its way last month, according to the 122 surveyed brokers.

Accordingly, Macquarie received one of the strongest ratings for turnaround times, ease of use, and consistency of assessors, with the vast majority of brokers stating that they would recommend the lender for prospective applications.

The Broker Pulse data confirms recent remarks made by the head of Macquarie Group’s Banking and Financial Services (BFS) division, Greg Ward, in November, who stressed the competitive utility of fast turnaround times in his appearance before the House of Representatives standing committee on economics.

According to Mr Ward, Macquarie’s investment in faster turnaround times has partly led to a sharp increase in its share of new mortgages settled in Australia.

“Our current share of the mortgage market is 2.3 per cent, but our share of current flow of new business [from the broker channel] is about 12 per cent, so we are growing very fast, and I think it’s that we are the best in market in terms of turnaround times for a mortgage approval,” he said.

The strengthening of Macquarie’s position in the mortgage market is also reflected in the latest Monthly Authorised Deposit Taking Institutions Statistics from the Australian Prudential Regulation Authority, which revealed that the bank’s mortgage book grew by approximately $1.7 billion in November, outpacing its closest non-major competitors in the mortgage market. 

Macquarie’s overall mortgage book grew to $42.1 billion in November, closing the gap between its nearest non-major competitors with larger mortgage books, which include ING ($50.5 billion), Suncorp ($42.9 billion) and Bendigo and Adelaide Bank ($42.2 billion).

Brokers interested in joining Momentum Intelligence’s Broker Pulse panel can apply to Momentum Intelligence here. Participants of the survey will receive full across to the report and exclusive insights into the research. 

Are you interested in the issues shaping the roles of mortgage and finance brokers? Don’t miss your chance to hear about all the big ideas for the year ahead, and gain the tools you need to position your business for growth and prosperity. Book your ticket to the Better Business Summit today.  

[Related: Macquarie closes in on competitors in mortgage market]