Brokers reveal which non-banks are leading the way

The 2022 Product of Choice: Non-Banks Survey, which was conducted by Momentum Intelligence via an online survey of mortgage and finance brokers between 16 and 30 April 2022, has revealed which lenders are best servicing broker clients through their loan products.

Brokers on The Adviser database were asked to nominate who they believed were the three best non-bank lenders offering products for each of the 12 different product categories:

•  Prime owner-occupied loans
•  Near-prime loans
•  Investor loans
•  Specialist loans
•  Personal loans
•  Short-term loans
•  SME loans over $250,000
•  SME loans under $250,000
•  SMSF loans
•  Commercial mortgages
•  Debtor finance loans
•  Equipment and asset finance loans

For each nomination, the top-ranked lender was allocated 3 points, the second position was allocated 2 points, and the third lender received 1 point.

The points were then tallied up and the lender with the most points was ranked first.

Eight lenders have been chosen by brokers as having the leading products across 12 different products this year.

Once again, the results revealed that non-banks have evolved from being just specialists in one particular area and are increasingly expanding their wings into new areas and delighting customers across multiple segments.

Pepper was once again ranked particularly well by brokers, taking out the first position across three product segments this year: near-prime loans; investor loans; and equipment/asset finance.

Resimac held onto its top title as the non-bank lender with the best prime owner-occupied loans for the third year in a row, and also was named the lender with the leading specialist loan products.

Liberty Financial was named the non-bank with the best SME loans over $250,000, while La Trobe Financial topped the ranking for commercial mortgages (up from its second spot placement last year).

For self-managed super fund loans (SMSF loans), brokers voted mortgage management company Mortgage Ezy as the leading player.

Personal lender Latitude clinched the title as the non-bank with best personal loan products, holding onto its long-held title as the personal loan non-bank of choice for the third-party channel.

SME lenders were also highly rated this year; Prospa was celebrated for its short-term loans and SME loans under $250,000; and ScotPac was found to be the lender with the best debtor finance products.

You can find out more about the Non-Bank Product of Choice survey, and what the lenders believe makes their products so popular with brokers, in the June edition of The Adviser magazine, out now!