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Jessica Darnbrough
Despite achieving higher customer satisfaction ratings than the big four month after month, Australia’s mutual sector is failing to win broker business.
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According to a recent straw poll by The Adviser, two thirds of mortgage brokers have “never” written a loan with a credit union before.
When asked whether or not they write loans with credit unions, 67.8 per cent of the 211 brokers said “never”, while 16.1 per cent said “rarely”.
Only 10 per cent admitted to “occasionally” writing credit unions loans while 6.2 per cent of respondents said they did it on a “regular” basis.
These findings come just days after research from Roy Morgan found the mutual lenders outperformed the majors in terms of customer satisfaction – with the sector recording a broker satisfaction score of 93.1 per cent.
Bankmecu’s acting chief executive officer Robert Allen said while the Roy Morgan research was pleasing and reflected the lender’s own data, he knew the bank had a long way to go if it was going to build its overall market share.
“We will continue to work hard at improving and maintaining a high level of customer satisfaction which comes about as a result of our commitment to pricing, personal service and a more responsible approach to banking,” he said.
