Lender Spotlight: Bankwest

Bankwest has been a steady presence in Australia’s residential lending market, adapting to changing broker needs over the past five years. Data from Broker Pulse reveals key trends in broker usage, experience, and performance. Here's a closer look at how Bankwest has positioned itself as a broker favourite from 2020 to 2024.

Broker usage

Bankwest’s visibility among brokers has grown substantially over the past five years. Starting with an average of 16 broker responses per month in early 2020, this number steadily increased, reaching 64 responses by the end of 2024. This represents an overall rise of 300%, a testament to the bank’s expanding footprint in the residential lending market.

This growth is attributed to its competitive offerings and tailored solutions, which resonate with brokers catering to first-home buyers and self-employed clients. The consistent uptick in broker engagement highlights Bankwest's ability to stay relevant and competitive in a crowded landscape.

Broker experience

Bankwest’s Net Promoter Score (NPS), a widely used measure of broker satisfaction, achieved a positive score of 49.5 over the past five years. While the score began at 52.9 in early 2020 and dipped slightly to 46 by late 2024, the bank consistently ranked among the top performers in the category.

Feedback from brokers often highlighted Bankwest’s ease of application processes and responsive support teams as key strengths. Despite slight fluctuations in its NPS, Bankwest maintained a strong position, earning praise for its proactive communication and problem-solving approach.

Turnaround times

Bankwest has demonstrated resilience and adaptability in managing turnaround times, a critical factor for brokers. During the pandemic in 2020, industry-wide delays impacted the entire sector. However, Bankwest quickly implemented measures such as automation and staff expansion to stabilise processing times.

By 2024, Bankwest’s turnaround times averaged 5–7 days for unconditional approvals, meeting broker expectations. This reliability has made it a trusted choice during periods of high demand, including refinancing surges and heightened activity in the investment property market.

Reasons for choosing Bankwest

Brokers have consistently chosen Bankwest for its ability to address diverse client needs. The bank’s flexibility in accommodating complex borrower profiles, such as self-employed applicants and customers seeking offset accounts for fixed-rate loans, has been a standout feature.

Additionally, Bankwest’s broker support teams earned widespread acclaim for their commitment to transparency and efficient communication. These factors combined have solidified the bank’s reputation as a reliable partner in the residential lending space.

Conclusion

Over the past five years, Bankwest has cemented its place as a go-to lender for brokers across Australia. Its rising broker engagement, steady satisfaction levels, reliable turnaround times, and focus on tailored solutions underscore its role as a key player in the market. As the residential lending landscape continues to evolve, Bankwest’s adaptability and broker-centric approach ensure its continued success.