Revealed: Non-major banks dominate 5-Star Bank Awards

by Antony Field09 Aug 2021

Despite ongoing COVID lockdowns, Australians’ love affair with property remains unbreakable. Increasingly it is the non-major banks that are reaping the benefits and growing their market share. 

Home loan growth has defied all expectations that the pandemic would dampen the property market and brokers are turning to a diverse range of lenders to assist their clients. 

As the financial services market becomes more competitive, non-major banks are proving their worth to brokers who value top technology, support staff, fast and efficient service and loan product range.  

Australian Broker surveyed more than 400 brokers across the country for the 5-Star Bank Awards to determine Australia’s best banks. 

Through in-depth phone interviews brokers were asked what features in a bank were most important to them. They rated all banks across nine criteria – product range, interest rates, broker communication, commissions, broker training and development, BDM support, digital experience, credit policy and turnaround time. Brokers identified four banks which achieved more than 80% ratings across all criteria. 

Australian Broker can now reveal these four banks, all non-majors, have won a 5-Star Bank Award: Adelaide Bank, Bankwest, Macquarie Bank and ING. 

Senior executives from the four banks have told us how important brokers are when it comes to loan settlement growth and of their dedication to the broker channel. 

Read the full special report on the 5-Star Bank Awards here