Mortgage customer satisfaction highest when obtained directly from bank branch

Original article by Roy Morgan
Market Research Update – Page: Online : 7-Dec-18

New research from Roy Morgan shows that Australian home loan customers who obtained their loan in person at a bank branch had a satisfaction rating of 78.7% in the six months to October 2018, compared to 74.2% for customers who used a mortgage broker. Other channels also had lower satisfaction, including mobile bankers (75.3%) and telephone (77.7%). It is important to note that even among more recent home loans (held for under six years), satisfaction with going into a branch to obtain the loan was 80.9% compared to 76.1% for mortgage brokers. The satisfaction of mortgage broker customers of the big four banks is well below the rating given by those that have obtained their loan in person at a branch. The biggest gap in satisfaction is among ANZ mortgage customers, where those using a broker have only 63.4% satisfaction, compared to 76.2% for those who used a branch directly. Of the major home loan banks, Bendigo Bank is clearly the satisfaction leader when dealing in person at a branch with 91.2%. Satisfaction with home loan customers using mortgage brokers is highest for St George (86.9%). Roy Morgan’s Single Source survey is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including over 12,000 mortgage holders.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, BENDIGO BANK, ST GEORGE BANK LIMITED

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