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The latest Commercial Lending Broker Pulse by Agile Market Intelligence reported lender usage data throughout April.
There was a clear correlation between broker usage and fast turnaround times.
ANZ topped broker usage for commercial mortgages, as 33 per cent of brokers used ANZ throughout April.
ANZ also topped business loan usage, with 27 per cent turning to the major.
Turnaround times at ANZ were the lowest of the majors for commercial mortgages (6.9 days).
ANZ also had the quickest turnaround times for business loans (6.5 days).
Similarly, Westpac reported the largest broker usage for asset finance loans, with 40 per cent of brokers using the major in April.
Westpac also had the quickest turnaround times for asset finance loans among the majors (1.2 days).
Agile Market Intelligence’s commercial director Oliver Stofka said fast turnaround times are invaluable for brokers.
“Turnaround times are one of the most immediate and visible ways brokers assess lender performance. When a lender can get quick approval, this helps brokers meet the needs and expectations of their clients,” he said.
Macquarie was far quicker than other non-majors for commercial mortgage turnaround times (1.7 days) compared to the others, which were 6.5 days plus.
Non-bank lenders Shift and Prospa had broker usage that rivalled the majors for business loans (21 per cent and 17 per cent, respectively).
These lenders also had fast turnaround times, with Shift reporting a median turnaround time of 1.7 days and Prospa 1.5 days.
“Fast turnaround times don’t just make brokers’ jobs easier; they directly drive broker choice and lender growth. We see again and again that lenders who invest in process efficiency are rewarded with higher usage,” said Stofka.
