SKN | ANZ Leads New Zealand Mortgage Broker Rankings as Non-Bank Lenders Gain Momentum

Key Takeaways:

• ANZ ranked as the top-performing major bank in a new New Zealand mortgage broker survey.
• Non-bank lenders such as Pepper Money and Basecorp Finance posted strong overall performance scores.
• Flexible credit policy and broker support emerged as the most important priorities for mortgage advisers.

A new mortgage broker and adviser survey has highlighted shifting competitive dynamics across New Zealand’s lending market, with ANZ New Zealand emerging as the top-ranked major bank while non-bank lenders continued gaining attention for flexibility and broker-focused service models.

The survey, conducted by Adaptive Intelligence, ranked lenders across multiple operational and service categories important to mortgage brokers, including credit flexibility, turnaround times, pricing, settlement efficiency, and adviser support. The results reflect the growing importance of broker distribution channels within the country’s mortgage industry as banks and alternative lenders compete aggressively for home-loan market share.

ANZ Leads Major Banks While BNZ Trails Peers

Among New Zealand’s largest mortgage lenders, ANZ achieved the highest weighted performance score at 75%, followed by ASB at 71%, Kiwibank at 70%, and Westpac New Zealand at 67%. BNZ ranked last among the major banks with a score of 58%, making it a notable underperformer relative to peers in broker perceptions.

The survey suggests brokers continue rewarding lenders that combine operational efficiency with strong adviser relationships and flexible lending practices. While pricing remains important, brokers increasingly appear focused on execution quality and responsiveness during the lending process.

ANZ’s performance may provide reassurance for the bank as it continues defending its dominant mortgage position despite modest declines in market share over recent years. The bank’s home-loan market share reportedly declined to 29.8% in March 2026 from 30.5% two years earlier.

At the same time, broker-originated lending continues growing in importance for major banks. ANZ reported that brokers accounted for 53% of its mortgage portfolio as of March 2026, while Westpac and BNZ also showed rising broker channel exposure.

Non-Bank Lenders Continue Building Competitive Presence

One of the most significant themes emerging from the survey was the strong performance of non-bank lenders. Pepper Money ranked highest overall among non-bank institutions with a score of 81%, followed by Basecorp Finance at 77%, Avanti Finance at 75%, and Finbase at 65%. These results suggest alternative lenders continue gaining traction by focusing on flexibility, faster approvals, and niche lending segments underserved by traditional banks.

Mortgage brokers identified flexible credit policy as the single most important factor when evaluating lenders, followed closely by commitment to the adviser channel, helpful credit assessment staff, and fast turnaround times.

Non-bank lenders have increasingly positioned themselves as solutions for borrowers with more complex lending needs, including self-employed clients, non-standard income profiles, and borrowers requiring faster approval processes.

Despite their growing visibility, non-banks still account for a relatively small portion of overall mortgage volumes compared with major banks.

Broker Channel Remains Critical Across Mortgage Industry

The survey highlights the growing strategic importance of mortgage brokers within New Zealand’s lending ecosystem.

According to the results, brokers directed approximately 86% of business volume toward the major banks, while non-bank lenders captured roughly 8% and smaller banks received around 6%.

Application submission data also demonstrated the dominance of major institutions, with nearly all surveyed brokers submitting applications to ANZ, ASB, BNZ, and Westpac during the past year.

At the same time, the results show that operational execution increasingly matters alongside pricing. Brokers ranked adviser communication, call-center support, and digital tools as relatively lower priorities compared with lending flexibility and credit support.

This reflects the reality that brokers often prioritize lenders capable of delivering certainty, speed, and practical credit solutions for clients navigating higher-rate and more restrictive lending environments.

Outlook

The survey reinforces how competitive pressures within New Zealand’s mortgage market continue evolving as banks and non-bank lenders adapt to changing borrower needs and broker expectations.

Major banks remain dominant in overall lending volumes, but alternative lenders continue building market presence by emphasizing flexibility and broker-focused service models.

Investor attention will likely remain focused on mortgage growth trends, broker-channel expansion, lending margins, and competitive positioning as New Zealand’s housing and credit markets continue adjusting to evolving economic conditions.

For confidential inquiries, mortgage-market insights, or deeper analysis regarding banking competition, broker-channel trends, and non-bank lending developments, interested parties are invited to connect with the SKN team for professional engagement.