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The major bank has seen more than two-thirds of its new home loans written by the broker channel, amid improved broker NPS.
Australia and New Zealand Bank (ANZ) has continued to see strong broker business, according to its latest half-year results.
Releasing its half-year financial results for the full group on Thursday (8 May) – the first since acquiring Suncorp Bank last year – the big four bank reported that it had seen home loan growth across its retail brands, with the vast majority of new business written by the broker channel.
Brokers continue to dominate new lending
For the six-month period, the ANZ retail brand wrote $42 billion in new loans, up 2 per cent from $41 billion a year earlier, across 86,000 home loan accounts (1,000 more than settled in 1H24).
The share of new lending written by the broker channel was 67 per cent over the period, unchanged from 1H24. This came off the back of record-high broker flows for ANZ in the last full financial year (FY24, when the broker channel wrote 65 per cent of new mortgages).
The data showed that ANZ has the second-highest share of broker-originated loans of the four major banks, behind Westpac (which saw broker flows increase over the half to 67.5 per cent). Broker originations at National Australia Bank dropped over the half to 59.6 per cent, while the Commonwealth Bank of Australia – which is on a different financial calendar from the other big four banks – saw brokers originate just 34 per cent in its first half.
Of the new mortgages coming to ANZ in the six months to March 2025, 62 per cent were for owner-occupied housing and the remaining 38 per cent were for investment properties.
Ninety-seven per cent of new loans were variable rate, a slight drop on the 99 per cent in 1H24. The average home loan size increased to $580,000, up from $558,000 in 1H24.
The 1H25 results showed that ANZ’s total Australian retail home loans portfolio grew 6 per cent year over year to $333 billion in March 2025.
Overall, the proportion of broker-originated loans on ANZ’s total Australian retail home loan portfolio increased, growing from 58 per cent of all retail home loans in March 2024 to 60 per cent by the end of March 2025.
Mortgages for first home buyers made up 9 per cent of all ANZ home loans at the end of March 2025, inching up from 8 per cent a year before.
Of its Australian retail mortgage portfolio, 68 per cent was owner-occupier, 31 per cent investor-owned, and 1 per cent equity manager-owned. The percentage split was unchanged from March 2024 and March 2023.
Commenting on specific mortgage products, ANZ said its Plus Home Loan (a new variable rate home loan for customers looking to refinance through its new digital platform) had secured around 30 per cent of the addressable market, with a broker offering now in pilot.
ANZ also pointed to improvements to broker tools, including updated customer relationship management (CRM) for mobile sales force to strengthen its home lending process.
Its broker Net Promoter Score increased to +35 (as at March 2025).
Suncorp Bank continues to perform under ANZ
Since merging with ANZ last year, Suncorp Bank has also grown its home loan book.
At the end of March 2025, Suncorp’s home lending portfolio was $59 billion, up from $58 billion six months before. Its net loans and advances were up $10 billion to $72 billion.
ANZ said Suncorp’s home lending momentum has continued to improve since acquisition, with second quarter applications over 40 per cent higher than the previous six-month period and growth of over 1.6 times system for the month of March 2025.
Suncorp Bank’s Net Promoter Score also rose markedly, sitting at +56.6 by March 2025. The group said this came after a “sustained focus on consumer outcomes”.
A spokesperson for ANZ told The Adviser: "ANZ remains committed to the broker channel and continues to work with brokers supporting their customers."
The group’s net loans and advances – when including the retail, commercial, and institutional banks, as well as Suncorp Bank, New Zealand, and the Pacific divisions – totalled $779.9 billion (up 3 per cent on September 2024).
ANZ CEO Shayne Elliott – who will leave his role on 11 May and hand over to Nuno Matos – praised the lender’s half-year performance.
“Our strong performance has again been driven by our continued momentum across each of our divisions, demonstrating the benefits of a stable, consistent strategy combined with sensible, targeted investment,” he said.
“We have delivered record half-year revenues. This highlights both the strength of our franchise and the step change in our earnings from the inclusion of the first full half of Suncorp Bank’s earnings.
“As I hand over to our incoming CEO Nuno Matos, the bank is well placed for the future. Our strong balance sheet, along with our diversified portfolio, leave the bank well placed to navigate ongoing volatility.”
Elliott singled out Suncorp’s customer acquisition along with growth in its home loans as particular highlights for the wider group. He said that the work done in preparing to migrate customers meant ANZ was “well placed to deliver synergies earlier than originally expected”.
Speaking on the economic outlook, Elliott said: “The future of global conditions is uncertain and there will continue to be periods of increased volatility. It is times like these that our strong balance sheet, including capital, provisions and liquidity, is critical… This strength will allow us to navigate the uncertainty – and importantly continue to support our customers.
“It also means we are well-positioned for the opportunities that will flow from increased volatility.
“It’s been a great honour to lead the bank for the last 10 years and I am confident that ANZ today is a simpler, stronger and better bank as I hand the mantle over to our new chief executive…
“I am grateful to my colleagues across the world who work to support our customers and the community every day and I wish Nuno the very best as he leads the next phase of ANZ’s journey.”
[Related: ANZ brings forward new CEO start date]
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