The record-high market share of Australia’s brokers reinforces their meaningful role in home lending, while also raising expectations for banks to enhance their services and offerings.
To sustain broker partnerships and tap into the burgeoning broker-driven market – which hit 74.6%, according to MFAA’s September 2024 quarter data, reflecting a 3.1% increase from the same period in 2023 – leading lenders have prioritised operational and service excellence, as well as digital innovation.
In MPA’s Brokers on Banks 2025 survey, brokers rated lenders they’ve worked with over the past year across 10 tried-and-true benchmarks. Over 250 respondents also shared their top product picks, tech improvements and the practices that set award-winning banks apart.
More importantly, the top-ranked mainstream lenders are listening and adapting to brokers’ evolving priorities.
This year’s data indicates a clear shift:
Credit policy ranked first in 2025 with a 4.705 out of 5 rating, up from fifth last year, reflecting the need for clear, flexible, broker-friendly policies
BDM support rose to second place (from fourth) as brokers sought more accessible, proactive support
Turnaround times climbed to third place (previously sixth), pointing to demand for faster approvals
Interest rates dropped to fourth place (from first), though competitiveness remains key (4.554 rating vs 4.214 in 2024)
Online platform & services moved up to fifth place (from seventh), pointing to brokers’ need for seamless digital tools
For brokers, consistency and credit coach support now outweigh interest rates alone, particularly as lending conditions tighten. The ability to have real-time access to credit decision-makers is invaluable.
“This is where banks with credit coaches stand out,” explains Indigo Finance managing director Melanie Cunliffe. “Even a 15-minute conversation can help brokers structure an application effectively. Sometimes, if a lender has a slightly higher interest rate, we’ll still prefer them if we know they’ll offer a smooth, reliable approval process rather than a submit-it-and-see approach.”
Specialist Finance Group general manager Blake Buchanan adds that lenders who deliver a high level of consistent service over time are the ones that earn brokers’ loyalty.
This year’s findings confirm that brokers value banks that prioritise clarity, responsiveness and relationship-driven support, key factors that ultimately influence where they choose to place business.
As interest rates fluctuate and lending buffers tighten, bank credit policies have surged to become brokers’ top priority, with flexibility outranking product range
Brokers elevated credit policy to their top priority, and lenders that offer flexible, broker-friendly policies have gained a competitive advantage.
Bankwest continued its first-place winning streak for credit policy, reflecting enduring broker satisfaction. It nabbed first place for diversification opportunities and third for product range.
Brokers praised Bankwest’s ability to support a variety of clients with different needs:
“They have an excellent credit policy for self-employed people, and credit staff want to do deals”
Brokers rewarded Macquarie Bank’s continuous policy improvements with a second-place finish, up from third last year.
As the only big four bank to lay claim to five categories, CommBank placed third in credit policy; communications, training and development; as well as online platform and services. It took second place for product range and diversification opportunities.
For aggregator SFG’s Blake Buchanan, the top-performing lenders take different paths regarding policy. “They might have a policy that they apply exceptionally well and want to be known for, such as SMSF,” he explains. “These lenders understand that they cannot be all things to all people, so they become experts in their preferred segments.”
Brokers acknowledge policies that improve serviceability as crucial, such as accepting one year of self-employed income or applying common debit reducers.
Indigo Finance’s Cunliffe says, “Small shifts in how banks assess living expenses can also make a big difference.”
Interest rates dropped off the top spot to fourth on the priorities list, yet they remained no less important than in 2024 (jumping from 4.214 out of 5 to 4.554) as rates remain high and lending buffers tighten.
Even as optimism abounds around anticipated rate cuts in early 2025, brokers have devoted time and attention to clients’ stress levels. One said:
“We are busier than ever as people turn their attention to making sure they are on the most suitable product/lender to conserve money”
ING emerged as the top performer, earning broker praise for its proactive approach to pricing, and competitive products, while Macquarie Bank came in a close second.
