Australians would switch banks if it was easier

15 February 2017

A national poll undertaken by Blackmarket Research has revealed that Australians are interested in switching home loan providers but are put off by the difficulty of the process.

While over a third of people say they are considering changing home loans in the next year, a third are also put off by the pain involved.

The Customer Owned Banking Association (COBA), which commissioned the research, believes that making it easier for consumers to switch would promote genuine banking competition.

COBA CEO Mark Degotardi said that Australians wanted competitive home loans but were let down by the switching system.

He cited instances where changing providers could take three months.

“If customers shop around they will see there’s real value in switching to a customer owned alternative.

“Customer owned banking is doing well, with market leading customer satisfaction and net promoter score ratings,” said Mr Degotardi.