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Turbocharge WealthBendigo Bank has emerged as the leader in customer satisfaction for home loans in Australia, as per the recent findings from Roy Morgan’s Single Source survey. The bank has attained an impressive satisfaction rating of 87.7%, surpassing other major lenders in the industry.
Following Bendigo Bank, ING secured the second position with a satisfaction rate of 83.3%, while Macquarie claimed the third spot at 82.9%. Both these banks have been lauded for their competitive loan rates and minimal fees, which have resonated positively with customers.
Noteworthy is Suncorp Bank’s notable year-on-year growth, showing a significant increase of five percentage points to achieve a satisfaction rate of 79.0%. Conversely, Bankwest experienced a substantial decline of 17.2 percentage points, falling to 72.2%, attributed to the closure of branches in Western Australia.
The overall customer satisfaction level among Australia’s top banks saw a slight decline to 73.7% in the six months leading up to December 2024, reflecting a decrease of 0.6 percentage points compared to the same period in 2023. This dip underscores the impact of various service attributes on customer satisfaction levels across different banks.
Customers have highlighted specific factors influencing their satisfaction levels with respective banks. Bendigo Bank customers appreciated the short waiting times and personalized service. ING was commended for its competitive interest rates and minimal fees, while Macquarie was associated with offering attractive loan rates. Suncorp customers praised the service quality and well-trained staff, while Westpac customers valued the expertise of the bank’s staff. NAB was considered a secure option, especially for online banking. On the other hand, Bankwest customers expressed dissatisfaction due to branch closures and communication issues.
According to Suela Qemal, the general manager of financial services at Roy Morgan, home loan customer satisfaction stood at 73.7% in the latter half of 2024, slightly lower than the previous year. This level aligns closely with satisfaction rates from December 2019, pre-dating the onset of the COVID-19 pandemic.
The survey data reveals that home loan satisfaction peaked at 80.2% in the first half of 2021 during the period of mortgage repayment deferrals. As repayments resumed and interest rates began to rise from early 2022, satisfaction levels saw a decline, hitting a low point in August 2024 at 70.9%. However, satisfaction has shown signs of improvement since then, as consumer sentiment has shifted with expectations of interest rate reductions in 2025.
The insights presented are drawn from Roy Morgan’s extensive Single Source survey, which involves over 60,000 interviews conducted with Australians annually. This robust data collection method provides a comprehensive understanding of customer satisfaction trends in the home loan sector.
The evolving landscape of home loan satisfaction underscores the importance of tailored services, competitive rates, and effective communication strategies in fostering positive customer experiences within the banking industry.
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