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Home Loan Rates Improve Banking Confidence

By David Bell

Anyone who hopes to sell property in Rockhampton should find their luck has changed over recent months, as reductions to the cash rate have helped improve confidence in the nation's banks.

The latest figures from Roy Morgan Research show the satisfaction level of personal customers reached an 18-year high of 81.3 per cent in November.

This marked a slight rise from the 81.2 per cent recorded in October, with home loan customers emerging as being among the happiest with the service they receive.

Industry communications director Norman Morris said: "The eight interest rate reductions in home loans over the last two years are now having a very positive impact on the satisfaction of home loan customers, and as such are contributing to the improvement in overall satisfaction results."

He emphasised how more people are choosing to bank online, meaning customers are more likely to be satisfied with the service they receive than if they headed into a branch.

Two cuts to the official cash rate have been made this year – in May and August – leaving the rate at an all-time low of 2.5 per cent.

The Reserve Bank of Australia is next due to meet on February 4.

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