Bendigo and Adelaide Bank took third, with brokers citing its competitive fixed rates and white label offering as valuable.
While MPA’s data suggests brokers generally perceive an improvement or stabilisation in product range over last year, the higher percentage of respondents reporting ‘no difference’ to their sixth-place priority may indicate they are sensing less change in lenders’ offerings.
Buchanan notes that having a broad product range is essential. Still, he has observed that, ironically, lenders that take a wide-net approach to capture more market share often fall short of their goals.
“As an industry, most, if not all, categories are covered by various lenders, and most lenders are playing to their strengths,” he remarks. “I think brokers are right to place less importance on product range, primarily because they understand that lenders often fail in service, product quality or other aspects when they try to be all things to all people.”
For the fourth consecutive year, Macquarie Bank came out swinging, earning a first-place win overall in Brokers on Banks 2025, picking up a 0.08% edge in broker satisfaction over the previous year.
The leading lender clinched the top spot in turnaround times again this year and picked up first-place gains in product range; online platform and services; and brand trust.
It secured a top-three spot for outstanding performance in every category rated by brokers, including second-place finishes for BDM support; commission structure; communications, training and development; credit policy; and interest rates. It tied with Westpac for third place in diversification opportunities.
Brokers’ praise for Macquarie Bank included:
“Service and rates are great; BDM is fantastic”
“Interest rates, credit policy, and a process that’s easy for clients and brokers”
Diversification opportunities ranked last among broker priorities, suggesting brokers may be more concerned about clients’ financial wellbeing and prioritise lenders offering better serviceability and fit.
Communication and consistency take the lead over brand trust as lenders win broker loyalty with expert guidance
Unsurprisingly, brokers’ preferences and priorities shift from year to year as they adapt to forces that put pressure on the economy and market environment.
In 2025, brand trust dropped dramatically, moving from a solid second place last year, trumped only by interest rates, to the seventh spot, with a corresponding decline in importance among brokers.
This swing suggests that brokers are now placing less emphasis on lenders’ market position and more on practical factors that positively impact their clients, such as flexible credit policies and competitive rates.
This evolving priority points to a more client-focused approach in a rapidly changing market, as noted by one broker:
“Generally, a lender recommendation comes down to who is offering the lowest rate or sufficient borrowing capacity to achieve the objective”
Macquarie Bank rose to first place from third last year in brand trust, knocking Bankwest off its former top spot to third place, and ING retained its solid second for two years running.
Brokers appreciate a bank’s flexibility, strong support, efficient processes and good service, as evidenced by these comments about how the lending leaders in the broker support category are standing out:
“Macquarie has brand awareness, and its speed to a decision is impressive”
“ING offers more competitive pricing, quick approvals and loan doc issuance”
“Bankwest is easy to deal with”
“CBA delivers consistency and support”
For the fourth consecutive year, Bankwest held its first-place position for commission structure, while Macquarie Bank climbed to second place from third last year, and ANZ claimed third place, up from second in 2024.
Bankwest climbed to the top spot for communications, training and development, after taking second place over the past two years. After claiming the top position last year, Macquarie Bank clocked a close second place, and CommBank hung on to third.
Brokers noted they gave more business to Bankwest, Macquarie and CommBank for their flexible credit policies, competitive rates, quick turnaround times and strong BDM support.
Macquarie Bank is especially noted for its fast decision-making and ease of process, while brokers praised Bankwest for its self-employed client support and flexibility. CommBank stood out for its policy flexibility and serviceability.
“Consistency is key here,” SFG’s Buchanan explains. “Historical data shows that lenders with a high degree of consistent service over time trump all else. Specials, pricing and periodically improved SLAs tend to have a modest impact on market share results.”
Beyond consistency, communication is a recognised strength of top-performing lenders.
