Bendigo Bank Leads Home Loan Satisfaction Rankings, Suncorp Sees Gains
New financial data from Roy Morgan’s Single Source shows Bendigo Bank leads in terms of customer satisfaction among home loan customers, with an impressive rating of 87.7%. This high score is largely due to its strong focus on customer service.
ING followed in second place at 83.3%, praised for its low fees and competitive interest rates. Macquarie ranked third at 82.9%, also benefiting from similar strengths in fees and rates.
Suncorp Bank saw the biggest improvement, rising 5% to 79.0%. Suncorp is another bank strongly associated with good customer service. On the other hand, Bankwest experienced the largest drop in satisfaction, falling 17.2% to 72.2%, following the closure of its branches in Western Australia.
Overall, customer satisfaction among Australia’s top banks declined slightly to 73.7% in late 2024, down 0.6% from the previous year (six months to December 2023).
Chart 1: Customer satisfaction of home loan banking customers: December 2023 cf. December 2024
Source: Roy Morgan Single Source Australia, Jul. 2023 – Dec. 2023, n = 45,043, Jul. 2024 – Dec. 2024, n = 46,224.
Base: Australians aged 14+. *The ten banks reported have a minimum sample size of at least 200 for the periods reported.
Home loan customers of each institution are highlighting the following key strengths of their home loan provider that is driving customer satisfaction:
- Bendigo Bank Home Loan Customers – A bank that provides good customer service, waiting times are perceived as short and customers feel valued and treated with respect.
- ING Home Loan Customers – A bank that charges competitive rates on loans and has low fees.
- Macquarie Home Loan Customers – A bank strongly associated with competitive rates for loans.
- Suncorp Home Loan Customers – A bank strongly associated with good customer service, having well trained staff and make customers feel valued and respected.
- Westpac Home Loan Customers – A bank that has experienced and well-trained staff.
- NAB Home Loan Customers – A bank linked to being secure, including secure Internet banking.
- Bankwest Home Loan Customers – Customers are highlighting frustration with closing branches and particularly without communication to customers.
Roy Morgan General Manager of Financial Services Suela Qemal commented:
“Home loan customer satisfaction for Australia’s top banks was at 73.7% in the six months to December 2024, down slightly from a year ago (74.3%). The current level of home loan customer satisfaction is almost identical to that in December 2019 (74.0%) – immediately prior to the pandemic.
“While home loan customer satisfaction across the top banks peaked in the six months to February 2021 at 80.2% coinciding with “mortgage holidays”, it soon began to drift downwards as mortgage repayments resumed for hundreds of thousands of borrowers. Since early 2022 there has been the additional impost of rising interest rates.
“This combination of factors caused a sustained decline in home loan customer satisfaction from its peak in early 2021 until it bottomed out in August 2024 at 70.9%, the lowest recorded since this measure was first tracked in 2011. Since August 2024, the levels of satisfaction have slightly improved, reaching 73.7% in December 2024, coinciding with improving consumer sentiment and expectations that interest rates will decline in 2025.
“Looking at the banks it is Bendigo Bank which has excelled during the last year with the highest home loan customer satisfaction at 87.7%, ahead of ING (83.3%), Macquarie (82.9%) and Suncorp (79.0%) – Suncorp’s increase of 5.0 percentage points over the last year is the best of any bank.”
These latest banking satisfaction ratings come from the Roy Morgan Single Source survey, derived from in-depth interviews with over 60,000 Australians each year.
Related research findings
For further in-depth analysis, view the Consumer Banking Customer Satisfaction Report or the various Banking and Finance Currency Reports.
For comments or more information about Roy Morgan’s banking satisfaction data please contact:
Roy Morgan Enquiries
Office: +61 (3) 9224 5309
askroymorgan@roymorgan.com
Roy Morgan Customer Satisfaction Awards
The Roy Morgan Customer Satisfaction Awards highlight the winners, but this is only the tip of the iceberg. Roy Morgan tracks customer satisfaction, engagement, loyalty, advocacy and NPS across a wide range of industries and brands. Data can be analysed by month for your brand and importantly your competitive set.
Need to know what is driving your customer satisfaction?
Check out the new Roy Morgan Customer Satisfaction Dashboard at https://www.customersatisfactionawards.com.
Margin of Error
The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.
| Sample Size | Percentage Estimate |
| 40% – 60% | 25% or 75% | 10% or 90% | 5% or 95% | |
| 1,000 | ±3.0 | ±2.7 | ±1.9 | ±1.3 |
| 5,000 | ±1.4 | ±1.2 | ±0.8 | ±0.6 |
| 7,500 | ±1.1 | ±1.0 | ±0.7 | ±0.5 |
| 10,000 | ±1.0 | ±0.9 | ±0.6 | ±0.4 |
| 20,000 | ±0.7 | ±0.6 | ±0.4 | ±0.3 |
| 50,000 | ±0.4 | ±0.4 | ±0.3 | ±0.2 |
