Banks satisfaction up among home loan customers

Home loan customers seem to have recovered from the home loan rate increase last year, with satisfaction rates increasing to 80.9 per cent in December, up 0.5 percentage points from November.

The Roy Morgan Single Source survey found the Commonwealth Bank showed the biggest improvement, jumping 0.7 percentage points to 82.4 per cent, and kept its lead over the other big three banks.

Westpac also improved by 0.6 percentage points to 80.1 per cent, while ANZ improved by 0.5 percentage points to 78.9 per cent.

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However, satisfaction with National Australia Bank (NAB) declined by 0.2 percentage points to 80.2 per cent, coming in second after CBA.

The other banks remained well ahead in satisfaction, increasing its satisfaction rate by 0.2 percentage points to 87 per cent. The mutual sector (banks, building societies and credit unions) retained their very high satisfaction rate of 91.2 per cent.

NAB's home loan customers showed the highest satisfaction rate, increasing by 1.3 percentage points to 78.4 per cent, followed by ANZ (up one percentage point to 75.8 per cent), and the CBA (up 0.5 percentage points to 80.6 per cent). But Westpac declined by 0.4 percentage points to 79.5 per cent.

However, satisfaction with the banks has not resulted in increased customer penetration, with the CBA increasing its customer penetration from 37.5 per cent in 2011 to 37.8 per cent in 2015.

Westpac's customer penetration decreased from 18.8 per cent to 17.7 per cent over the period and the ANZ fell from 19.7 per cent to 19.5 per cent.

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