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The industry’s verdict is loud and clear: a top-performing lender balances speed and reliability with the flexibility and support advisers need to deliver for clients. But what trumps it all is being consistently transparent, providing advisers with the confidence to anticipate decisions and thus direct their clients in the best way possible.
While there are many influences, a helicopter view uncovers that advisers are moving in the direction of non-banks over banks, as they prioritise several factors above rates.
As the best lenders for mortgages in New Zealand, they excel by creating:
products designed to fit borrowers’ circumstances
credit policies that leave room for human judgement
systems built to simplify the process
NZ Adviser’s inaugural Advisers on Lenders 2025 survey establishes a benchmark for the industry. For the first time, advisers nationwide have ranked their banks and specialist lenders across 10 core categories, from the all-important turnaround times, credit policy and BDM support through to rates and product range.
Respondents’ insights set the baseline for measuring lender performance as adviser expectations rise. Advisers bring the findings to life by showing how these priorities play out with clients, what it means when a lender delivers, where expectations fall short and how trust is earned. They also shared their top product picks, tech improvements and the impact of the present rate environment on their business.
Four-time NZA Top Adviser and mortgagehq financial adviser, Zhiyang Cheng, sums it up succinctly. “Consistency is the number one quality,” he says. “It allows brokers to set the right expectations and deliver certainty to clients. Add speed, trust, relationships and strong support, and you have the foundation of an outstanding lender.”
NZA’s data shows where advisers place the highest value:
turnaround times rank first, confirming that advisers prize speed above all else
credit policy sits ahead of interest rates, showing advisers value workable criteria more than price
BDM support places third, highlighting the weight advisers put on relationship strength
interest rates and product range matter but trail behind service, policy and support
lower ratings for communications, commissions, brand trust, platforms and diversification show advisers focus on fundamentals that drive client outcomes
Advisers stress that the building blocks only work when coupled with responsiveness and simplicity. As Financing Futures director, Connor Ward, explains, “How quickly someone can do something, how easy they are to get along with or how onerous their requirements are can be the make or break between a great and a good lender.”
Sandeep Khanna, director and mortgage adviser at the eponymous firm, Sandeep Khanna Mortgages, and a three-time NZA Top Adviser, says it comes down to simplicity. “The lenders who stand out are those who simplify, not complicate, the broker’s role,” he says.
Those views are echoed across the survey, which captures the voices of experienced, high-volume advisers. More than half of the respondents have worked in financial services for over 15 years, and the majority bring at least six years of adviser experience.
Annual volumes show that most respondents place between $20 million and $60 million in mortgages each year, while nearly a quarter write more than $60 million. The typical respondent is a long-tenured adviser operating at the mid-to-upper tier of New Zealand’s mortgage market.
As speed tops adviser expectations, credit policy rises as the next deciding factor, reinforcing that flexibility matters more than rates
NZA’s first-ever adviser survey comes as New Zealand’s mortgage market surges back to post-pandemic highs. The Reserve Bank of New Zealand's March 2025 data reported record loan switching and renewed investor and first-home buyer activity, putting advisers at the heart of how lenders compete for business. Total new loans reached $8.5 billion in March, the highest level since late 2021.
Advisers now account for over half of all mortgage lending, with publicly reported figures showing major banks writing 47-64% of their home loan business through the adviser channel.
Credit policy sits near the top of adviser priorities. Ranked second only to turnaround times, it highlights that advisers value workable criteria as much as speed. A quick decision means little if rigid policy stops a deal, so the lenders winning business are those that lead in efficiency and flexibility in how credit is assessed.
Financing Futures’ Ward notes that a flexible credit policy, clear communication and strong BDM support go hand in hand. “If you look at credit policy in isolation, for example, and say that that changes a lot more than it used to, having good BDM support that can help explain the changes is really important,” he says.
Westpac emerged as the first-place winner for credit policy, reflecting adviser satisfaction with its policy flexibility, redraw options, repayment structuring and ability to cater to different client circumstances.
Advisers noted Westpac’s strengths:
“Allows huge flexibility and ability to repay mortgage as fast as possible without risking liquidity in any unforeseen circumstances”
“Seamless process and good procedures in place for the whole process”
Chris Poledniok, Westpac’s national manager of the third-party channel, explains, “Our credit policy stands out for its clarity and consistency, shaped not only by regulatory standards and internal governance but also by the voices of our advisers. We actively use adviser feedback as a benchmark to test the strength and practicality of our policy, ensuring it remains aligned with real customer scenarios and adviser needs.”
