Head of broker Ian Rakhit discusses ambitious growth targets at non-major bank
Coming off the back of the national Bankwest Broker Awards roadshow that saw more than 1,100 brokers gather across Adelaide, Melbourne, Brisbane, Perth and Sydney (with more to come next month in Tasmania), general manager home buying distribution Ian Rakhit (pictured) is in high spirits.
The annual tour allows Bankwest to connect with existing brokers, while forging new relationships with high performers across the length and breadth of Australia.
“We have an ambition to be the best broker bank in Australia,” Rakhit told MPA at the lively Sydney event. These events give Bankwest the chance to demonstrate exactly how it intends to get there.
The ambitions don’t stop there – Rakhit believes Bankwest can achieve around 11% of broker market share now that the bank is almost completely aligned with the third party channel.
Branching out
Bankwest already writes 94% of its home loans via the broker channel, partially as a consequence of becoming a fully digital bank after closing the last of its branches in 2024.
While many customers lament branch closures – not just by Bankwest, but by the banking industry as a whole – the transition to a fully online bank was a logical one. By the time Bankwest had shuttered its last branch, 97% of all Bankwest transactions were completed digitally, with fewer than 2% of customers visiting a branch regularly.
Amid these changes, Bankwest has since dug its heels deeper into the broker channel.
Rakhit said that every broker on panel is given a dedicated business development manager, rather than support being reserved only for high‑volume partners (which, apparently, can be the case among certain unnamed competitors).
Becoming a digital bank “has allowed us to focus our investment dollars on supporting the broker channel”, added Rakhit. “By having… a predominant focus on the broker channel in terms of our investment, it means our broker tools, which are all housed in our broker portal, can be the very best we can make them.”
Rakhit cited heavy, focused investment in broker technology: revamped valuation systems, streamlined customer identification, and the DocBox document portal. Combined with programs like Built by Brokers and national expansion into growth areas, he sees Bankwest as well placed to grow from its current base towards 11% of all broker-written loans.
From humble beginnings
Bankwest lays claim to being something of a pioneer of the Australian broking industry, having aligned with brokers long before many competitors.
Rakhit noted that Bankwest was the first bank to ever sign an agreement with a broker, describing how the bank began working with brokers in the 1990s under a formal introduction model.
He highlighted the influence of mortgage broker Marco Meloni, who effectively did Rakhit’s job as what was then called Rural and Industries Bank of Western Australia between 1989 and 1994 before heading off to run Choice Home Loans in his native Leederville, Western Australia.
Twenty five years on, Meloni still runs Choice Home Loans (since rebranded to CHL Leederville) out of his former grandparents’ home on Oxford Street, Leederville.
Rakhit sees Meloni as someone who “helped start the industry” from “a market share of zero” to today’s roughly 77% broker share. It’s little wonder then, that Meloni was honoured as a Bankwest Hall of Fame inductee in 2026.
Over the years, Rakhit has seen clear structural change in the broker landscape, with larger multi‑broker firms now a defining feature of the industry.
He noted that, five years ago, 25‑broker offices were “very few and far between”. Today, the fact that Bankwest has an award in every state for offices with more than 25 brokers reflects how consolidation and scale have moved into the mainstream.
Within this changing landscape, Rakhit highlighted Bankwest’s growth priorities across three key customer segments.
First, property investors, which he said “continue to be a growing sector of the market”. Second, first‑home buyers, who are benefiting from various forms of government support like the 5% Deposit Scheme to enter the market. And third, expatriate Australians, with Bankwest developing a strong reputation in helping expat Australians buy investment properties in Australia.
Is this three-pronged growth strategy enough to push Bankwest beyond the 11% mark? Either way, it’s clear that nurturing strong, enduring relationships with its expanding broker network will be essential if it is to have any chance of crossing the line.
