Brokers tip best bank for 2015

by Julia Corderoy25 Jun 2015
Westpac has been crowned the broker’s bank of choice, winning the top spot in the annual Brokers on Banks survey conducted by MPA.

The major bank was named this year’s leading lender after topping five performance categories and top product, coming a long way from just two years ago when they weren’t even in the top five. Similarly, NAB Broker appears to have been leapfrogged by its major bank competitors after being last year’s top bank. 

Westpac general manager, mortgage broker distribution, Tony MacRae told Australian Broker that the major bank worked hard on its broker proposition to secure its place in the top five.

“Between the years of 2009 and 2013 Westpac didn't even place in the top five and we've worked hard to improve across all areas of our broker proposition to turn this around. Brokers are recognising the advances that we've made over the last two years and we've been open and transparent in our desire to be the number one lender for overall broker service and value,” he said.

Speaking about coming out as number one, MacRae said it came down to their focus on creating a holistic service offering and unbeatable value proposition — more than just a home loan.

“When you look at this year's results, there was an increased emphasis by brokers on overall broker service and value as an important criteria they would like to see from the banks — this is where we have made the biggest impact across the industry. We have a strong, robust and responsive broking industry that has embraced Westpac's journey to move away from just the home loan transaction to focus on meeting more of the customer's overall financial needs, and our segmentation model continues to go from strength to strength.

“Westpac will continue its investment into the broking industry — we're not just about the here and now, but for the future of mortgage broking in Australia.”
 

COMMENTS

  • by Broker 25/06/2015 10:05:10 AM

    I find this result really difficult to believe, did they buy this award?!

  • by Macarthur Broker 25/06/2015 12:20:52 PM

    I must be missing something. Segmentation going from strength to strength? All segmentation does drive good brokers to other lenders. Westpac would not have a clue what business they are missing out on because they do not support brokers from the outset. They are only interested in their existing high volume brokers. Personally I have have found them impossible to work with so they will never receive a measurable share of my business. Unfortunately NAB are not much better.

  • by MDB 25/06/2015 1:37:00 PM

    The business is clearly coming from the non-resident sector - apparently they do that reasonably well. Other than that, why would you use them?! The first bank to cut comms back in the day, and still a measly flat 15bps trail with no ramping.
    Commission is certainly not my reason for selecting a lender. The clients needs are foremost. However, there are plenty of lenders who offer better pricing and service than WBC, so even if it's splitting hairs I would recommend going the other way.