Mortgage brokers see ASB as the bank with the best processes and systems, and BNZ as the bank with the most competitive interest rates and offers, interest.co.nz's first mortgage broker survey shows.
The survey asked mortgage brokers a series of questions, with the survey taking place between the end of February and the end of March.
The first question asked which banks have the best and worst processes and systems for loan processing, credit assessment and loan approval.
The three banks most often cited as one of the top three by respondents were ASB at 76%, ANZ 64% and Westpac 43%.
The banks most often cited among the bottom three were BNZ at 59%, The Co-operative Bank at 33%, and Kiwibank and Westpac both on 29%.
| Bank | Best | Middle | Worst |
| ANZ | 64% | 21% | 15% |
| ASB | 76% | 12% | 12% |
| BNZ | 20% | 21% | 59% |
| Kiwibank | 26% | 45% | 29% |
| Westpac | 43% | 28% | 29% |
| Cooperative Bank | 8% | 59% | 33% |
| Heartland Bank | 3% | 80% | 17% |
| HSBC | 1% | 85% | 14% |
| SBS Bank | 21% | 56% | 23% |
| TSB | 14% | 69% | 17% |
The second question asked which banks have been the most and least competitive with interest rates and offers over the last three months.
The three banks most often cited as the most competitive were BNZ at 68%, ANZ at 60% and ASB at 44%.
The three banks most often cited as the least competitive were Westpac 49%, ASB 35% and The Co-operative Bank 26%.
| Bank | Most competitive |
Middle | Least competitive |
| ANZ | 60% | 17% | 23% |
| ASB | 44% | 20% | 35% |
| BNZ | 68% | 16% | 16% |
| Kiwibank | 17% | 58% | 25% |
| Westpac | 21% | 30% | 49% |
| Cooperative Bank | 13% | 61% | 26% |
| Heartland Bank | 9% | 85% | 6% |
| HSBC | 1% | 90% | 9% |
| SBS Bank | 28% | 57% | 15% |
| TSB | 25% | 67% | 8% |
Banks included in the survey were ANZ, ASB, BNZ, Kiwibank, The Co-operative Bank, Heartland Bank, HSBC, SBS Bank, TSB and Westpac. Among those the big four, ANZ, ASB, BNZ and Westpac, have a combined residential mortgages market share of 88% based on Reserve Bank Bank Financial Strength Dashboard data for the December 2022 quarter.
That 88% is $296.384 billion worth of home loan exposures from a total of $337.758 billion. Fifth is Kiwibank with residential mortgages of $24.081 billion, or 7% market share.
The survey was conducted by Curia Market Research by email and text. There were 160 respondents.
Interest.co.nz will be running stories every day this week based on the survey results.
Next: What customers look for in a lender.
This analysis was first released in the Banking & Finance Daily Newsletter, a subscription newsletter for senior finance industry executives. You can subscribe here.