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Non-bank lenders outpace majors across commercial, business, and asset finance turnaround times, according to new research from Agile Market Intelligence.
The market research firm found that for commercial mortgages, ORDE Financial recorded the fastest turnaround times at an average of 3.6 days for the three months to October, followed by Liberty Financial with 4.2 days and Macquarie Bank with 5.0 days.
The major banks’ turnaround times clustered between six and seven days, with Australia and New Zealand Banking Group (ANZ) leading at 6.3 days.
For business loans, Lumi and Moula took the top spots with 1.5-day turnaround times.
Non-bank lenders Prospa (1.6 days) and Shift (1.9 days) followed with turnaround times under two days.
There was a noticeable gap between banks and non-banks.
Judo Bank was the fastest bank on the list, recording 6.4 days, behind ScotPac’s 3.7 days.
The trend likely reflects differences in processing flows, capacity, or operational efficiency between traditional banking infrastructure and more streamlined fintech operations, Agile Market Intelligence research noted.
Asset finance had the fastest turnaround times among commercial loan types.
Thirteen lenders recorded turnaround times of less than two days, led by Angle Finance at 0.9 days.
Non-bank lenders Liberty Financial (one day), Metro Finance (1.1 days), Now Finance (1.1 days), and Capital Finance (1.1 days) took the remaining top five spots.
The only banks joining these lenders in averaging under two days were Westpac (1.2 days) and BOQ (2.0 days).
Excluding Westpac, the other majors ranked among the slowest, with ANZ at the bottom at 5.2 days.
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