Best Banks for Mortgage in Australia | Brokers on Banks

Australia's mortgage brokers are going to bat for their clients, powered by a deep concern over the challenging interest rate environment that is expected to continue through at least the first half of the year.

MPA’s Brokers on Banks 2024 survey garnered marks from hundreds of brokers evaluating the performance of lenders across 10 metrics in the last 12 months, with those prioritising collaborative broker channel partnerships emerging victorious.

The best banks for brokers have established trust by forming strong alliances with their third party partners to ensure optimal outcomes for their mutual clients.

Brokers’ feedback reveals what they value most, underscoring how the leading banks are earning the business of these mortgage professionals, who wrote 71.5% of new residential home loans between July and September 2023:

  • “Competitive interest rates and BDMs who pick up the phone”

  • “Good, simple products and no channel conflict”

  • “No gimmicks, good service and broker loyalty”

  • “Ability to workshop tricky deals”

  • “Excellent turnaround times”

  • “Providing good rate and service to the customers”

  • “Great credit policy, good pricing”

This year’s Brokers on Banks survey results indicate a dramatic change in what brokers expect from banks, illustrating a shift towards lenders that back up their competitive loan products with support and credit policies that instil trust.

“Between the rate rises and spike in mortgage holders coming off the COVID fixed rates, there was a lot of consumer anxiety in 2023,” says Tanya Sale, CEO and co-founder of aggregator outsource Financial.

“Lenders really stepped up and supported the third party channel to provide education and strategies to help alleviate consumer panic.”

Mortgage Choice CEO Anthony Waldron adds, “There is always a healthy tension in the bank–broker relationship, but positive changes throughout the year helped this relationship, including a general improvement in bank service levels due to process simplification, investment in credit assessors, and other operational roles that increase capacity.”


As the affordability chasm continued to widen, brokers chose bank interest rates as their number one priority, while 2023’s primary concern about diversification opportunities sank to eighth place

With their fingers on the pulse of rising inflation and consumer demand for savings, brokers’ search for the best rate to help clients achieve their financing goals has eclipsed all criteria for them.

Interest rates soared to number one on brokers’ priority list from 10th place in 2023. This is unsurprising given the rapid rise in the RBA official cash rate and that a majority of brokers saw no change in products and pricing over the past year and more felt the banks had worsened rather than improved.

“Notably, this change in rank isn’t solely broker-driven,” says outsource Financial CEO Tanya Sale. “It reflects a broader trend influenced by consumers having to navigate a record number of interest hikes. That rate surge has prompted borrowers to actively seek opportunities to save in a bid
to mitigate financial impact.”

A second-place tie for product range and brand trust suggests brokers are prone to recommending banks with a track record of offering competitive and relevant products aligned with current market conditions.

There was a noticeable decline in the importance of diversification opportunities, which, while still high at 3.931 out of 5, slipped to eighth place from top spot last year. But diversification remains important given brokers’ concerns about high interest rates:

  • “It’s harder to bring in new clients due to servicing. This will mean a loss of business”

  • “It is difficult for many borrowers, and it has dampened some enquiry levels”

Macquarie Bank clinched a hat-trick of victories, achieving first-place wins overall for the third straight year. It continued to lead in turnaround times and ranked first for its interest rates and communications as well as training and development. It placed in the top three in every survey category. Comments on Macquarie Bank included:

  • “A bank that really supports the broker”

  • “They have better deals”

  • “Consistent turnaround times, credit policy, and decisions”

Bankwest, which placed second overall, recorded first-place wins for its credit policy, diversification opportunities and product range. Brokers praised Bankwest’s products and policies:

  • “Self-employed policy is the best in the market, as well as improvements made over the last year for investors”

  • “Credit policy, specifically alternative assessment. Good processes, and the BDM support is excellent”

  • “Most clients I have placed in the last 12 months have fit really nicely with Bankwest’s complete variable product”

Credit policy remains vital to brokers, who elevated CommBank to second in the category this year, citing its multiple offset accounts, internet banking platform and flexibility as differentiators. The bank also placed third in interest rates and diversification. It’s the only big four bank that cracked these categories.

Suncorp earned third place in the overall ranking, including third for product range, with brokers praising its variable products and “common-sense policy application, good value and competitive rates”.


Brand trust has long been highly valued by brokers, as evidenced by its consistent rating of at least four out of five on the importance scale.

