Mortgage brokers have accused one of New Zealand's major banks of trying to squeeze them out.
Brokers told OneRoof that BNZ's latest ad campaign, "Clever goes direct", was a snub to their industry and encouraged Kiwis to seek out independent advice on home loans.
However, BNZ strongly denies the allegations and said its ads highlighted its services and were aimed at giving customers choice.
BNZ's video ads include one friend telling another she was able to buy her house quickly because BNZ only required a 5% deposit for a home loan. In another ad, a woman tells her neighbour her home loan was sorted so fast because she went direct to BNZ who approved her home loan application in 24 hours.
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GV Financial Services director Gareth Veale said BNZ was "trying to squeeze out brokers”.
BNZ says it new service is aimed at complementing "the broker channel rather than replacing it”. Photo / Alex Burton
Veale said BNZ’s 5% deposit home loans were also available to borrowers who went through brokers.
“Not every bank’s set of policy solves every situation that a client has, so that can stymie your ability to get ahead.”
However, BNZ home general manager of home lending James Leydon said BNZ Direct was aimed at giving customers who wanted to go to the bank directly another option.
“It’s about choice, and it complements the broker channel rather than replacing it.”
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Leydon said lending that came via mortgage brokers was an important and growing part of how BNZ helped New Zealanders into homes and sat at 40% of its home loan book as of March 2026, up from 38.9% year-on-year.
BNZ had also recently ramped up the number of people to the team that assessed broker-submitted home loans to support brokers and deliver high-quality service and turnaround times.
“We value the choice and reach brokers bring, and we’ll keep supporting both the broker and direct channels.”
A boss of another mortgage company, who asked not to be named, said in his view “clever” sought professional financial advice.
GV Financial Services director Gareth Veale: "Not every bank’s set of policy solves every situation that a client has." Photo / Supplied
“In my opinion, clever goes and sees an adviser, and if BNZ is the right option out of all the options available then that’s how clever ends up with a mortgage at BNZ,” he said.
“That’s why we [mortgage brokers] exist. That’s why we’ve got a 60% market share, and that’s why Australia, which has a more mature adviser industry, has got close to 80%.”
Customers should always shop around, he said.
“It’s very rare for a bank to position themself against brokers they are trying to do business with, and it’s not gone down well within our business. We have a supplier agreement with the BNZ; we don’t go around knocking them, but what they are doing now is obviously casting aspersions on our pathway as an entire industry.”
Financial Advice NZ chief executive Nick Hakes, who runs the largest industry body for financial advisers, said it was important lenders kept working with mortgage advisers because of the important role and independent advice they gave.
“Meet consumers where they are. The evidence and research say that people are better off if they make really important financial decisions with qualified professional advice. That’s just what the research says time and time again.”
“All lenders, I think, would need to think about how they deliver service to Kiwis to ensure they deliver good levels of service across the board. It can’t just be one channel.”
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