Star Mortgage & Insurance takes No. 1 as conversion discipline separates the winners
New Zealand's mortgage market is generating more business than it has in years — but getting deals across the line has never been harder. That tension is at the heart of NZ Adviser's Top Brokerages 2026 ranking, which identifies the 42 highest-performing mortgage advisory firms in the country from a pool of 52 nominees, assessed on conversion rates, productivity and settlement performance across the 2025 calendar year.
Star Mortgage & Insurance (SMI) has taken out the number one position, with Squirrel ranked second and Plaxo Mortgages and Loan Market Central tied at third. Also featuring among the top-ranked firms are EverBright Finance at sixth, The Mortgage Girls at 14th, Rhino Mortgages at 31st, and Kripa Financial Solutions at 40th.
The firms at the top of this year's ranking have thrived in a market defined as much by complexity as by volume.
More deals, harder to close
New residential mortgage lending reached $9.498 billion in March 2026, up from $8.488 billion a year earlier. But rising volumes have not translated into easier approvals. Lenders remain selective, servicing standards have tightened and buyers are taking longer to commit, increasing the pressure on front-end qualification and file quality.
The winning firms share a common response: invest more heavily in the work that happens before a file ever reaches a lender.
Nick Hakes, chief executive of Financial Advice New Zealand, said the strongest advice businesses are defined by more than technical capability.
"When interacting with the best advice practices globally, I could sum them up as having excellent technical expertise combined with a relentless pursuit of the client experience as their competitive advantage," Hakes said.
What separates the winners
Avanti Finance general manager of property Ian Boyce noted that the brokerage channel originated around 60% of property lending in New Zealand in 2025, with growing borrower demand for independent advice and broader lender access driving that share higher.
Across this year's 42 winners, the average conversion rate was 76.4%, average total settlements reached $339 million, and average settlements per loan writer sat at $46.2 million. Loan book values ranged from $125,105 to $6 billion, underscoring that the ranking rewards operational performance rather than scale alone.
The firms leading the ranking are investing in upfront assessment, lender matching, workflow discipline and technology integration.
"Innovation plays a critical role," Boyce said. "Initiatives such as investing in CRM systems and early adoption of AI and automation help enhance speed, efficiency and customer experience."
You can see the full list of the Best Mortgage Brokerage Firms in New Zealand winners here.
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