Brokers reveal which lenders are leading the way
The results are there for the 2020 Third Party Loan Report, revealing which lenders are performing best in the third-party channel according to broker ratings.
Now in its 11th year of publication, the Third Party Loan Report brings together the findings of Momentum Intelligence annual survey of the lending experiences of mortgage and financial brokers in Australia.
The results of the annual survey paint a holistic picture of the performance of all lenders in the third-party lending channel and provide information to lenders on how they can improve their proposition in the market, while educating brokers about these lenders. surpassing others.
In this year’s survey, conducted between February 24 and April 15, 2020, 879 very active brokers rated the performance of lenders they worked with over the past 12 months.
The survey asked brokers to rate the performance of the residential mortgage lenders (bank and non-bank) they had used on 17 attributes spanning product, medium and technology.
This year, brokers were also asked about their perception of commercial, business and personal loans. However, the vast majority of respondents (768 brokers) were from residential brokers related to residential mortgages.
Highest rated lender
Of the 24 Authorized Depository Institutions (ADIs) rated by brokers, Bankwest was rated highest by brokers. Including the 12 rated non-bank lenders, Bankwest was also the highest rated lender overall.
Bankwest achieved 83.19% of the highest score out of the 17 attributes measured in the annual survey conducted between February and April 2020, which explored each lender’s products, people, speed, support and technology.
This is the fourth year in a row that Bankwest has been ranked as the Best Performing Bank by brokers – in large part thanks to its high ratings for staff (including BDMs, call centers), support ( training) and technology (online housing, online application, status monitoring, online resources, etc.).
Its parent company, CBA, also ranked very high this year (leading for the big banks), but remains far behind Bankwest’s ratings, especially on support (score of 69% vs. 83% for Bankwest).
Bankwest was also the fourth most used lender this year, behind ANZ, CBA and NAB.
Commenting on the report’s findings, Momentum Intelligence Chief Strategy Officer Michael Johnson said, “This survey is a great opportunity for brokers to share their experiences working with lenders throughout the year.
“Bankwest’s ability to maintain a consistent and high level of service is a testament to its deep understanding of brokers. ”
The Advisor will publish a more in-depth analysis and the top-rated lenders of each of the competing sets (non-major banks, major banks and non-banks) in future articles in The Adviser magazine.
Stay tuned for the first of these in the July edition of The Adviser magazine, which will reveal how brokers rated each of the Big Four banks in this year’s survey, the areas they are in. head and where there is room for improvement.
The full results of the Third Party Loan Report 2020 are available for purchase through Momentum Intelligence. This interactive report is designed to be a detailed competitive analysis tool allowing lenders to visualize, compare and contrast their performance against the market.
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Annie Kane is the editor-in-chief of The Adviser and Mortgage Business.
In addition to writing about the Australian brokerage industry, mortgage market, financial regulation, fintechs and the broader lending landscape, Annie also hosts the Elite Broker and In Focus podcasts and The Adviser Live webcasts. .