Happy customers reach 'historic' highs

by Caroline Dann24 Jul 2012

In a rare bit of good news for the mortgage industry, the number of happy customers has reached "near-historic highs," according to ING’s Wellbeing Index.

 
The quarterly survey found 48% of borrowers were making monthly repayments ahead of time. Only 5% of the population were found to be behind in mortgage repayments.
 
Meanwhile, the number of mortgage-free households is the highest since the survey began in 2010, at 28% nationally.
 
“Our research shows there is greater level of comfort with mortgage debt as increasingly homeowners are ahead with their repayments,” said Lisa Claes, executive director delivery at ING Direct. 
 
It also shows an increasing number of Australians ‘bunkering down’ and paying off debt before accumulating more, which in essence dries up new business for many mortgage brokers.
 
However, ING Direct’s head of corporate affairs, David Breen, told Australian Broker Online the focus for brokers should now be on strengthening existing relationships, as well as diversifying. 
 
“It’s important now for brokers to focus on existing customers, and building satisfaction levels and service. A broader approach to service is key too – how can you offer more to your customers?” he said
 
Breen admitted the outlook for the finance industry was not overly positive in terms of credit growth.
 
“We don’t expect the slow-down in credit growth to reverse anytime soon. It’s a big trend and will be affecting the market for some time. When growth was high, brokers could, to an extent, rely on simple income streams – but not anymore,” he said.
 
 
 

COMMENTS

  • by Martin 24/07/2012 10:33:18 AM

    I like the way 'historic' now means 'since 2010'. Makes me feel old(er)!

  • by Donut 24/07/2012 11:16:49 AM

    That's 28% of the population that is ready for another mortgage............