Consumers have little love for the major banks according to the results of the Australian Home Loan Awards. In a nationwide survey in which more than 10,000 existing mortgage holders took part, newcomer ME Bank scooped the pool, winning both Bank of the Year and the overall Lender of the Year Award.
The Bank set up by the industry super funds sufficiently impressed consumers in areas including customer service, interest rates, loan features and speed of approval to win four gold medals and three silver medals in the bank category, proof that its entry into the bank lender market is paying off.
ME Bank CEO Jamie McPhee said the win is further proof that ME Bank’s fairer banking approach resonates with customers.
“Our customers like products to be straightforward, easy to understand, transparent and low cost, and to be treated with respect,” he said. “They love having a genuinely fairer alternative to the other banks.”
With every lender promising the best deals and thousands of products out there to choose from, it’s a daunting task for the prospective homebuyer to distinguish a truly great product from one that simply has a good advertising campaign. The Australian Home Loan Awards took to this task by asking existing mortgage holders to rate their lender in the first awards survey of its kind.
Your Mortgage managing editor Nila Sweeney said the results of the Australian Home Loan Awards are significant as they show what consumers really think of their lenders.
“What sets the Australian Home Loan Awards apart is that it is completely customer focused,” she said. “The results were determined purely by votes from actual mortgage holders, which tells us whose home loan products actually stack up and who’s promising more than they deliver.”
The full list of winners and information about the nation’s best lenders is available in the latest issue of Your Mortgage magazine on sale now at leading newsagents or online at www.yourmortgage.com.au.