The non-major's ratings jumped 4.8 percentage points from last year
Bendigo Bank ranked first in customer satisfaction, with ratings of 91% in mid-2023 among more than 60,000 home loan customers, new financial data from Roy Morgan’s Single Source showed.
The figure was up an impressive 4.8 percentage points from 86.2% a year ago and after the Reserve Bank’s fastest series of interest rate hikes, which took the cash rate up by a cumulative total of four percentage points to 4.1%.
Close behind in second place was ING, with an 88.3% customer satisfaction rating among home loan customers, up 0.2 percentage points from a year ago. Also making it to the top five were Macquarie at 81.6%, St. George at 79.4% and Bankwest at 77.4%.
The latest Roy Morgan data, which covers the six months to May, also showed that overall home loan customer satisfaction amongst Australia’s top 12 banks was at 75.5% during this period – down by 1.6% point from a year ago (77.1%) but still higher than February 2020, when Australia went into a pandemic-related nationwide lockdown.
Among the big banks, NAB had the highest home loan customer satisfaction with a rating of 75.6%. This was followed by Westpac with 75.0% and the Commonwealth Bank with 74.3%. Average home loan customer satisfaction with the big four banks as a group was 73.7%.
“Looking forward, the challenges of high inflation, increasing interest rates, and rising mortgage loan repayments are set to increase over the remainder of 2023,” said Michele Levine (pictured above), Roy Morgan CEO.
“Although these factors will be difficult for many customers, they also present new opportunities for banks and financial institutions to appeal to customers who may be unhappy with their current mortgagee and looking for an alternative.”
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