New "Clever goes direct" campaign draws accusations of undermining the adviser channel
A new BNZ advertising campaign has triggered a public spat with the mortgage broking industry, after brokers accused the bank of trying to steer customers away from independent advice.
"Clever goes direct" sparks broker backlash
BNZ's "Clever goes direct" campaign features customers describing how they secured fast home loan approvals — including a 5% deposit loan and a 24-hour approval — by going straight to the bank rather than through a broker.
GV Financial Services director Gareth Veale said the messaging amounted to BNZ "trying to squeeze out brokers," noting that the bank's 5% deposit loans were also available through the broker channel.
"Not every bank's set of policy solves every situation that a client has, so that can stymie your ability to get ahead," Veale told OneRoof.
BNZ home lending general manager James Leydon rejected the accusation, framing the campaign as being about expanding options rather than sidelining advisers.
"It's about choice, and it complements the broker channel rather than replacing it," Leydon said.
He pointed to broker-originated lending as a growing share of BNZ's book, sitting at 40% as of March, up from 38.9% a year earlier, and said the bank had added staff to its broker-assessment team to support turnaround times.
"We value the choice and reach brokers bring, and we'll keep supporting both the broker and direct channels," Leydon said.
Advisers defend their value proposition
Another mortgage company boss, who declined to be named, argued the campaign misrepresented what "clever" borrowing actually looks like.
"In my opinion, clever goes and sees an adviser, and if BNZ is the right option out of all the options available then that's how clever ends up with a mortgage at BNZ," he said, pointing to brokers' roughly 60% share of the New Zealand market — well below the 80% reached in Australia's more mature adviser industry.
Cotality puts broker-originated lending at a similar level, with major banks absorbing 86% of that broker-sourced business, non-banks 8%, and other banks the remaining 6%.
He continued, noting the unusual nature of a bank publicly distancing itself from a channel it still relies on commercially.
"It's very rare for a bank to position themself against brokers they are trying to do business with, and it's not gone down well within our business," he said.
Industry body calls for balance across channels
Financial Advice NZ chief executive Nick Hakes said lenders should continue to value the role independent advice plays in major financial decisions.
"The evidence and research say that people are better off if they make really important financial decisions with qualified professional advice," Hakes said, adding that lenders "would need to think about how they deliver service to Kiwis to ensure they deliver good levels of service across the board. It can't just be one channel."
Hakes's call for balance echoes a wider pattern. In Australia, the share of brokers describing channel conflict as "a major problem" rose from roughly one in three last year to nearly half in 2026.
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