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Westpac mortgage holders happier than those without: report

by James Mitchell8 minute read
The Adviser

Westpac was the only bank to achieve a higher customer satisfaction rating from its home loan customers than from its non-home loan customers, according to Roy Morgan Research.

Released yesterday, the Consumer Banking Satisfaction Report shows Westpac scored 79.8 per cent with mortgage customers while non-mortgage customers gave a 79.2 per cent satisfaction rating.


Last year, the ratings painted a different picture, with non-mortgage customers significantly more satisfied at 78.1 per cent against a 72.3 per cent rating for customers with a Westpac mortgage.


The eight interest rate reductions in home loans over the past two years are now having a very positive impact on the satisfaction of home loan customers, Roy Morgan Research industry communications director Norman Morris said.

In the six months to October 2013, CBA maintained its top position of the big four, with a 81.3 per cent satisfaction rating, followed by Westpac (79.4 per cent), NAB (78.2 per cent) and ANZ (77.5 per cent).

Over the past 12 months, NAB was the only major to show a decline in satisfaction (down 2.2 percentage points), compared to Westpac (up 2.6 percentage points), ANZ (up 2.4 percentage points) and CBA (up 2.2 percentage points).

How customers deal with their bank is having an impact on satisfaction scores, Mr Morris said.

“The increased use of internet banking, for example, is likely to have contributed to increased satisfaction overall because customer satisfaction with this channel now exceeds their satisfaction with branches,” he said.

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