Mortgage customers have been fairly satisfied with obtaining loans through either a broker or through a bank according to recent figures from market research firm Roy Morgan.
However, customers were slightly more satisfied (80.3%) when obtaining home loans through a bank, compared to using a mortgage broker (77.3%). The trend was similar among recent home loans (held for under six years), with 81.7% for those who go straight to bank, compared to 78.7% for mortgage brokers.
Data cover the six months to January 2018 and are from the Roy Morgan Single Source survey of over 50,000 consumers per annum, including over 12,000 mortgage holders.
All of the largest banks, with the exception of Westpac, had higher satisfaction when going direct (75.2%) rather than using mortgage brokers (75.7%).
Home loan customers of Bendigo Bank who obtained their loan in person at a branch had the highest satisfaction with 92.6%, followed by Bankwest (87.3%) and St. George (86.8%). The best of the big four was NAB with 82.4%, followed by ANZ (79.7%).
Meanwhile, satisfaction when using mortgage brokers was highest for St. George with 85.6%, Bankwest (82.1%) and Suncorp Bank (82.0%). Each of the big four were below the market average (77.3%) for home loan customer satisfaction when using a mortgage broker, with the best of them being NAB (76.4%) and Westpac (75.7%).
This article was first published in our sister publication Australian Broker.