ING is continuing to improve its strong performance in the third-party lending channel with turnaround times now in line with market leader, Macquarie.
According to Momentum Intelligence’s latest Broker Pulse survey, both ING and Macquarie are leading the way with fast turnaround times of below 4 days and with great brokers experiences to match. Macquarie's continued high performance at this level has earned it's status a "faultless" according to one broker.
Meanwhile, ING has continued to rise to the occasion and improve its performance month-on-month, overtaking Bankwest in many of the key metric explored in the Broker Pulse survey including Net Promoter Score and Customer Effort score.
Bankwest has seen an increase in its turnaround times over the last two months with approximately 9 days turnaround. These results are slightly out of character for the popular lender but are not as significant as the processing times that are being provided by many of the other lenders.
Westpac and ANZ are currently experiencing extremely high processing times of towards 20 days. While ANZ's results have improved over the last few months, there's still significant work for the lender to do in this space. Meanwhile, both Westpac and the St.George Banking Group are experiencing delays with St.George now moving out towards 15 days turnaround.
Despite a decline over the month of May, Westpac’s turnaround times remained elevated at an average of 16 business days, while NAB’s rose from an average of just over 12 business days in April to 14 business days in May.
On the experience front, Macquarie, ING and Bankwest continue to have the greatest proportion of brokers who rate their experience with the lender as "extremely easy" or "easy". Meanwhile, lenders such as ANZ and St.George are reporting the inverse of these results. St.George in particular has less than 1 in 3 brokers indicating that their experience was easy.
Among the non-ADIs, the competition is tightening with less than 3 days variance in turnaround times between the key players in the residential mortgage market. Firstmac is posting the fastest turnaround times among the lenders evaluated, however, Pepper is posting the fastest times among the specialist lenders.
The major story this month among the non-ADIs is the performance of La Trobe Financial. The lender has corrected its processing delays significantly and is now back in line with the rest of the segment with an average of 6 days turnaround.
Meanwhile, the broker experiences of using these lenders is extremely positive, with the large majority of brokers indicating that their experiences with any of these lenders is extremely or somewhat easy. Overall, Pepper and Liberty are the most used specialist lenders at present with Effort Scores of above 70.
The latest results are available now for participating brokers but if you missed out, be sure to sign up to take part in next month's survey to unlock the latest lender performance results.