Heritage Bank Records 82% Jump in Home Loan Inquiries

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Customers keen to explore the benefits of switching their home loan from one of the big banks helped fuel an 82% jump in home loan inquiries at Heritage Bank in February, CEO John Minz said today.

Heritage Bank

Heritage Bank

Our products can help people save money on their home loans, so it’s not surprising to see customers coming to us looking for a better deal on an existing loan

Customers keen to explore the benefits of switching their home loan from one of the big banks helped fuel an 82% jump in home loan inquiries at Heritage Bank in February, CEO John Minz said today.

Mr Minz said home loan inquiries through the Heritage contact centre and website had remained relatively static in the five months from September last year through to January this year.

However in February the inquiry rate spiked up 82% compared to the average number of inquiries in the previous five months.

"A significant chunk of those people were customers from one of the big banks who have started to realise the benefits of switching over to Heritage, Australia’s largest customer-owned bank,” Mr Minz said.

“The simple fact is that we can often offer a better deal for our customers, because our focus is on giving them better value, not generating big profits to pay shareholders. A perfect example is the fact that our standard rate variable home loan is currently 0.44% lower than the average of the big four banks. As a customer-owned bank, we pride ourselves on providing better interest rates, fairer fees and superior service whenever possible. The message that there are alternatives out there such as Heritage that offer great deals is starting to have an impact.”

In fact, Mr Minz said that 30% of home loans written by Heritage Bank last month were refinancing of loans from other institutions.

“Our products can help people save money on their home loans, so it’s not surprising to see customers coming to us looking for a better deal on an existing loan,” he said.

“It’s also a reflection of the fact that Heritage Bank had the highest customer satisfaction rating* in the country in the Roy Morgan Consumer Finance Satisfaction Survey as at December last year.”

“Great products, great services and great staff add up to a very satisfying experience for our customers.”

About Heritage
Queensland-based Heritage Bank has been meeting its customers’ financial needs for more than 136 years. Heritage is now Australia’s largest customer-owned bank, with more than $8 billion in assets, 58 branches and 70 mini-branches across southern Queensland, and with offices servicing home loan customers via mortgage brokers right across Australia.

Heritage offers the full suite of banking products including home loans, personal loans, savings accounts, term deposits, credit cards, insurance, financial planning, business banking and foreign exchange. Heritage also offers members access to a network of more than 2900 ATMS around Australia.

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