Broker dominance could be challenged under plans to avoid ‘disintermediation’
ANZ is sharpening its focus on direct mortgage lending, with plans to significantly expand its mortgage banker network and fast-track the rollout of its ANZ Plus digital front-end.
Unveiling its ‘ANZ 2030’ strategy this Monday, the current smallest mortgage lender of the Big Four banks confirmed it will materially invest in and train its own mortgage sales force, with ambitions to increase the number of lenders in its branches by up to 50%.
This is being billed as a direct play to gain ground in a competitive lending environment and to close the gap between customers and the bank – an issue ANZ chief executive Nuno Matos (pictured) sees as a pressing challenge.
“Today is an exciting day in the 197-year history of ANZ,” said Matos. “Under these changes we will unlock our potential to win the preference of customers, shareholders and the community.
“Under our new strategy, customers are at the centre of everything we do – whether it’s improving their experiences, offering them leading technologies and platforms, or keeping them safe.
“Our first focus is to get back to basics and deliver our immediate priorities, while our four strategic pillars will then accelerate our revenue growth and see all four divisions perform to their full potential.”
Brokers will be particularly interested in Matos’ comments regarding “avoiding disintermediation”, which suggest the bank could be preparing to challenge the dominance of the third-party channel.
He said: “In a competitive banking environment, this must include a focus on delivering differentiated and superior propositions, raising the standard of every digital and human interaction in our channels, and avoiding disintermediation, while materially improving productivity levels.”
Greater focus on digital mortgages, Suncorp integration
The bank will accelerate the delivery of its ANZ Plus front-end, a single digital experience platform for all retail and small business customers.
The goal is to migrate all eight million customers onto the new platform by September 2027, three years ahead of the original target.
“ANZ Plus is a fantastic technology... but we have to get there faster, in a different sequence, and with a different delivery model,” Matos said. “We want to put eight million customers on the same platform in Australia so they see us as one bank, one brand, one team.”
A critical component of the ANZ 2030 strategy is the fast-tracked integration of Suncorp Bank, now due to be completed by June 2027.
Matos said the migration will deliver immediate customer benefits, including access to ANZ’s wider product suite and its branch and channel network.
“We will complete a safe and secure migration of Suncorp Bank customers to ANZ... (and) significantly reduce operational complexity,” the bank said in its announcement. This move is also expected to support the broader push to streamline technology stacks and eliminate legacy platforms.
According to ANZ chief financial officer Farhan Faruqui, these changes are part of a broader effort to rebuild trust with stakeholders and increase the bank’s return on equity.
“We are going to be far more consistent in describing our progress... We’re going to create much more consistency and return to the market with the same set of metrics,” Faruqui said.
Faruqui also revealed ANZ will maintain a disciplined investment strategy, reallocating spending towards high-return initiatives. This includes withdrawing from non-core projects and businesses, which the bank has already begun executing.
ANZ’s five immediate priorities under ANZ 2030 are:
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Embed the new leadership team
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Accelerate Suncorp Bank integration
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Deliver ANZ Plus digital front-end
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Reduce duplication and simplify operations
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Enhance non-financial risk management
What it means for brokers
As ANZ rebuilds its internal origination muscle, broker partners may feel the pressure. The bank’s enhanced branch-based mortgage presence could compete head-to-head in markets where brokers have dominated.
The latest statistics from the Mortgage and Finance Association of Australia (MFAA) show that brokers commanded a 77.6% share of the home lending market in the June quarter – a record high for the industry.
This dominating presence shows that customers believe in the value brokers bring to the table.
The Suncorp integration is a double-edged sword. While combining customer bases and platforms offers efficiency potential, system migration risks are real – especially in credit, underwriting, and servicing.
Brokers and lenders will need to monitor policy changes, processing timelines, product mappings and how legacy Suncorp loans are treated through the change.
It is clear that all options are on the table as Matos aims to rejuvenate ANZ’s fortunes.
Per Australian Prudential Regulation Authority (APRA) data, ANZ had $503.47 billion in residential loans and financial leases on its books as of July 2025. ANZ’s closest competitor NAB held over $640 billion.
Macquarie Bank, meanwhile, continues to claim substantial ground in the mortgage wars, having exceeded $150 billion in loans under management for the first time in August.
Matos' mandate is to stave off the competition, no matter what it takes.
