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Building society throws down gauntlet to majors

by Staff Reporter10 minute read
The Adviser

Steven Cross

Newcastle Permanent Building Society has been awarded Canstar’s top honour, with the lender receiving 20 5-star ratings for its loan products.

Newcastle Permanent chief executive Terry Millett said the Newcastle Permanent now has more CANSTAR 5-star rated home loans than any bank, building society or credit union in Australia.

“Only the home loans in the top 5 to 10 per cent receive a 5-star rating,” Mr Millett said.


“Our strong result was achieved while 48 fixed rate products from other financial institutions lost their 5-star rating.

“We will continue to work hard to ensure our home loan products continue to be recognised as among the best in the industry.”

Newcastle Permanent’s success comes shortly after the lender was named “Building Society of the Year” by Roy Morgan.

According to Roy Morgan research, the lender had the highest proportion of satisfied customers of all financial institutions in Australia in the December 2011 Monthly Customer Satisfaction Survey.

Less than 7 per cent were unsatisfied with their experience with the lender.

Roy Morgan research chief executive Michele Levine congratulated Newcastle Permanent on its award winning achievement.

"Customer satisfaction is more vital than ever in today's age of social media, where the slightest negative customer interaction can literally be broadcast to thousands, virtually instantly," Ms Levine said.

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