“It doesn’t always need to be great news either; lenders who communicate effectively, good, bad or indifferent, don’t leave brokers wondering, and this is important, as brokers want to provide clear communication to their clients,” Buchanan adds.
When brokers perceive their experiences with lenders as negative, they pull no punches: “I haven’t stopped using any lenders completely,” one said. “However, I have reduced my business due to channel conflict and horrible application/assessment processes.”
Speedy service and digital tools drive broker satisfaction and deeper lender-broker connections
An evolution towards a more relationship-driven broker-lender dynamic is underway, evidenced by the steady four-year climb in the importance of BDMs on brokers’ priority list.
This year, BDM support moved to second place – with a rating of 4.7 out of 5 – from fourth place in 2024 and sixth place the year prior.
This significant increase indicates that brokers are placing more value on personalised support and relationships with banks’ BDMs.
Brokers noted that they are facing an increasingly complex and competitive environment, and BDMs who offer guidance and problem-solving skills almost guarantee a smooth deal process.
SFG’s Blake Buchanan asserts that top lenders are more than just great communicators – they are empowering their BDM teams to work more closely with internal stakeholders to enhance client service.
“Great lenders understand that this is very much a relationship-based industry that requires BDMs who are present and responsive but also able to assist their brokers as representatives of the lender,” he adds.
For the third year, Bankwest clinched first place for BDM support, Macquarie Bank retained its second spot, and ING emerged as the third-place winner.
Turnaround times shifted position on brokers’ priority list again in 2025, jumping to third place from sixth last year. This improvement suggests that speed is becoming an even more critical factor for brokers as they focus on providing clients with fast and efficient service, with speed to decision a differentiator among the top lenders.
Brokers’ experience of turnaround times remains primarily positive, with this year showing an improvement in the overall perception of lenders’ performance in this area. Fewer brokers reported worsening times, and those reporting ‘no difference’ saw a noticeable jump to 33% from 20% last year.
The biggest factor pushing lenders into the winners’ circle is transparency, notes Indigo Finance’s Cunliffe. Uncertainty makes it difficult to manage client expectations and adds extra work for brokers and their teams on constant follow-ups.
“If a lender has a five-day turnaround, that’s fine, as long as we know up front,” she says. “The challenge is when an SLA is listed as three or four days, but after submission it blows out unpredictably.”
Buchanan mentions that turnaround times have dominated lender discussions as they seek ways to improve submission and assessment efficiencies while enhancing the customer experience.
“It’s no secret that in recent years a few standout lenders have delivered consistently impressive turnaround times for brokers,” he says.
“These lenders have gained meaningful market share, and other lenders are looking to replicate or even improve on this to gain more share and the confidence of brokers when submitting loans on behalf of their clients.”
Macquarie Bank led the pack in this category, followed by ING, which climbed to second place from a tie for third last year, and Bankwest slipped to third from second a year ago.
Online platforms also moved to fifth on brokers’ priority list from seventh in 2024, with brokers consistently citing the value of digital tools and platform efficiency to streamline workflows and better serve clients.
From her experience, Cunliffe notes that some lenders’ live chat support has been a major improvement and time-saver.
“Another innovation is in post-settlement support,” she explains. “Some top banks have built portals that allow brokers to easily access client information post-settlement. This helps immensely when conducting loan reviews, making the bank feel like a long-term partner rather than just a lender.”
Macquarie Bank knocked digital bank ING out of first place this year for its online platform and services, Bankwest made strides by cracking the second spot, and CommBank nailed a close third.
2025 proved brokers’ ability to bounce back from a relentless and demanding lending market. Here’s what brokers had to say about rates, green loans, channel conflict and lenders’ assessment of living expenses
The decline in inflation to 3.2% in December 2024, along with the expected cut to the 4.35% cash rate in early 2025, helped ease concerns among brokers about the impact on their businesses and clients’ financial wellbeing.
However, as more brokers face challenges with deals that fall outside the norm, lenders that instil confidence and show their reliability make all the difference, capturing more market share of the ever-expanding third party channel.
