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Brokers have had their say and eight non-bank lenders have come out on top for the Non-Bank Product of Choice Survey 2023.
Eight non-banks have dominated the rankings of the 2023 Product of Choice: Non-Banks Survey after brokers put forward nominations for those they believe are delivering the best solutions for different borrower segments.
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The 2023 Non-Bank Product of Choice Survey was conducted via an online survey of mortgage and finance brokers between 15 and 28 April 2023.
To determine which lenders were leading the way, broker respondents were asked to nominate the non-banks they believed were the offering the best products in 12 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.
According to the survey results, eight non-bank lenders stood out for their exceptional loan products across various segments.
Several lenders including Pepper Money, Liberty Financial and Prospa came out top for multiple categories, demonstrating yet again that non-banks have evolved from being specialists in one particular area to having a range of products that delight brokers and their clients.
These lenders have been gaining popularity among brokers and borrowers alike for their innovative loan offerings, good broker support functions, and wide credit policies.
When asked about its success, Pepper Money CEO Mario Rehayem told The Adviser: “There are five keywords that consistently emerge in our broker feedback verbatim – fast, flexible, easy, consistent, and transparent.’
Meanwhile, Liberty Financial's group sales manager, John Mohnacheff, attributed the non-bank's success to its focus on providing support to the underserved segments, stating that the non-bank “has remained dedicated to SMSF lending when others have pulled back, committed to supporting brokers to help customers interested in investing for their retirement”.
Prospa, which came out top in both of the SME loan categories, highlighted its commitment to supporting and understanding small and medium-sized businesses.
“Prospa’s differentiation has long been our customer focus, our flexibility, and our speed, which is powered by our proprietary credit decision engine and supplemented by the Prospa team,” Prospa’s national sales manager, Roberto Sanz, said.
As the mortgage and finance industry continues to evolve, these lenders are well-positioned to meet the changing demands of brokers and borrowers alike.
You can find the full report of the Non-Bank Product of Choice survey and insights from the lenders themselves in the June edition of The Adviser magazine, out now!
[Related: The right solution: Non-Bank Product of Choice 2023]
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