However, the significant rise of brand trust to the number two spot from ninth place last year has trumped the other indicators that constitute broker support – commissions and communications – which fell to ninth and 10th place, respectively, from fourth and sixth last year. 

This place shift reflects a consumer-driven change in priorities within the market, says outsource Financial’s Tanya Sale, where the natural inclination is to turn to well-known brands for a sense of safety when facing economic uncertainty.

But such unfamiliar times can put a strain on partnerships.

“The broker–bank relationship delicately balances on the line between being symbiotic and competitive, and a noticeable impact I saw unbalance last year was the cashback fiasco, which I believe did not do anything good,” Sale adds.

“All it did was start a cashback war leading to a trend of consumer lender-hopping. This, in turn, triggered broker clawbacks, creating a churning effect. Brokers expressed a lot of frustration over the added volatility, and it created this ripple effect of discord felt by consumers, brokers, banks and the industry.”

Bankwest is on an impressive upward trajectory in the brand trust category, achieving gold this year after moving up from second last year and third the year before.

ING also moved up one place, attaining a silver win this year, while Macquarie Bank took bronze.

Brokers noted that consistency across a bank’s business model helped build trusted relationships, and they gave accolades to these top three lending champs, noting:

  • Bankwest is “competitive and responsive”, offering “good discounts and more financial facilities”

  • ING “is doing well with keeping rates lower than the big four and really looking after their clients”

  • Macquarie Bank is “easy to deal with and provides fast and efficient service”

Bankwest won gold for commission structure for the third year, while ANZ took silver and Macquarie Bank retained the bronze.

After dipping to third place last year, Macquarie Bank rebounded to the top spot for communications, training and development in 2024. Bankwest remained in second place, and CommBank grabbed the bronze. 

A broker commented that Bankwest and ANZ had won a large portion of their brokerage’s business due to their willingness to provide additional training to its staff.

A perceived lack of backing from some banks has been the source of much criticism from brokers this year. Several said lacklustre service and little help navigating the loan process had caused them to rethink recommending certain banks to clients.

“I have reduced my use of all the big four as I find the smaller lenders more agile and willing to find a way to make deals work,” one broker said.


Brokers appreciate digital banking services and wish for more, yet the ability to speak to a BDM remains a deal clincher

An exceptional BDM’s skills cannot be overstated. Brokers have elevated BDM support to their fourth priority, reflecting a consistent three-year upward trend emphasising their crucial role in enhancing positive client and broker experiences. It was clear from brokers’ responses that a personalised approach makes or breaks a deal:

  • “Quite often, there are multiple lenders where the deal can be placed. So, I take it to the one where I can get a hold of the BDM to run the scenario past them”

  • “Bankwest has a BDM that is willing to work with you”

  • “We have excellent BDM support (critical) from Macquarie”

  • “Suncorp is just doing everything right, including BDM support”

For the second year, Bankwest took the gold in BDM support, Macquarie Bank retained its silver place, and Suncorp emerged a winner for the first time with bronze.

While turnaround times plummeted to sixth place from its all-important second place last year, there is no denying a bank’s ability to quickly process a loan to settlement is an essential component of the broker-bank relationship.

It is one of the factors that is consistently mentioned by brokers as a reason to consider severing ties with a lender, particularly HSBC.

  • “I stopped using them because, at 33 days turnaround for the past several months, I cannot with all good conscience put my clients’ applications with them” 

For the banks on top of turnaround times, brokers were effusive in their appreciation:

  • “Macquarie Bank has very quick turnarounds with purchases where time is of the essence. I would not hesitate to include them in my recommendations”

  • “Suncorp offers rapid turnaround times”

A smaller margin of brokers reported that turnaround times had improved or improved significantly, at 66% compared to 75% in 2023. Double the number of respondents this year said times had worsened over the year prior, at 12.58%.

Mortgage Choice CEO Waldron points out that the heightened cashback offers at the start of 2023 adversely affected turnaround times for many lenders, resulting in some SLAs being extended to more than 40 days.

“Brokers will set expectations with customers during the submission process, but delays outside of their control can cause uncertainty and worry for customers,” Waldron adds.

Macquarie Bank reigned at the top of this category again, with Bankwest moving up this year to clinch second, and ING and Suncorp taking bronze in a tie.

Digital bank ING achieved first place in the online platform and services category, with Macquarie Bank and Adelaide Bank taking second and third.