Brokers are optimistic about the opportunities ahead:
“Rates will eventually start to come down, which will relieve some pressure on mortgage owners and may increase capacity moving forward for new clients”
“We’ve weathered the worst of the storm, and I’m still helping first-time buyers get into the property market, refinancing and bringing aboard new clients”
Channel conflict is still a major issue, but brokers’ views have shifted over the past year. Slightly more brokers now see it as a major problem, rising from 34% to 35%, suggesting concerns are growing. Meanwhile, fewer brokers now see it as a minor issue (39% vs 45% in 2024), and 5% more brokers this year believe it is not a problem at all, highlighting a growing divide in perspectives.
One broker, showing frustration at feeling their value was undermined, said, “I had to deal with a BDM when I stopped getting trail for one of my clients. It turned out they went into a branch for a small increase, and instead of referring them back to me, the branch processed the increase.”
In 2025, brokers are increasingly seeking strong, transparent relationships with lenders who can offer consistent support, clear communication and the flexibility to meet the unique needs of their clients.
Lenders who can deliver reliable and timely service will continue to build the trust needed for them both to thrive.
MPA presents the overall winners of the 2025 Brokers on Banks survey, spotlighting the areas in which these banks outperformed and why brokers preferred them over their competitors
Note: Scores go from 1 (very bad) to 5 (very good)
Position in 2024: 1st
Position in 2023: 1st
For Macquarie Bank, four times is the charm as brokers thrust the significant player in the country’s investment banking and financial services industry into the top spot.
With an overall broker satisfaction rating of 3.93 out of 5, the leading lender is highly regarded for its innovation, unfailing service and support, and product range.
Across 10 categories evaluated by brokers, Macquarie Bank earned an impressive medal haul of four golds, five silvers and one bronze, significantly outperforming last year’s results.
The lender dominated in turnaround times for the fifth year, trouncing the nearest challengers. It also made a comeback and secured the crown for product range, online platform and services, and brand trust, making notable gains in each area.
Brokers lauded the bank’s broker platform as “amazing” and noted it significantly contributed to streamlining the application process through to settlement.
“They are by far the leaders here,” a broker commented.
The bank also had a strong showing down the middle of the pack, picking up silvers for interest rates, credit policy, BDM support, commissions, and communication, training and development. It tied for bronze in the diversification category.
Macquarie Bank’s Offset Home Loan Package was brokers’ top product pick for the second consecutive year. It also emerged as brokers’ overwhelming favourite bank for property investors.
Its strong standing among brokers is reinforced by its consistent performance, ranking in the top three across every key metric and outshining challengers with its commitment to the broker channel.
Macquarie Bank shines for its innovation, top-tier service and speed to decision, earning multiple golds and silvers while maintaining a dominant presence in the broker community
Position in 2024: 2nd
Position in 2023: 2nd
Bankwest fought hard, nearly closing the gap to the top spot with just a slim margin of 0.193 points and securing a solid second-place finish.
The leading retail bank rivalled the first-place winner’s gold medal haul, taking top nods for credit policy, BDM support, communications, training and development, diversification opportunities, and commissions, for which it has been the undisputed champ for six years running.
Its triumph in policy and BDM support, categories defining the broker-lender relationship in a challenging and competitive environment, cements its commitment to building strong partnerships with brokers and delivering exceptional service.
Bankwest also garnered silver for its online platforms and services and claimed bronze for turnaround times, product range and brand trust.
The Perth bank retained its second-place status as brokers’ preferred bank for property investors while placing third for foreign non-residents. It slipped to sixth place from third last year as the favourite for first-home buyers.
Position in 2024: 5th
Position in 2023: 6th
Digital bank ING has been on an upward trajectory in Brokers on Banks, advancing from sixth place into the top three leading banks within the past three years alone.