ANZ secured second place, with advisers acknowledging its “easy to work with” and “more relaxed policies” compared to competitors. It also took the top spot for interest rates and second for diversification opportunities.
ANZ’s head of mortgage adviser distribution, Hayley Burgess, says its BDMs are trained to interpret policy and provide hands-on guidance, helping advisers navigate complex queries with confidence. “Tools such as the Adviser Hub further strengthen these relationships by offering a centralised platform of resources, guides and updates to help advisers stay informed and empowered,” she says.
ASB placed third, with advisers praising its “flexibility, good products and serviceability.” Among specialist lenders, Pepper Money NZ earned a first place win for credit policy, with advisers noting its “good appetite and great pre-screening process.” Finbase took second, and Prospa NZ came in third.
Interest rates ranked fourth on advisers’ priority list, reflecting what Ward described as clients moving off unsustainably high rates towards levels that feel more manageable, with many borrowers’ recent struggles tied more to tough economic conditions than to their own creditworthiness.
ANZ earned a first-place win for interest rates, reflecting its efforts to act on adviser feedback, including the introduction of a home loan rate card designed to streamline pricing conversations. BNZ took second, and ASB finished third.
In the specialist lender category, Pepper Money NZ secured a first-place win, with Basecorp Finance taking second. First Mortgage Trust came in third.
Product and pricing have not been the swing factor this year. About 40% of advisers saw some improvement, almost half reported no change, and only a small minority saw deterioration.
Advisers generally see the market as stable, with incremental progress on pricing and product availability. While lenders are active in product competition, advisers still see the market as largely unchanged.
Westpac placed first for product range, BNZ took second and Kiwibank came in third. Among specialist lenders, Pepper Money NZ earned first place, followed by Avanti Finance in second and Prospa NZ in third.
The rankings underline that advisers value service and reliability over pricing. mortgagehq’s Cheng captures that view: “Relationships and reliability matter most. The best lenders are the ones who deliver consistently, with fast turnaround times, clear credit policy and strong BDM support that gives brokers the confidence to set expectations and deliver for clients, not necessarily the sharpest rates.”
That perspective is shared by Sandeep Khanna Mortgages’ Khanna. “Clients often think price is king (interest rates), but advisers know that a sharp rate is meaningless if the deal cannot be approved in time, or if policies are rigid and unworkable. These results tell us that advisers value lenders who act as true partners – lenders who say ‘yes’ more often by finding solutions and who are there when issues arise.”
Diversification opportunities ranked last among adviser priorities, yet Xceda’s first-place win shows that when service and support are strong, a broader product set can become a genuine differentiator.
“Diversification means advisers can meet more of their clients’ needs with us,” CEO Daniel McGrath says. “On credit policy, our goal is clarity and consistency. If we say we’ll do something, we’ll stand by it. Advisers know where they stand with us, and that reliability makes their job easier and helps them build trust with their clients.”
Westpac took first place among the banks, ANZ second and Kiwibank third. Avanti Finance and Basecorp Finance rounded out the top three specialist lenders.
Client outcomes drive the agenda, but trust and support remain the foundation of long-term partnerships
Advisers placed speed, credit policy and BDM support at the top of their list. By contrast, the categories that speak most directly to how lenders support advisers themselves sit further down the rankings.
Brand trust placed eighth, communications and training came sixth and commission structure came seventh. That doesn’t make them unimportant. Instead, it highlights that advisers expect these areas to work well in the background while they focus on client outcomes. When they fall short, the impact is felt quickly in adviser confidence.
“If we are working well, then they work well,” industry expert Ward says. “When we are stressed and complaining, they’ll be stressed and complaining, and the customer will be, too. It’s mutually beneficial, and teams tend to work best when everyone values each other.”
Trust plays a subtle but critical role. Advisers ranked it eighth overall, behind service and policy, yet it underpins every client conversation.
Advisers gave top marks to Kiwibank, followed by the Cooperative Bank and ANZ. Among specialist lenders, First Mortgage Trust came first, followed by Basecorp Finance and Avanti Finance.
