Some things in mortgage lending never change. In an ongoing saga the Big Four banks have again been belted in a customer satisfaction survey that puts them well behind credit unions and building societies.
NAB, Commonwealth, Westpac and ANZ Banks are the most disliked for high fees, shabby service and reluctance to pass on full interest rate cuts.
Choice says boycott banks
Consumer group Choice says customers should boycott banks behaving badly.
While people are unhappy with their mortgage lenders, they are apathetic and stick with their bank because they say it is too hard to switch, or believe “better the devil you know”.
The Big Four, expected to post a collective $15.7 billion profit for the past year, languished at the bottom of the satisfaction ladder for everyday banking. Credit unions and building societies topped the charts.
Credit unions most liked for everyday banking
Credit Union Australia and Teachers Credit Union snared the best overall score for everyday banking at 84 per cent, followed by Bendigo Bank on 82 per cent.
Niche banks do best with mortgage home loans
ME Bank, ING Direct and Bankwest customers were happiest with home loans.
Credit card ranking highest for niche banks and Credit Unions
For credit cards, ME Bank, Bendigo Bank and Credit Union of Australia got top billing
GE Money collected the wooden spoon for credit cards.
It Pays to shop around for your home loan.
Author: Rick Adlam Mr Mortgage
