ING Bank has been knocked off its perch as the bank with the most satisfied home loan customers, after a big drop in its satisfaction rating over the past year. Its place has been taken by Bendigo Bank.
According to Roy Morgan’s latest banking customer satisfaction ratings among home loan borrowers, Bendigo Bank’s satisfaction rating rose from 89.9 per cent in March last year to 91.2 per cent in March 2022.
ING’s rating fell from 94.6 per cent to 89.6 per cent over the same period.
Macquarie Bank shot up to third place, with an increase in its rating from 78.8 per cent to 86.4 per cent.
Suncorp had a rating of 86.2 per cent, Bankwest 84.6 per cent and St George Bank 80.5 per cent.
Among the big banks, Commonwealth Bank was rated seventh with a rating of 77.8 per cent, NAB was ninth (76.7 per cent), ANZ tenth (75.3 per cent) and Westpac eleventh (73.3 per cent).
The ratings of all four big banks fell over the 12 months. The average rating of the 12 banks in the survey also fell.
Customer satisfaction with banks rose during the pandemic lockdown and isolation periods, as customers responded to banks’ forbearance policies. Roy Morgan said the fall in overall ratings represents a return to pre-pandemic levels.
Roy Morgan chief executive Michele Levine said in a statement: “As we head further into 2022 there are new challenges facing those with home loans and their banking institutions – rising inflation and interest rate increases.”