“The lenders who maintain adviser trust will be those who treat advisers as partners, not competitors, and who invest in long-term relationships rather than short-term channel wins,” Khanna explains.
ANZ’s Burgess points to reliability as a pillar of trust. “We’ve worked hard to deliver reliable service by ensuring we have the right level of resourcing in place, particularly during peak periods, so advisers and homeowners aren’t left waiting.”
Commission structure was another mid-tier priority, ranking seventh. Advisers value sustainable income models but see them as secondary to turnaround and policy. BNZ led the banks, followed by Kiwibank and Westpac.
On the specialist lender side, Basecorp Finance took first place, with Finbase and Avanti Finance rounding out the top three. Communication and adviser education ranked slightly higher, in sixth place. Advisers rely on timely updates, transparent policy guidance and training that enhances their ability to deliver for clients.
ANZ placed first among the banks, ahead of Kiwibank and Westpac. Prospa NZ led the specialist lenders, with Pepper Money NZ in second and Avanti Finance third.
“Transparency in communication, commercial judgement from credit teams and technology that removes friction instead of adding layers complete the picture of what makes a lender truly outstanding today,” says Khanna.
Service delivery under the spotlight as advisers reward consistent turnaround, strong BDMs and useful tech
On turnaround times, banks and specialist lenders appear to be moving in very different directions.
For the banks, adviser feedback reflects persistent difficulties. Fewer than 3% of advisers reported any improvement, while more than 85% said service had worsened. Most notably, nearly six in 10 advisers felt turnaround times had “worsened significantly,” pointing to systemic delays that go well beyond occasional bottlenecks.
Specialist lenders seem to be largely avoiding the same setbacks. Almost 70% of advisers said service levels had remained consistent, and more than one in five reported an improvement.
Only a small minority, less than 9%, saw any deterioration. For advisers, this stability matters. In a market where speed ranks as the single most important priority, specialists are holding their ground while banks are trailing.
Within this environment, advisers rated the Cooperative Bank first, ANZ second and TSB third among the banks, while Basecorp Finance led the specialist lenders, followed by Finbase and Prospa NZ. These rankings underline which lenders are defying the broader trend and earning adviser recognition for consistency.
ANZ said its focus has been on giving advisers confidence that their deals will be managed quickly and efficiently. “We know that consistent turnaround times are essential to meeting customer expectations, and we’ve made this a core focus,” Burgess says. “In recent months, we’ve introduced several changes to deliver faster turnaround times for advisers. We’d encourage any advisers who haven’t worked with us lately to see how fast we can move on live deals.”
The split highlights where business is likely to flow. When deadlines are tight, advisers will increasingly look to lenders who can deliver decisions on time.
These findings suggest advisers are distinguishing between banks and specialist lenders, and they shared how they have adapted:
“Telling clients eight to 15 working days for approvals, and if they need an answer sooner than that, I have had to send some directly to their local branch”
“Honestly, it is terrible. The bank turnaround times are ridiculous, and clients would be quicker going direct. It is so unfair. I have had to multi-bank, which I would generally never do before because I know it is hard on the banks, but it is just out of control”
“Encouraging agents, clients and legals to put longer finance periods in contracts and resetting client expectations. There is a limit to how many live deals one adviser can remain ‘all over’ when extensions keep piling up”
“Automation and improving internal processes to speed up our side, plus leaning on proactive BDMs to escalate when possible”
“Put in duplicate applications to lenders to cover for the assessment time of the clients’ preferred lender and take clients to an alternate lender when assessment times are delayed”
Ward points out that one of the biggest changes over the past few years is that more New Zealanders are turning to advisers for their lending needs. That means lenders are dealing with rising volumes through the adviser channel and need to manage and support advisers effectively. “Some of the biggest issues we’ve already seen in 2025 are things such as turnaround times and how quickly a lender can actually pick up an application,” he says.
Cheng agrees on the speed challenge, adding, “While lenders have made progress, brokers still often face slower turnaround times compared to direct channels. The lenders who stand out will be those who continue to simplify compliance, train staff for consistency, and ensure brokers are on an equal footing when it comes to speed.”
Advisers consistently pointed to BDM support as one of the most decisive factors in whether they give more or less business to a lender.