A slim margin of 0.092 separated the formidable contender from second place, which, given its strong performance this year across four influential categories, could see its star continue to rise.
It soared to the top spot for interest rates, earned a solid silver for brokers’ all-important turnaround times, and placed third for BDM support. The lender also retained silver for brand trust.
ING also cracked brokers’ top product pick for its Orange Advantage product, which respondents lauded for its competitive interest rate, offset account, and fast turnaround times.
Brokers praised the breakout performer for its proactive approach to offering competitive rates, products, and loan deals amidst a rising rate environment. Its efficient, client-focused application process enabled it to stand out from competitors, setting the stage to drive a new wave of competition among Australia’s legacy banks and emerging players.
Position in 2024: 4th
Position in 2023: 3rd
CommBank held steady at fourth place overall again this year, while bulking up its medal haul to win places in half of the 10 categories on which brokers assessed its performance.
The big four bank placed in three of four client niches as brokers’ preferred lender for first home buyers, foreign non-residents (second place), and property investors (third).
It delivered a stellar performance in diversification opportunities and credit policy, earning silver and bronze, respectively. It also broke into the product range category, taking home a silver.
CommBank received an accolade as brokers’ top product pick for its MAV Package, which was cited as a solid product that makes loans simple, with quick turnaround times and excellent BDM support.
It’s no small feat that the bank also earned a bronze for its online platform and services, a testament to its enhancements despite underperforming in past years. Just 0.01% separated the major bank from its silver-medal-winning sibling.
Position in 2024: 11th
Position in 2023: 11th
As one of Australia’s oldest major banks, Westpac has made significant gains, ranking fifth place overall in Brokers on Banks 2025. It placed 11th last year and has impressed brokers by elevating its performance across all evaluated metrics.
Westpac tied for bronze with top lender Macquarie Bank for diversification opportunities.
Brokers named it their preferred bank across three client types, including a first-place nod for foreign non-residents and third place for commercial and first-home buyers.
Many brokers mentioned that Westpac was a leader in providing the best loan deals to customers in a rising interest rate environment with its competitive approach to “great rates, which are a win for clients”.
Brokers have also given more business to the bank in the past 12 months for various reasons, including bridging loans to new clients, low variable rates and branch access, and the 1% servicing buffer for refinances.
As well as ranking the banks in 10 categories, brokers were asked to name their favourite mortgage products of the last 12 months. Here are the top three winners:
Offset Home Loan Package
Macquarie Bank and its ever-popular Offset Home Loan Package retained the top spot in 2025 after seesawing in brokers’ top three since 2022.
Brokers emphasised the product’s flexibility, competitive pricing (though not necessarily the cheapest) and efficient service.
Its key strengths include multiple offshore accounts, quick turnaround times, simplicity, ease of use and low annual fees.
Other respondents appreciated “strong technology support” and “excellent BDM assistance.” Brokers highlighted the product’s comprehensive coverage, making it a solid choice for most client needs.
MAV Package
CommBank’s MAV Package emerged in second place this year, garnering the coveted broker pick for the product’s simplicity, quick turnaround times and excellent BDM support.
Brokers praised the product’s flexibility in pricing and policy, including options for the home guarantee scheme and modular homes.
The MAV Package is known for its solid valuation process and strong policy, especially in areas such as negative gearing. It is considered particularly suitable for individual borrowers and company/trust ownership, with a smoother process than other lenders.
Orange Advantage
ING’s Orange Advantage product burst onto brokers’ list of top product picks this year in third place. The product stands out for being a well-rounded offering for borrowers looking for competitive pricing, flexibility and simplicity.
Brokers praised it for its low rates, lower annual fees and the ability to reprice the home loan for retention. An excellent interest rate with the added benefit of an offset account makes it competitive relative to other such products on the market.
“It meets clients’ requirements with good rates for principal and interest owner-occupied loans,” a broker comments. Another says, “It’s flexible, with fee-free credit card options, further enhancing its appeal.”