Mortgage brokers around the country have ranked the major banks across product, support, technology and commissions, with the results reflecting a significant shift from just a few years ago.
Westpac emerged as this year’s top-rated bank in The Adviser’s Third-Party Lending Report – Major Banks, after being in fourth position as recently as 2014.
All four major banks improved their overall broker satisfaction rating, with ANZ recording the most significant leap, despite remaining in third position. CBA placed second and NAB remained in fourth place.
Westpac came out on top in the overall support, product and technology categories, however couldn’t overtake NAB in the overall commissions ranking.
The bank’s general manager of broker distribution, Tony MacRae, said Westpac was “thrilled and honoured” to have topped the ranking for the second year running, adding that it takes all broker feedback – both positive and negative – on board.
“For us, it’s about listening to the broker feedback through survey’s such as The Adviser’s and then acting upon it, ensuring that brokers have access to the right people and in a timely manner so that they can deliver a strong proposition to their customers,” Mr MacRae said.
“We’ll continue to ensure that we’re investing in the right people, in unison with technology, to ensure we’re delivering an overall proposition for our brokers and customers.”
Despite NAB placing fourth overall for the second year running, the bank’s general manager of broking, Steve Kane, said they remain firmly focused on the third-party channel.
“We welcome feedback and are committed to constantly improving our proposition to brokers. We will use the results from this year’s report as an opportunity to understand what brokers want and adapt our brokers offering accordingly,” Mr Kane said.
Mr Kane said NAB will work on further innovations and improvements in the next 12 months to become a more dominant force in the third-party channel.
“NAB has been a leader in the third-party lending market since its inception and we have been a key player in driving broker market share to the strong 53 per cent figure it is at today,” he said.
“Based on direct feedback from brokers around product, service and overall customer experience, we have a great road map of key initiatives lined up for 2016 that will make it easier to do business with us, and [we] are looking forward to regaining a higher position in these rankings as brokers feel the impact of our business adaptations.”
You can read our complete coverage of the Third-Party Lending Report – Major Banks here. To purchase the report or commission bespoke analysis from the dataset, please contact Andy Scott on 02 9922 3300 or