Where BDMs were described as proactive, easy to reach and willing to problem-solve, advisers rewarded that with loyalty and higher deal flow. Strong BDM service was often linked to better turnaround times, smoother communication and flexibility on policy, reinforcing the idea that good relationships reduce friction and build confidence in placing deals.
The reverse was also clear. Advisers were quick to highlight when BDMs were unavailable, unhelpful or inconsistent, noting that this directly translated into lost trust and reduced deal volume.
Several comments tied weak BDM engagement to poor turnaround times, restrictive policy interpretations or perceived channel conflict. In those cases, advisers shifted business elsewhere, even if the pricing or product was competitive.
Taken together, the feedback underscores that advisers see BDMs as the human link between policy and practice. Technology and product matter, but when BDMs can interpret credit settings, escalate issues and respond quickly, advisers feel supported. When that layer breaks down, confidence erodes rapidly, and lenders risk losing market share.
Among the banks, Westpac placed first for BDM support, with advisers crediting the accessibility and effectiveness of its frontline teams. Kiwibank came second, praised for strong adviser relationships, while ANZ secured third place.
Westpac’s Poledniok highlighted the strength of its adviser support network by noting that it won the Best BDM award at this year’s NZMA Awards, with four of its BDMs named as finalists. ANZ’s Burgess says that with one of the largest and most experienced BDM teams in New Zealand, it offers real-time support, coaching and training to advisers nationwide.
In the specialist lender category, Prospa NZ took first place, followed by Avanti Finance in second and Basecorp Finance in third, reflecting advisers’ appreciation for specialist teams who step in to guide complex deals.
Advisers noted the benefits when BDM support works
“Able to talk through a deal and get across the line”
“The assessors are knowledgeable. They answer their phones and reply to their emails”
“Great BDM service flows through to better turnaround times. BDMs support a better client experience, which is the most important factor in any client placement”
Respondents also commented on what happens when BDM support breaks down
“Poor service with a lack of BDMs for most of the team”
“I don’t feel they respect the broker channel client relationships”
“BDM is hard to reach in a timely manner, and the additional documentation required made it untenable as a practical solution”
The majority of advisers reported little to no impact from recent technological changes on turnaround times. Many said that new platforms and online portals have added layers of complexity rather than removing them, with multiple logins and inconsistent processes slowing down applications instead of speeding them up.
Several advisers expressed frustration that lenders appear more focused on optics than substance, pointing to underinvestment in staff capability as a deeper cause of delays.
Where improvements have been noted, they are incremental rather than transformational. Advisers highlighted initiatives such as rate cards from major banks, direct submission systems that eliminate rekeying and online refix options as practical steps that have smoothed day-to-day processes.
These tools reduce back-and-forth on pricing and simplify standard transactions, but advisers were explicit that they have not resolved the systemic bottlenecks that drive longer turnaround times.
Among the banks, ANZ placed first for online platforms and services, reflecting adviser use of tools such as its rate card and Adviser Hub. BNZ earned second place, followed by Kiwibank in third, with both credited for incremental improvements in digital processes.
On the specialist lender side, Prospa NZ took the top spot, ahead of Xceda in second and Pepper Money NZ in third, with advisers citing its product selector as an example of technology that genuinely helps with loan submissions.
Xceda’s CEO McGrath says while it continues to invest in digital systems to streamline processes, its personal approach is what sets it apart. “Our team works closely with advisers to ensure deals are managed with care, clarity and transparency,” he says. “That balance of personal connection and ongoing digital improvement reinforces the difference advisers feel when they work with us.”
Still, even these advances were seen as exceptions rather than the norm. The overall message from advisers is that while technology can help at the margins, efficiency ultimately depends on lenders backing these tools with resourcing, authority at the assessor level and a commitment to reducing snags across the process.
In 2025, advisers faced a flat pricing market but found competition tilting to product features, service and trust. Here’s what advisers had to say about channel conflict, green loans, rates and lenders’ assessment of living expenses
In a falling rate environment, advisers say loan pricing has flattened out across the main banks, leaving little differentiation. Instead, competition is playing out through product features, cash contributions and specialist policies that create advantages for certain client groups.
Where flexibility is offered, whether through offset mortgages, extra repayment allowances or refinancing support, advisers take notice. But overall, rate competition is muted, reinforcing that service and product design matter more than small pricing changes.
