Macquarie sustains strong performance throughout Q2, while non-banks struggle with speed

According to the latest Broker Pulse: Residential Lending report by Agile Market Intelligence, large authorised deposit-taking institutions (ADIs) maintained broadly steady turnaround times through the end of Q2, while small ADIs and non-ADIs recorded longer processing times. Macquarie sustained its strong residential lending performance in June, leading several key metrics and outperforming the big four banks across broker usage, turnaround times, and broker experience.

Broker flows

Competition for broker flows remains tight between ANZ and Macquarie

Macquarie and ANZ led broker usage again for June, capturing 45 per cent and 44 per cent of broker applications, respectively. Westpac (31 per cent), CBA (30 per cent), and NAB (25 per cent) followed as the next most-used major banks.

‍Decision drivers

Client circumstances emerged as the leading driver of lender choice, cited by 73 per cent of brokers recommending major banks, 55 per cent of those recommending non-major banks, and 82 per cent of those for non-banks. 

Product pricing followed, cited by 37 per cent of brokers recommending major banks, 62 per cent of those recommending non-major banks, and 11 per cent of those for non-banks. For brokers recommending major banks, client preference ranked third and turnaround time ranked fourth. For non-major banks, almost a quarter (23 per cent) of respondents said turnaround time was the deciding factor.

Turnaround times

The close of Q2 showed lengthening turnaround times for small ADIs and non-ADIs, while large ADIs held their processing times broadly stable.

Large ADIs

Macquarie’s turnaround time increased from 1.4 business days in May to 1.6 business days in June. Despite the increase, it remained the top-performing large ADI and the only lender in the segment to perform above the segment average.

Large ADIs recorded an average turnaround time of 3.7 business days overall. AMP was below average and was the slowest large ADI in the reporting month.

Small ADIs

After easing processing delays in April and May, small ADIs again struggled with speed, with average turnaround times climbing to 6.3 business days. This was the segment’s longest average turnaround time for the quarter and was also higher than in June last year.

Ubank and P&N Bank topped the segment for processing speed, at 2.8 and 3.4 business days, respectively. They were followed by Great Southern Bank and HSBC, at 3.9 and 4.2 business days, respectively, and MyState at 4.6 business days. The remaining small banks recorded at least seven business days to reach an initial credit decision.

Non-ADIs

Most non-ADIs kept processing times down, except for La Trobe Financial, whose turnaround times remained extended. The non-ADI segment closed the June quarter with an average turnaround time of 7.1 business days. By comparison, non-bank lenders recorded an average of 4.4 business days in June last year.

Advantedge led the segment at 3 business days, followed by Firstmac at 4.6 business days and Pepper Money at 5.8 business days. La Trobe Financial showed a minor improvement, moving from 15.9 business days in May to 15.2 business days in June. However, it remained an outlier and a major drag on the segment average, recording more than twice the segment’s average processing time.

Broker Experience

Overall broker experience pointed to ADIs leading the way, with Macquarie Bank and P&N Bank both recording a rating of 96 per cent, while non-ADIs lagged a bit behind with AFG Home Loans being the highest scorer amongst them at 84 per cent.

Large ADIs

Macquarie topped the large banks for broker experience, receiving an overall score of 96 per cent. Two other non-major banks took second and third place, with ING receiving an overall broker rating of 92 per cent and Bankwest achieving 91 per cent.

Small ADIs

P&N Bank received the highest overall rating among small ADI lenders after maintaining perfect BDM ratings throughout the quarter. Bank Australia followed at 92 per cent, with brokers rating its settlement procedure at 100 per cent.

Non-ADIs

Performance among non-ADI lenders was at the lower end of the rating curve, with AFG Home Loans recording the highest overall rating at 84 per cent. The non-bank lender showed generally declining performance across its BDM and application phases throughout the quarter. Liberty Financial followed at 81 per cent.

Experience with BDMs

Macquarie received the highest BDM satisfaction rating among large ADIs at 92 per cent. However, top-performing small and non-ADIs  BOQ, P&N Bank, and Advantedge achieved the highest ratings across all lender segments.

Large ADIs

Macquarie led large ADIs for BDM satisfaction, while the big four banks’ BDMs struggled to meet broker expectations. Westpac received 82 per cent, followed by NAB (79 per cent), ANZ (75 per cent), and CBA (74 per cent).
Small ADIs

BOQ and P&N Bank topped June’s BDM satisfaction rankings, each earning a perfect 100 per cent approval rating from surveyed brokers. Nearly all small ADIs scored at least 75 per cent, except Teachers Mutual Bank (63 per cent) and Auswide, which secured positive ratings from only one in four brokers.
Non-ADIs

Brokers also gave Advantedge’s BDMs a perfect satisfaction rating in June, leading second-placed Bluestone Home Loans by 9 percentage points. Liberty Financial ranked third at 87 per cent. The lowest-rated non-ADI lenders were Connective Home Loans and Resimac, which both received satisfaction scores of 60 per cent.

Experience with credit assessors

A different set of top performers emerged in credit assessor experience, with small and non-ADIs edging ahead of large ADIs. Overall, the top-performing lenders per segment are Macquarie for large ADIs, Auswide and BOQ for small ADIs, and Advantedge for non-ADIs.

Large ADIs

Macquarie remained the top-performing lender in the segment, achieving a credit assessor rating of 96 per cent and leading second-placed Bankwest by 8 percentage points. Westpac and NAB tied for third place at 84 per cent, while ANZ ranked at the bottom of the segment at 66 per cent.

Small ADIs

The top five small ADIs generally performed better than the top five lenders in other segments, with Auswide and BOQ each receiving credit assessor ratings of 100 per cent. Great Southern Bank followed at 95 per cent. People First Bank was an outlier, with a rating of 50 per cent.

Non-ADIs

While non-ADIs generally showed weaker performance across most key metrics, their credit assessor ratings were not far behind those of other lender segments. Brokers gave Advantedge a perfect 100 per cent credit assessor rating, while Bluestone Home Loans and Connective Home Loans followed at 90 per cent.

About the report

This Broker Pulse survey gathered responses from 358 residential brokers, collected between the 1st and 15th of July 2026. Brokers were asked to share their experiences with the lenders they worked with throughout June, rating them across turnaround time, credit assessment, BDM interactions, and the overall broker journey. 

About Broker Pulse: Residential Lending

Broker Pulse is a monthly survey of residential mortgage lenders conducted by Agile Market Intelligence. It is a community-driven knowledge base of lender performance that offers transparency to the market by surfacing these collective insights from the broker community. This empowers brokers to make informed decisions and enables lenders to benchmark and improve performance.

Participating brokers receive access to a bird’s-eye view of the lender benchmarking data each month. To sign up or for more information visit https://www.brokerpulse.com.au/.