Revealed: The winners of Brokers on Banks 2023

MPA announces the top performers as chosen by brokers

Revealed: The winners of Brokers on Banks 2023

In an era of increased competition for home loans and the ongoing challenges of rising interest rates and the skyrocketing cost of living, brokers want to know they can rely on banks to deliver for their customers.

On the flip side, mortgage brokers facilitate almost 70% of all new residential home loans according to the MFAA, so banks know they need to look after the third-party channel with great loan rates, fast turnaround times and good customer service to ensure as much mortgage business flows their way as possible.

With this symbiotic relationship between banks and brokers so crucial to the success of each party, MPA can now reveal which banks are Australia’s top performers in the Brokers on Banks 2023 report.

To determine the winners of Brokers on Banks, brokers were asked to rate the performance of banks in the last 12 months across 10 criteria: diversification opportunities; turnaround times; product range; commission structure; online platform and services; BDM support; communications, training and development; credit policy; brand trust and interest rates.

The bank that received the highest average rating across all these categories was crowned the best bank of 2023.

Brokers were additionally asked a range of other questions including their preferred bank for first home buyers, property investors, commercial finance and foreign non-residents.

They were also asked to provide their feedback on which banks brokers had given more business to and why; how branks could improve their sustainable or green loan options; their thoughts on channel conflict and how technology improvements enhanced turnaround times. Brokers were encouraged to provide feedback on rising interest rates as well.

Macquarie Bank was named No.1 in this year’s survey. To find out which other banks were included Brokers on Banks 2023, and why, read the full report here.