Macquarie leads in broker usage, turnaround time, and broker and credit assessor experience

Close to 1 in 2 brokers lodged applications to the Commonwealth Bank of Australia (47 per cent) in July 2021, up 7 per cent from June 2021, making it the most used lender in the last month according to the Broker Pulse survey.

Turnarounds have improved for the fourth month in a row, with time to initial credit decision at its fastest level in over a year, according to the latest Broker Pulse.

Long delays in broker-lodged loans have been an ongoing issue for the past year – but are things starting to look up? Annie Kane and Michael Johnson explore more.

A greater proportion of brokers are sending their clients to non-majors and non-banks, with fewer using the big four, according to the latest Broker Pulse.

Several non-major banks have revealed how they are working to keep turnaround times fast and reduce channel conflict.

Following on from concessions that broker-lodged loans take a lot longer to approve than those in the proprietary channel, the big four banks have told The Adviser what they are doing about it.

Turnaround times for broker loans lengthened at all four major banks in April 2021, but non-majors and non-banks continue to improve or maintain their decision speeds, new data shows.

The CEO of the major bank has confirmed that broker turnarounds are still taking too long, but added that the bank is focusing on digitisation and automation to speed up times.

The bank’s CEO attributed longer loan approval times to moving processing roles offshore in 2020 and responsible lending checks and balances, adding that it is looking to improve the process.