Australia’s Big Four Lag Behind the Lenders Giving Rise to Mortgage Brokers
According to the latest research, the four major banks of Australia are lagging behind the lenders, in terms of providing satisfaction to the home loan customers. The survey conducted by Roy Morgan’s Single Source suggested that the satisfaction level provided by the leading banks of Australia that is NAB, Commonwealth Bank, ANZ and Westpac was 80% from March 2015 to September 2015.
The fact has also led many Australians turn to mortgage brokers to fulfill their lending needs. Often, the lack of knowledge causes the customers to make wrong property choices and that is when Mortgage brokers come into picture.
The survey also revealed that the next seven leading banks had a satisfaction level of 85% as well as ING Direct and ME Bank were leading in home loan customer satisfaction. Since Mortgage Brokers keep themselves updated with such information and tie up with the leading lenders, it helps the customers to choose the best mortgage property for them.
The bank with best level of customer satisfaction was reported to be ME Bank, with a percentage of 92.8%, ING Direct stood at 92.7% while SA held a satisfaction level of 88.7%.
CBA was leading the big four with 82.0% while Westpac received 80.8%. ANZ provided a satisfaction level of 77.5% and NAB stood at 78.9%. In spite of reducing the home loan rates, the banks saw a decreasing level of satisfaction in their home loan customers as compared to the non-home loan customers.
The above mentioned survey results and even the recent study done by Mortgage and Finance Association of Australia (MFAA) which stated that more number of Australians are turning to Mortgage brokers for their property lending needs.
However, it becomes highly important for the customers to choose the right mortgage broker considering all the parameters such as lending partners and previous records. Choosing a good mortgage broker allows the user to be in touch with the right lending partner that can offer them best cost and avoid any loss.
Norman Morris, the director of Roy Morgan Research industry communications mentioned in his statement that there might be a rise in home loan rates and it’ll become important to track the response of mortgage customers about the same. The fact may affect the satisfaction and reliability levels of the bank.
The customers are mainly drawn to the brokers who have access to a large panel of lenders so that the user can have a better choice.
Independent mortgage broker such as Oak Laurel provides mortgage services in Australia’s major cities Canberra, Sydney, Brisbane, and Adelaide to guide borrowers from or outside Australia.