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The average number of lenders used by mortgage brokers fell to near-record lows in April 2025, new data from the Broker Pulse survey reveals.
Analysis of the latest monthly Broker Pulse survey from Agile Market Intelligence has found that brokers were using a smaller pool of lenders than average in recent months, as brokers increasingly consolidated their business with a smaller number of institutions.
Conducted between 1 and 16 May 2025, the Broker Pulse survey received 284 responses from brokers, who rated their experiences with the lenders they had used throughout April 2025.
According to the survey, brokers used an average of just 3.8 lenders over the month, one of the lowest levels on record. The only times this number has been lower were in October 2022 and again in September 2023, when brokers used an average of 3.7 lenders.
Typically, broker respondents use more than four lenders each month, with the highest number recorded being set in March 2021, when an average of 5.7 lenders were used by each broker.
The drop in range suggests brokers are placing more loans with a narrower range of lenders, a trend often seen when a few banks outperform the rest in key service areas such as turnaround times, pricing, and customer experience.
ANZ, Macquarie, and Westpac dominate
Three lenders stood out as the most commonly used over April: ANZ, Macquarie Bank, and Westpac.
ANZ led the pack, with 50 per cent of brokers using the major bank during the month. The bank’s product offering, particularly for professional clients, proved to be a major draw.
According to the survey, 56 per cent of brokers who chose ANZ said the primary reason was due to “client circumstances” – often a reference to tailored policies or flexibility in servicing more complex borrower needs.
Macquarie Bank came in as the second most commonly used lender, with 39 per cent of brokers using its products for clients in April.
The bank’s continued focus on fast service and competitive pricing appears to be paying off. Macquarie maintained the highest Net Promoter Score (NPS) of any lender over the three months to April, with a score of +83.
It also recorded a three-month average broker experience rating of 95 per cent – a standout in the industry.
Turnaround time was a key strength, with Macquarie taking just two business days to reach an initial credit decision, according to brokers. Product pricing was also a core reason for brokers recommending Macquarie, survey results showed.
Meanwhile, Westpac has enjoyed a surge in broker usage after years of struggling with service delays. In April, 34 per cent of brokers used Westpac. This was seemingly driven by significant improvements in both its pricing and loan processing times.
Brokers said that Westpac now takes an average of three business days to provide an initial credit decision – the fastest the major bank has ever achieved. This marks a major improvement from the 2022–23 period, when brokers frequently reported waiting more than 10 business days for Westpac to reach an initial credit decision – delays that severely hampered the bank’s appeal.
Now, Westpac is being chosen predominantly for its product pricing, cited by 59 per cent of brokers as the key reason they directed clients to the bank.
Broker feedback also indicates a substantial improvement in the overall experience with Westpac, particularly around the loan application process. The bank achieved a 91 per cent broker experience rating in April – a significant milestone reflecting the bank’s operational overhaul and renewed broker engagement strategies.
Noting the reduced number of lenders being used by brokers, Oliver Stofka, the commercial director at Agile Market Intelligence, said: “The data clearly shows that brokers are narrowing their lender panels not just out of convenience, but because a smaller group of lenders are genuinely lifting their game.
“With banks like ANZ, Macquarie, and Westpac delivering on turnaround times, pricing and broker support, brokers are gaining the confidence to place more business with fewer partners.
“Rather than limiting choice, this reflects a more efficient alignment between broker expectations and lender performance. These three lenders are an example that have long held strong brand presence, now they’re pairing that with reliable delivery, making them even more compelling choices in a competitive market.”
To participate in next month’s Broker Pulse survey or for more information, click here.
[Related: Investor lending dominates loan book growth]
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