Just released: Third-Party Lending Report: Commercial Lending

Despite all lenders raising their variable rates, more brokers are turning to non-banks due to pricing, according to a new survey.

Amid a gloomy economic environment, brokers reported feeling more dissatisfied with lenders due to a range of factors.

As borrowers rush to review their home loans amid rate hikes, their preferences drove more brokers to choose non-major banks in August, new data has revealed.

Credit assessors achieved their highest satisfaction levels on record in August, with two non-major banks lifting their performance in the eyes of brokers, according to new data.

Turnaround times at the smaller lenders dipped to six days in August while broker satisfaction with this lender segment was at an all-time high, according to new data.

For only the second time on record, a larger proportion of brokers used the major banks instead of non-major banks in July as the latter’s popularity tumbled, new data has revealed.

Lender BDMs grew their satisfaction scores to record highs in July but not all lenders were given a reason to celebrate, the latest monthly Broker Pulse survey has found.

The banks most commonly used by brokers slashed their turnarounds to five days in July for the first time on record, according to new data.

The proportion of brokers satisfied with their experience at the larger banks climbed to a record high in June, according to new data.

The banks less commonly used by brokers slashed their turnaround times to seven business days in June, the first time since September 2021, according to new data.

Lender BDMs and credit assessors have continued to rate highly among brokers, who assigned them the highest satisfaction score on record in June, new data has revealed.

Despite variable interest rates having risen month-on-month, the price of bank mortgages is an increasingly attractive factor for brokers when recommending banks to their clients.