A new survey of 224 mortgage brokers ranked ANZ top among the major banks, with flexible credit policy named the most important factor — and non-bank lenders scoring notably well for overall performance.
A new survey of New Zealand mortgage brokers has ranked the major lenders across 15 performance attributes — and the results reveal a meaningful gap between how the big five banks are perceived and how the non-bank sector is performing in the broker channel.
The Adaptive Intelligence survey, completed by 224 brokers between April 2 and 10, asked participants to rank lenders across attributes including flexible credit policy, commitment to the adviser channel, credit assessment staff helpfulness, turnaround speed, pricing, and post-settlement support.
How the major banks ranked
Among the big five home lending banks, ANZ came out on top with a weighted performance score of 75 percent. ASB was second at 71 percent, Kiwibank third at 70 percent, Westpac at 67 percent, and BNZ described as "a clear laggard among the main banks" at 58 percent.
Among smaller banks, TSB scored 63 percent, SBS Bank 54 percent, and The Co-operative Bank 53 percent.
Among non-bank lenders — companies that do not take deposits but lend through other means — Pepper Money scored 81 percent, Basecorp Finance 77 percent, Avanti Finance 75 percent, and Finbase 65 percent. All four non-bank lenders scored above the average of the major banks.
What brokers care about most
When brokers ranked factors by importance, flexible credit policy came out top — 60.1 percent rated it "very important". The next most important were commitment to the adviser channel at 58.9 percent, helpful credit assessment staff at 58.3 percent, fast turnaround times at 57.1 percent, and best product pricing at 55.5 percent.
The factors brokers cared about least were call centre support at just 20.5 percent, useful digital tools at 38.8 percent, and post-settlement client support at 30.2 percent. This reflects the reality that brokers handle much of the post-settlement client relationship themselves, so they are less dependent on the lender's direct client support infrastructure.
The broker channel is significant — and growing
The broker channel is not a marginal part of the market. ANZ's latest interim results showed 53 percent of its mortgage portfolio was broker-originated, up from 51 percent two years earlier. BNZ attributed 40 percent of its home loan book to brokers at March 2026, up from 38 percent in September 2024. Westpac was at 58 percent, up from 56.7 percent.
These figures show brokers are increasingly the primary distribution channel for mortgage lending in New Zealand — which means broker preferences and perceptions matter directly to the banks' market share outcomes. A lender that ranks poorly with brokers will find it harder to grow in an environment where most new business flows through that channel.
What the gap between banks and non-banks tells us
The non-bank sector scoring above the major banks on overall performance reflects several things: non-bank lenders tend to have more flexible credit policies (they often serve customers who don't fit the standard bank criteria), faster turnaround times, and a higher commitment to the broker relationship because brokers are effectively their only distribution channel.
Non-banks have grown in a period where the major banks have tightened credit criteria in response to higher interest rates and regulatory pressure. Customers who would have qualified for a bank mortgage two years ago may now find themselves redirected to a non-bank, and brokers have observed this shift in their daily work.
The survey also asked which lenders brokers had submitted applications to in the last 12 months. ANZ was at 98 percent, ASB at 94 percent, BNZ at 90 percent, Westpac at 90 percent, and Kiwibank at 64 percent. But in terms of actual business volume placed, 86 percent went to the big five and Kiwibank, just 6 percent to other banks, and 8 percent to non-banks.
That gap — high submission rates to non-banks but low conversion to placed business — suggests non-banks are being used for deals that don't fit bank criteria rather than as primary preferred partners. The non-bank sector performs well on broker rankings but still captures a relatively small share of total mortgage volume.
This article is for general information only and is not personalised financial advice. Seek advice from a licensed financial adviser (registered on the FSPR) for guidance specific to your situation.