ANZ leads banks, but non-banks steal the show in broker satisfaction survey
A new survey of New Zealand mortgage brokers has found that while ANZ holds its ground among the major trading banks, it is the non-bank sector that is earning the highest marks for lender performance, interest.co.nz reported.
The research, conducted by Adaptive Intelligence between 2 and 10 April, drew responses from 224 brokers and ranked lenders across 15 weighted attributes reflecting what advisers genuinely value in a lending partner.
Flexible policy and channel support drive broker preferences
Of the 15 attributes assessed, flexible credit policy emerged as the most critical, rated "very important" by 60.1% of respondents. Close behind were commitment to the adviser channel (58.9%), accessible and helpful credit assessment staff (58.3%), fast turnaround times (57.1%), and competitive product pricing (55.5%).
By contrast, attributes such as call centre support (20.5%), post-settlement client support (30.2%), and digital tools (38.8%) ranked far lower — a signal that personal, responsive service continues to outweigh technology-driven touchpoints for this cohort.
The scoreboard: where lenders stand
Among the big five home loan banks, ANZ came out on top with a weighted performance score of 75%, followed by ASB at 71% and Kiwibank at 70%. Westpac NZ posted 67%, while BNZ was described as "a clear laggard among the main banks" at just 58%. Smaller banks occupied the middle ground: TSB scored 63%, SBS Bank 54%, and The Co-operative Bank 53%.
The standout results came from the non-bank segment, where Pepper Money led all lenders with a score of 81%, followed by Basecorp Finance at 77%, Avanti Finance at 75%, and Finbase at 65%. These lenders appear better aligned with what brokers want day-to-day, particularly on credit flexibility and channel commitment.
There may be a structural reason for that. Since New Zealand's Depositor Compensation Scheme took effect in July 2025, finance company mortgage lending has risen more than 30%, according to the Reserve Bank's May 2026 Financial Stability Report. One effect may be to give non-banks greater capacity to compete on credit policy and pricing by narrowing the funding cost gap with the major banks.
Market share and submission patterns tell their own story
Those rankings carry growing commercial weight. Property data firm Cotality estimates that broker-originated lending now accounts for roughly 60% of all new NZ home loans — meaning lender performance in the adviser channel has a direct bearing on where billions of dollars in mortgage business flows each year.
In terms of overall business volumes, the major banks — the big four plus Kiwibank — absorbed 86% of broker-sourced lending, with non-banks accounting for 8% and other banks the remaining 6%. Despite their stronger satisfaction scores, non-banks remain a small slice of the overall broker book.
When asked which lenders they had submitted applications to in the preceding 12 months, brokers placed ANZ first at 98%, ahead of ASB (94%), BNZ and Westpac (both 90%), and Kiwibank at 64%. Among smaller lenders, Avanti led non-banks at 59%, followed by Basecorp at 29% and Pepper at 21%.
ANZ's top satisfaction ranking will offer some reassurance at a time when its home loan market share has edged down to 29.8% as of March, from 30.5% two years earlier.
At Westpac, adviser-introduced lending accounted for 58% of the mortgage portfolio at March — up from 56.7% six months earlier — while BNZ attributed 40% of its book to broker introductions, rising from 38% in September 2024. ANZ reported that 53% of its mortgage portfolio is now broker-originated, up from 51% previously.
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