Australian home loan holder’s are more satisfied with lenders. The ‘big four’ banks, ANZ, Commonwealth, NAB and Westpac, are catching smaller lenders in the satisfaction stakes.
According to the latest Roy Morgan Research data, released at the end of 2013, bank customers have an 81.2 percent satisfaction level. This is the highest rating in the 18-years of conducting the survey. The big four banks received a 79.6 percent satisfaction rating and have caught up to smaller lenders with a once 9 percent gap closing to 5 percent.
Norman Morris, industry communications director for Roy Morgan Research, said that consumer confidence had increased as the big four had passed on interest rate cuts over the last 2-years. Morris felt that this had a very positive impact on consumer’s rising satisfaction levels, with how banks had responded to rate cuts being more important to consumers than actual rate cuts themselves.
Many consumers had voiced their disapproval in the past about banks failing to pass on rate cuts by the Reserve Bank of Australia (RBA). In fact, failure to cut rates is often viewed by consumers as unfair. This, in turn, often has an adverse effect on customer satisfaction levels.
Why Australian’s are Buying Property Now
High customer satisfaction levels, greater lender confidence and record low interest rates are encouraging Australian’s to buy property. According to a recent RPData survey, 75 percent of respondents thought now was a good time to be buying a home, especially when home values have reached their lowest and the market is now beginning to climb back-up.
Always Consider Your Finances Before Buying
For those looking to buy, experts recommend that the most important factors are considering your own personal and financial circumstances, conducting in-depth property market research and buying within a safe budget, rather than overstretching your finances.
The biggest mistake home buyers make is not looking in suburbs surrounding those that are considered as ‘hot spots.’ Often buying in the suburb next-door will save you thousands of dollars, and you’ll get more home for your money. You can then watch this property appreciate in value, often more than the hot spot. Whereas, buying in a hot spot can overstretch your budget, then when interest rates rise you can find it difficult to meet your mortgage repayments.
Are you seeking for the right home loan for you? Yes! Then contact eChoice and find the right home loan for YOU today.
Written by eChoice