The big four lenders have all been criticised for their out-of-cycle rate moves, but which bank has taken the brunt of the anger – with its customer satisfaction level dropping more than twice that of its rivals?
ANZ has seen its customer satisfaction fall by 3.1% for the three months to May, more than double that of the other major banks. The bank has taken the heat from borrowers for initiating February's out-of-cycle rate hikes as first mover following the RBA meeting.
Home loan customers have been particularly tough on ANZ, with satisfaction among its mortgage holders down 5.6% over the last three months. By comparison, Westpac saw its mortgage customer satisfaction decline 3.3%, CBA was down 1% and NAB actually increased home loan satisfaction by 0.4%.
The decline has seen Commonwealth Bank move to second among the big four in terms of satisfaction, at 77.2%. NAB remained the leader in customer satisfaction at 77.7%, while ANZ fell to third place at 75.5%. Westpac remained last among the big four at 75%.
The major banks have now seen their third consecutive month of satisfaction declines. Satisfaction with the big four on a whole fell 0.4% in April, following a 0.4% decline in March and a 0.5% drop in February.
But the major banks remain ahead of where they were last year. NAB is up 5.8% in satisfaction over the last 12 months, while CBA has seen a 5.7% increase, Westpac has risen 1.1% and ANZ has managed a 0.3% improvement.
Australia's best home loans revealed
Struggling with the mortgage? Take on a flattie
Rate cut delivers boost to building
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out