Some brokers praised Bankwest’s portal for submitting supporting documents as “fast and easy”, while Macquarie Bank’s internet banking functionality impressed them. Others commented that updated broker platforms enhanced application submissions, automated valuation reports improved efficiency, and digital document signing improved turnaround times.

Still, more work needs to be done.

“More lenders are now offering digital document signing for mortgage offer documents,” said a broker. “This is a big improvement. As soon as all lenders allow everything to be digitally signed the better.” 


2023 tested brokers’ resilience and adaptability as they grappled with an affordability crisis and consumer anxiety. Here’s what brokers had to say about rates, green loans, channel conflict and lenders’ assessment of living expenses 

The reserve bank in February 2024 left the cash rate target unchanged at 4.35%. While it noted inflation continued to ease, it remains high, and despite encouraging signs, the economic outlook is uncertain.

Many respondents were concerned about how the rate environment would affect their business and their clients’ ability to service loans. Over the past 18 months it has made finding solutions for clients difficult as their borrowing capacity diminished and loan approvals became more challenging to secure. Some worried about a potential slowdown in the housing market within the next 12 months and the potential for a recession.

Despite these concerns, some brokers view the current situation as an opportunity, asserting that their services will continue to be valued by their clients.

The performance of banks in assessing a potential borrower’s basic living expenses varies considerably, depending on the broker’s experience. Many respondents took aim at the household expenditure measure.

  • “Banks and lenders are requiring more explanation or mitigation regarding HEM figures which differ from baseline”

  • “Living expenses are by their nature a moving target”

Just under half of brokers surveyed (44.65%) reported channel conflict as a minor problem, and a third said it was a major problem.

The highly competitive home loan market of 2023 led to increased channel conflict for brokers, with reports of banks’ retention teams offering better rates to existing customers despite informing the broker that they couldn’t offer the customer an improved deal, says Mortgage Choice’s Anthony Waldron.

“I’d like to see lenders have clearer rules of engagement for broker-introduced customers to avoid channel conflict.”



MPA presents the overall winners of the 2024 Brokers on Banks survey, showcasing the areas in which these banks soared and why brokers favoured them above their challengers



    Overall Score 3.86
  • 2nd - Bankwest
    Overall Score 3.85
  • 3rd - Suncorp
    Overall Score 3.53
  • 4th - CommBank
    Overall Score: 3.52
  • 5th - ING
    Overall Score: 3.51
  • 6th - ANZ
    Overall Score: 3.38
  • 7th - NAB
    Overall Score: 3.32
  • 8th - ME Bank
    Overall Score: 3.26
  • 9th - Adelaide Bank
    Overall Score: 3.23
  • 10th - UBank
    Overall Score: 3.15

Note: Scores go from 1 (very bad) to 5 (very good)



Position in 2023: 1st 
Position in 2022: 1st

Macquarie Bank has again earned the trust and loyalty of brokers, who catapulted the leading lender into the top spot for the third straight year. It’s an extraordinary feat in a competitive market driven by the top bank’s reliable and consistently superior performance.

Across the 10 categories rated by brokers, Macquarie Bank took home an impressive medal haul of three golds, three silvers and four bronzes.

The bank reigned supreme in turnaround times for the fourth year, handily besting its nearest competitor. It also excelled in interest rates, brokers’ top priority this year, and communications, training and development, two areas in which it rebounded from fourth and third place, respectively.

The lender maintained its strong second place in BDM support but slipped to second from last year’s top spot in online platform and services. It came back fighting in the product range category, jumping into a tight second place from its third-place finish the year prior.

Macquarie Bank’s Offset Home Loan Package snagged brokers’ top product pick this year, up from second place the year prior. It was also brokers’ top preferred bank for property investors by a sizeable margin.

In the past four years, the bank’s steadfast approach to continuous improvement and service excellence has left a lasting positive impression on brokers. It has firmly entrenched itself as an award-winning lender that values and nurtures the broker channel.

Macquarie Bank reigned supreme in the ever-important turnaround times category and excelled in communications, training and development as well as interest rates, brokers’ top priority



Position in 2023: 2nd
Position in 2022: 2nd

A tiny margin of 0.01% separated Bankwest from the overall firstplace winner, Macquarie Bank. Bankwest took home more gold than any other competing bank in 2024, with the highest rating in six out of 10 categories. It maintained its top-notch reputation in commission structure, regarded as a core strength for the past five years.

Its gold triumph in BDM support was hard fought again, with a slim margin between Bankwest and Macquarie Bank. Bankwest also returned to a gold win for its product range, having slipped to second place last year. Brand trust, credit policy and diversification opportunities rounded out its first-place medals.

