Does your bank work in your best interest?

The majority of Australians believe they have a good relationship with their bank but their expectations are surprisingly low.

We recently surveyed 1,000 Australians to find out how they felt about their bank and why people are prepared to settle for anything less than the best deal, particularly when it comes to their mortgage.

The research uncovered that although 61% of respondents say they have a good relationship with their bank, 66% do not believe their bank works in their best interest.

“There’s clearly a disconnect in expectations when it comes our relationships with banks,” says David Hyman, co-founder and managing director at Lendi. “It’s crazy that people rate their relationship as positive, yet they don’t genuinely expect their bank to work proactively in their best interest.”

The survey also showed only 27% of respondents believe they are being offered the same deal that their bank is offering new customers.

Hyman continues; “Nearly three quarters of people do not believe they are getting the same value as new customers but this is relatively easy to rectify.

“Homeowners should review their mortgage and compare it to what their lender is offering to attract new customers. If your deal is not the same, ask your bank to match it. If they refuse, talk to a home loan specialist about switching.

“It’s good to see that 70% of those surveyed would switch banks for a better deal. A little bit of effort could save you a lot of money over the life of a loan.”

*Online survey of 1,000 Australians (aged 18+), conducted 10 - 12 April 2018.

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