As a division of Commonwealth Bank of Australia (CBA), Bankwest has built a reputation for being agile, accessible, and deeply broker-aligned – a strategy that’s proving powerful as more Australians turn to brokers than ever before.
It's no wonder then that the digital lender walked away with Infinity Capital Financial Group's "Bank of the Year" award at the 2024 Australian Mortgage Awards (AMA).
Now, with an eye firmly on becoming the country’s leading digital bank, Bankwest is doubling down on forward-thinking solutions and long-term broker partnerships. In the lead-up to the 2025 AMAs, Australian Broker caught up with Rakhit to uncover the drivers of the bank’s success, the lessons for others in the market and what’s next in Bankwest’s evolution.
The following interview has been edited for grammar and clarity.
AB: What is the secret to Bankwest's success? Why do you think Bankwest won at the 2024 AMAs?
IR: Bankwest always strives to provide the best products and experiences to our brokers and customers, and we’ve been humbled by the recognition we’ve received from our brokers and the broker industry. In 2024, when Bankwest won the AMA Bank of the Year Award, we recognised that many customers felt under pressure due to rising costs of living, and their reliance on brokers to support them in achieving their homeowner aspirations rose to an all-time high.
Over the last 12 months we’ve continued to focus our efforts on supporting brokers to help more customers and during this time Bankwest has been laying the foundations for our transformation to a fully digital bank.
With this new era, we’ve set ourselves a new ambition – to be Australia’s favourite digital bank. We want to provide a service that is uncomplicated and genuinely useful, and we plan to achieve that by delivering on our goal to be the best bank for brokers in the nation.
AB: What can competitors learn from Bankwest?
IR: Bankwest is laser focused on driving simplicity for brokers, and we’ll continue to invest in solutions that will improve our processes and experiences to provide better outcomes for brokers, making Bankwest their bank of choice.
Competition has driven us to where we are today. It has driven the high growth in broker market share. Our competitors are raising the bar so we need to make sure at Bankwest we’re also raising the bar, leaning into innovative technologies so brokers can deliver an exceptional customer experience.
AB: What are some of Bankwest's best practices? What is Bankwest doing that other banks/ lenders are not doing?
IR: We’ve invested in our broker support teams to make working with Bankwest even easier, providing human-to-human support when needed, through our unique case management model, devoted BDMs and our Australia-based contact centre.
At Bankwest, every broker gets a BDM and we have been investing in broker support teams by introducing additional BDMs and state-based credit coaches to support complex lending scenarios. Dedicated broker support managers (BSMs) were also added to assist the growing number of BDMs on the ground. Our award-winning BDMs receive world-class NPS scores and we couldn’t be prouder of their passion and dedication.
AB: What kind of advice would you have for other banks/ lenders who are hoping to be recognised in the year ahead?
IR: I can only speak for Bankwest, but as a digital bank we prioritise listening very carefully to brokers, investing in the broker channel and delivering the simplest and best experience for brokers across the country. I believe brokers are the greatest feedback machine for banks to deliver the best products and services and perform at their best.
For example, we have a “Built By Brokers” program, where we co-design with brokers the tools and services they value, such as our seamless home loan setup, and coming soon, our biometric and in-app onboarding process that will deliver brokers fast, hassle-free experiences.
AB: What are some of your best practices for working with brokers?
IR: We’re dedicated to strengthening our partnerships with brokers and we’re listening closely to them to develop uncomplicated and genuinely useful experiences for customers and fast, hassle-free experiences for brokers. We understand the importance of building trust with our brokers, and we’re committed to demonstrating this trust through transparency and by consistently offering our best deals.
AB: Can you talk about the importance of the Australian Mortgage Awards? Why is it important to bring people together?
IR: I believe brokers play a critical role in the banking industry and it’s important to take time to celebrate the broker sector and the exceptional support they provide to customers. Bankwest has just held our own annual awards events, celebrating and showcasing the dedication and service brokers make to their clients across the nation.
We work hard to be the best bank for brokers and we appreciate the recognition we’ve received from brokers and the broker industry and we’ve been very honoured to have received the AMA Bank of the Year award.
AB: What are your thoughts on Australia's loan and property markets as we enter into the back half of 2025?
IR: We have definitely seen a growth in volume of activity during March compared to February, whether it's house purchases, refinancing or customers drawing more money off their loan.
In the back half of the year, we'll focus on the markets in which we feel we're under-served, such as investors, first-time buyers and other segments. We'll talk to brokers who work closely with first-time buyers and identify the best ways to support them, and we'll continually refine our proposition. We’ll always set the highest standards, with aims to increase our broker market share from 9% to 11% share within 12 months.
AB: With the potential for further rate cuts on the horizon for 2025 and the ongoing threat of US tariffs, are you seeing increased activity? Less activity? How is Bankwest navigating the continually changing environment?
IR: I think there are plenty of people who want to buy a property but it’s well documented that there are some clear housing supply challenges across Australia. In the current environment we remain very focused on providing simple, excellent service to brokers and in our responsible lending commitments as we support brokers and customers in their home buying journeys.
AB: What other trends are you seeing in the market at the moment?
IR: We’re seeing customer demand for broker support reaching record highs. We’re currently writing about 92% of our loans through brokers and we’re seeing customers continue to choose brokers – there is choice, there is convenience, and the Best Interests Duty has provided increased customer knowledge of what a broker does, the value they create, and the fact that brokers will act in customers' best interests.