Three solid silver finishes capped Bankwest’s haul this year in communications, training and development, turnaround times and interest rates, a top broker priority in which it narrowly missed gold.

The Perth bank’s complete variable home loan package received the nod for brokers’ product pick again this year, and it retained its second place as the preferred bank for property investors, while slipping to third for first home buyers.  



Position in 2023: 5th
Position in 2022: 10th

Suncorp Bank continues its remarkable ascent to the top three of the best banks rated for performance by brokers in 2024. It cracked the top five last year, signifying an upward trajectory from 10th place in 2022.

The determined contender picked up three bronze medals in BDM support, product range and the all-important turnaround times for the first time, demonstrating its ability to compete with larger lenders.

It retained fourth place in online platform and services, and its adoption of AI drew accolades from many brokers, citing more streamlined services and ease of doing business.

Brokers lauded the bank for its competitive loan deals and the excellent value it provides to customers. It placed third in brokers’ preferred banks for commercial clients.



Position in 2023: 3rd
Position in 2023: 3rd

CommBank finished fourth overall this year. While its medal haul is lighter than last year, brokers reaffirmed Australia’s biggest bank as their top choice for first home buyers and foreign non-residents.

The bank delivered a solid performance in diversification opportunities and credit policy, earning two silver medals. But it was nudged out of the gold by rival Bankwest in these two areas.

CommBank also picked up two bronzes for its communications, training and development, and interest rates.

The bank’s overall score was negatively impacted by its ongoing underperformance in online platform and services. Despite this, brokers noted that it is leading the way in leveraging AI to streamline processes. They also expressed appreciation for CommBank’s updated broker and valuation portals.



Position in 2023: 6th
Position in 2022: 4th

This year, digital bank ING advanced one spot, moving from sixth place to fifth. It was separated from fourth by a razor-thin margin.

Its online platform and services earned the highest rating among brokers, garnering it gold in the category.

The lender also achieved silver and bronze for brand trust and turnaround times, respectively, two key metrics that brokers consider crucial.

ING is building a reputation for offering the best loan deals to customers, with many brokers citing it among the top banks for competitive rates and customer satisfaction.

By harnessing technology to provide a seamless experience for brokers and their customers, ING is well positioned to ignite competition among Australia’s legacy lenders and banks of all sizes.



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



Offset Home Loan Package

Macquarie Bank and its enduring Offset Home Loan Package are back in the top spot in 2024 after falling to third place last year from first in 2022.

Brokers emphasised the bank’s low rates and annual fees, credit policy and great BDM support. They also praised the bank for its commitment to excellent client service.

Other respondents appreciated the fast turnaround times and “no channel conflict”.

Brokers highlighted the product and process as “simple, efficient and well-priced”.

“Good all-around option, good rates, good lender with good policy,” one broker said.

Another respondent added, “Multiple offsets, great digital platform, a reputable lender.”

Several respondents cited the package as among the most flexible loan structures, noting that clients can open up to 10 offset accounts.



Complete Variable Home Loan Package

Bankwest’s Complete Variable Home Loan Package and Macquarie Bank have traded places for the two top spots since 2021. This year, Macquarie Bank took the top spot, pushing Bankwest to second.

The product continues to be highly regarded for its features and policy, with brokers reporting that it had been a good fit for many of their clients in the last 12 months. With its multiple offsets, pricing and low-cost offset options, brokers don’t hesitate to recommend it.

Brokers cited an affinity for the bank’s BDMs and mentioned several by name, a testament to their outstanding customer service and broker support.

“Bankwest has a great mix of policies, making them a lender of choice for many scenarios,” a broker remarked.

Another commented, “Excellent policy. This product suits first home buyers, new home buyers, investors and all refinancers.”



Standard Variable Home Loan Package

ANZ’s Standard Variable Home Loan Package has emerged in third place, garnering a spot among brokers’ top picks for the first time.

Brokers appreciate its cost-saving features, reliable policy and exceptional support.

According to one broker, the product offers “the best policy” among Australia’s big four banks, while another highlights the trustiness of the bank’s service level agreement.

Additionally, the product’s competitive price with no annual fee; negotiated rates; and availability of offsets make it an attractive option for many clients. The bank’s responsive BDMs add to the overall positive experience.

ANZ finished in sixth place overall in the 2024 Brokers on Banks survey and picked up silver in the commission structure category.