Home loan borrowers have mixed feelings towards Big Four Banks

According to a survey conducted by BrandCentral, home loan borrowers are still more likely to take their business to the major banks, even though they believe them to be irresponsible and lacking in customer care.

The survey found that many borrowers perceive the big banks as “looking stronger and more successful” since the GFC, while mortgage brokers were near the bottom of the table on that measure. However, when asked which institutions took good care of their customers, survey respondents ranked credit unions as number one, followed by small banks and mortgage brokers. Big banks were at the bottom - below credit card companies and financial planners.

BrandCentral stated that the big four are "seen as being ‘bastards and profit takers’ whilst also being seen as ‘the best and most reliable partner’.”

“Whilst there was a decline in loyalty, this was tempered by a desire to only deal with the larger and more stable companies that will be around for the long term.”