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Bendigo Bank has recorded the highest customer satisfaction rate among home loan customers in Australia, according to new data from Roy Morgan’s Single Source survey.
With a satisfaction rating of 87.7%, the bank leads other major lenders in customer sentiment regarding home loan services.
ING secured second place with a satisfaction rate of 83.3%, while Macquarie ranked third at 82.9%. Both banks received positive feedback for offering competitive loan rates and low fees.
Suncorp Bank reported the most substantial year-on-year growth, increasing by five percentage points to reach 79.0%. In contrast, Bankwest saw the most significant decline, dropping 17.2 percentage points to 72.2%, following branch closures in Western Australia.
Overall, customer satisfaction among Australia’s top banks fell to 73.7% in the six months to December 2024. This figure reflects a 0.6 percentage point decrease from the 74.3% reported for the same period in 2023.
Customer feedback suggests that satisfaction levels are influenced by distinct service attributes across banks.
Bendigo Bank customers pointed to short waiting times and feeling valued by staff. ING was recognised for competitive interest rates and low fees. Macquarie was associated with providing competitive loan rates. Suncorp customers cited positive experiences with service quality and well-trained staff. Westpac customers valued the bank's experienced staff. NAB was viewed as a secure option, particularly for online banking. Bankwest customers reported dissatisfaction related to branch closures and communication issues.
Roy Morgan general manager of financial services, Suela Qemal said that home loan customer satisfaction was 73.7% in the six months to December 2024, slightly down from the previous year. Satisfaction levels are now close to those recorded in December 2019, prior to the COVID-19 pandemic.
According to the report, home loan satisfaction peaked at 80.2% in the six months to February 2021, coinciding with mortgage repayment deferrals. As repayments resumed and interest rates increased from early 2022, satisfaction levels declined, reaching their lowest point in August 2024 at 70.9%. Since then, satisfaction has improved as consumer sentiment has shifted, with expectations for interest rate reductions in 2025.
These findings are based on Roy Morgan’s Single Source survey, which involves more than 60,000 interviews with Australians annually.
Do you agree with the trends in home loan satisfaction? Share your views in the comments.