Advisers said:
“Pricing is pretty much exactly the same across all banks. Cash contributions allow banks to shift their market share on a three-year merry-go-round, allowing them to stay focused on increasing margins and not having to compete on pricing, product, and interest rate”
“I find the lenders with the greater allowance of extra repayments (on top of scheduled repayments) on a fixed term enable the client to repay the loan faster without penalty”
Regarding channel conflict, adviser feedback is strikingly consistent. They see it not as an isolated frustration but as a systemic barrier to fair competition.
Comments reveal three recurring themes:
Speed differentials: Advisers repeatedly highlighted cases where branch or direct channels offered 24-hour approvals, while adviser-submitted applications dragged for 10 to 15 days or more. Several noted the absurdity of clients being told to go direct for faster results, even when the same deal was already in the adviser queue.
Pricing disparities: Advisers said banks were openly advertising better rates or cashbacks for direct customers, leaving advisers unable to match offers for the same clients. Some cited examples of larger cash contributions or preferential policy treatment available only through proprietary channels.
Trust erosion: Perhaps most damaging, advisers reported instances where clients they had introduced were later targeted by branch staff or mobile managers, sometimes without disengagement, and encouraged to cut advisers out. This was described as both “unethical” and “disrespectful” to the adviser-client relationship.
While a minority classified channel conflict as a “minor problem,” the weight of evidence sits squarely in the “major” column. Advisers described it as “disgusting,” “ridiculous” and “undermining the broker channel.”
Several drew attention to the double standard of lenders insisting on disengagement letters when advisers touch their deals yet not applying the same rules when branch staff approach adviser-introduced clients.
The overall picture is that advisers see channel conflict as a fundamental trust issue. They argue it distorts client outcomes, damages relationships and signals that lenders prize proprietary channels over genuine partnership with brokers.
Overall first-place champ in the 2025 Advisers on Lenders survey, ANZ, respects a customer’s choice of channel and is committed to supporting those who choose to work with an adviser.
“Our dedicated adviser assessment team ensures that these customers receive tailored support throughout their home loan journey,” says Burgess. “Our communications approach is collaborative; we maintain open dialogue with advisers and regularly review their feedback to refine and improve our service proposition.”
The largest of New Zealand’s Big Four banks has invested in lender capability, giving its teams the skills and tools needed to deliver a smoother, more efficient process. Open communication with advisers remains a priority, allowing it to stay responsive, agile and adaptable to change.
Westpac, overall second-place winner, has taken steps to ensure its distribution strategy supports advisers. “We have been deliberate in maintaining parity across all our distribution channels, and we continue to stand by this approach,” explains Poledniok. “Our strategy is built to complement, not compete, so mortgage advisers are empowered to deliver great outcomes for our customers.”
Known for its digital innovation, Westpac has rolled out a new AI-powered workflow tool that automatically extracts, labels and routes application documents into its lending system, helping to reduce processing time.
“We’ve also embedded additional staff into our assessor team to boost capacity, and we’re piloting a triage solution that accelerates how we manage queues,” he adds. “These combined efforts are helping us deliver faster outcomes for our adviser partners.”
Specialist lender Xceda, which ranked in the top three in two categories, credits a focus on consistency for its meaningful adviser partnerships. “We concentrate on the areas where we add the most value, with processes designed specifically for the advisers and customers we serve best,” McGrath explains. “Our scale allows us to stay agile, with credit decisions made by underwriters who bring strong experience and a practical understanding of the market.”
And he adds, “Supported by streamlined processes that remove unnecessary steps, this means advisers and clients get faster, more predictable outcomes than they often see with larger, slower-moving institutions.”
In NZ Adviser’s inaugural Advisers on Lenders survey, advisers were asked to rank their lenders (banks and specialist lenders) across ten categories: BDM support, brand trust, commission structure, communications, training and development, credit policy, diversification opportunities, interest rates, online platform and services, product range and turnaround times. Advisers could rate their lenders with a score out of five in each category.
For each lender they nominated, advisers were asked to assess the offerings provided on a scale of 1 (poor) to 5 (excellent).
NZA also asked advisers an additional question about their lender’s service and support, which did not impact the overall score.
