Broker satisfaction data is in: What makes a great lender?

Results from the June 2024 Broker Pulse: Residential Lending survey have delved into broker satisfaction when dealing with both large and small ADIs and non-bank lenders.

Between 1 and 16 July, 275 residential brokers were surveyed to gauge their experiences. The data highlighted strong scores for Macquarie Bank, which has continued to remain a standout among brokers for providing an attractive broker experience.

For Ashley Fisher, broker at Hello Funding, Ubank is a top lender: “I’ve recently just started sending deals to Ubank and been very impressed they are a great lender to deal with for your straight forward deals. They have fast turnaround times with getting a response the same day, plus offering competitive rates across both owner occupied and investment products.”

Receiving an 81 per cent broker experience rating over the June quarter, the bank is performing well in keeping brokers happy. This has remained consistent with a score of 80 per cent in the June quarter of 2023.

NAB also provided a positive experience, said Fisher, which received an experience rating of 86 per cent over the quarter. The bank’s score has climbed 4 per cent since the same time last year.

“NAB is another lender that has impressed me lately especially for your self-employed clients. Their assessors have a common-sense approach when reviewing self-employed income,” said Fisher.

“They pick up the phone and talk you through the application with any questions they have to get the best outcome for the client. Having assessors who pick up the phone and want to give you a good outcome is a huge plus when it comes to dealing with lenders.”

Diverse offerings are another positive for lenders, as it allows for tailored support for clients. Right Wealth’s finance strategist Ronald Gatbonton said this is important for providing clients’ wants and needs.

“In the current property market landscape, most of my clients are first-time home buyers. This demographic is increasingly motivated to enter the market recently, spurred by reduced competition from investors and noticeable price corrections in various regions,” said Gatbonton.

“To support these clients effectively, I have been using lenders who participate in the Home Guarantee Scheme for eligible applicants. Prominent lenders such as NAB, MyState, Westpac, and CBA are frequently chosen due to their comprehensive policies and diverse product offerings. These institutions provide a robust framework that facilitates a smoother transition for first-time buyers, aligning with the broader objective of first home ownership in Australia.”

Working alongside business development managers (BDMs) is an integral part of broking. Jarred Spurr, founder of Hubbl.it drove home the importance of this collaboration to drive client support.

“I have a group of lenders that I prefer to work with but always look at options that suit my clients’ needs. The main lending options I use are based off the support of my BDMs. It’s important to hold key relationships with your BDMs and also for your BDMs to show you the same level of relationship,” said Spurr.

“The support from your BDM is a massive driver when providing options to your clients and knowing that you have the support of that BDM is a key driver. We provide lending based on the client’s needs and what they want to achieve, but knowing we have the support of our BDM when needed is key to writing more business with that lender.”

The broker BDM experience has seen a consistent rise in the last 18 months. Receiving a score of 58 in January 2023, 2024 saw a peak of 65 in May. Currently sitting at 63, this year has seen growth for BDM-broker relationships.

What makes a broker’s experience stand out, said Spurr, is “simply support and communication.”

“A BDM or bank that answers your calls, makes you feel supported and you know is going to support you. A bank that you know the assessor is going to call you and discuss your deal, rather than simply emailing you. It’s all about communication and support. Do you feel as a broker that the bank is trying to work with you or against you,” he said.

Developing and maintaining relationships is a crucial aspect of broking. Gatbonton said that these ideas need to be continuously upheld throughout processes.

“A truly great broker experience transcends the mere facilitation of loans and guidance through the process. The essence of our profession is deeply rooted in relationships, characterised by authenticity and trust. By fully comprehending the needs and objectives of our clients and consistently working in their best interests, we significantly enhance the overall client experience,” said Gatbonton.

“This relationship extends beyond the loan settlement. It involves ongoing engagement to ensure clients are thriving, offering support as needed, and maintaining a commitment to their long-term financial well-being. This holistic approach not only nurtures trust but also cultivates enduring client satisfaction and long-term relationships.”

Broker Pulse is a monthly performance tracker of residential mortgage lenders. Contributing brokers get access to the report every month to give them a bird’s-eye view of the latest trends to make informed decisions. For more information and to join the community, visit brokerpulse.com.au

[Related: Lenders urged to simplify the broker experience]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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