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The Commonwealth Bank of Australia-owned lender, which currently holds around 9.7 per cent of broker-originated loans among banks, outlined the target during its national Broker Awards roadshow.
Bankwest already writes over 90 per cent of its home loans through brokers and completed its transition to a fully digital bank in 2024 after closing its remaining branches – a move it said allows it to concentrate investment on broker-focused technology.
Speaking to Broker Daily, general manager of home buying distribution, Ian Rakhit, said the lender’s growth ambitions are closely tied to its performance in the broker channel.
“We want to be the best broker bank in Australia,” Rakhit said.
“A target market share is a good indicator of how we’re going… we are currently sitting at 9.7 per cent, and while that’s a great place, we have an ambition to get it over 11 per cent.”
Speed to approval
Central to that strategy is focusing on turnaround times, with speed to approval emerging as a key battleground among lenders competing for broker flows.
According to Agile Market Intelligence’s latest Broker Pulse survey, Bankwest ranks among the faster lenders for initial credit decisions. However, Rakhit said internal improvements are already delivering quicker outcomes in some cases.
“The quicker we can get approval, the calmer the customer is, the less work the broker has to do,” he said.
“We’ve made huge strides the last couple of years… the fastest I’ve seen in Sydney recently is 92 minutes from lodgement to approval. To be able to turn a loan around that quickly is incredible.”
The lender said its focus on “right first time” submissions – ensuring brokers provide complete and accurate documentation upfront – has been critical in reducing rework and accelerating approvals.
Technology and tools
To support faster processing, Bankwest has invested heavily in its Broker Portal, with a focus on embedding its systems more deeply into broker workflows.
Rakhit said the bank’s fully digital model is a natural extension of its longstanding broker-first approach.
“Brokers provide 90 per cent of all our home loans and that’s our key distribution channel… We’ve always been a very strong broker bank, right from the 1990s,” he said.
“That allows us to focus our investment on what brokers need and what customers need from their broker. That’s been the biggest gain from our digital transformation.”
Much of that investment has been directed at improving both security and efficiency.
“The first gains in tech have been safety for customers and brokers… the way that we handle documents is so much more secure between broker and bank,” Rakhit said.
“The first layer of tech investment that we really prioritised was that baseline layer of scams and fraud protection.”
This includes tools such as caller verification, biometric identification, and payee checks aimed at reducing fraud risk, while maintaining a seamless experience.
Streamlining credit
At the same time, technology is being used to reduce friction in the application process and improve upfront data quality.
Bankwest has introduced a range of broker-facing tools designed to streamline verification, valuation, and documentation requirements.
“Within the broker portal, we’ve got a very strong service that gives an immediate answer on a valuation,” Rakhit said.
“We have a very good identification that we’ve built with biometrics that gives a very quick answer to the broker on identifying that customer.”
He added that the lender’s “right first time” checklist is helping brokers submit complete applications from the outset.
“All of that investment is designed to help the broker get it right the first time to get us approval right the first time.”
The platform also allows brokers to actively manage their client book, including repricing loans without needing to contact the bank.
“They can easily see if there is a better rate that that customer could be on… and they can reprice that customer in around 12 seconds,” Rakhit said.
“The more tech you can use, the fewer documents you need to look at, the more safe and secure it can be and the quicker you can get what the customer and the broker need.”
Broker experience in focus
Bankwest’s push for market share comes as brokers continue to dominate mortgage distribution, prompting lenders to compete not just on rates but also on service levels, turnaround times, and overall experience.
Rakhit said consistency and usability are increasingly important factors in winning broker support.
“What they love about that is the consistency… I know what I’m going to get because you’re telling me upfront what I’m going to get,” he said.
“Technology, broker tools, customer solutions, time to approval, those are the big factors.”
The lender’s focus on speed, technology, and broker experience was also reflected in its recent Broker Awards, held across major cities nationally.
“Our awards are a celebration of the brokers that we work with, who help us every day,” Rakhit said.
“This isn’t about who wrote the most… it’s about how you are helping us build a stronger broker proposition and helping more Australians realise the dream of home ownership – that’s what tonight’s about.”
[Related: Bankwest introduces ‘Just Enough Bank’]
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