Do you have bank-xiety? ME Bank report reveals 94% of Aussies do

By Rhianna Dews · · 5 min read
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ME Bank’s recent report revealed an astonishing 94% of Aussies don’t trust their banks in the wake of the Banking Royal Commission’s release of its final report earlier this year.

After surveying 1000 Aussies in February this year, ME’s report also unveiled that 95% of Aussies agreed bank products and rates aren’t as transparent as they should be, and 92% believe that banks sell products and services that are inappropriate to customers, or that they don’t need.

ME CEO, Jamie McPhee, coined the term ‘bank-xiety’ as a way to describe these disturbing findings of the anxiety Aussies are experiencing around their finances following the Banking Royal Commission.

“And this is concerning given banks, and banking, are at the heart of our national and household economies. Banks facilitate our daily financial transactions, hold much of Australian’s hard-earned savings, and are often the main source of credit in times of need,” he said.

Despite the massive number of people experiencing bank-xiety, ME’s survey showed that very few are proactively doing something about it, with only 14% of Aussies admitting they have switched, or are in the process of switching to a bank they trust.

While ME strongly urges unhappy consumers to actively review their banking relationships, according to McPhee, very few do, as “there’s still this perception that it is difficult to switch right away and that all banks are the same.”

It is because of this that ME Bank, among other banks, is now working harder than ever to earn consumer trust and prove that not all banks are the same.

“We'd like to think that we're one of those banks that bring a very different mindset to the way that banking is conducted,” said McPhee. “We have a core purpose, which is not a marketing campaign. It's to help all Australians get ahead. That's the very reason the bank was set up in the first place by the industry super funds in 1994.”

ME Bank, which won Mozo’s 2018 Australia’s Best Bank award for offering great value products across home loans, credit cards, savings accounts and more, has launched a campaign which strives to raise awareness of the bank-xiety epidemic by encouraging Aussies to speak up and take action.

“Like many issues, bank-xiety sits just below the surface. By providing Australians with the language to describe what 94% of the adult population is experiencing, we want to empower them to rid themselves of this feeling for good,” said McPhee.

“That's exactly why we need sites like Mozo, which actually help people navigate an area which so many find quite complex,” McPhee added.

Home loan comparisons on Mozo

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Last updated 27 July 2024 Important disclosures and comparison rate warning*

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  • Unloan Variable

    • Owner Occupier
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    Interest rate
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    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
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    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Basic Home Loan

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    Initial monthly repayment
    $3,043
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    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Neat Home Loan

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    6.09 % p.a.
    Variable
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    6.11 % p.a.
    Initial monthly repayment
    $3,027
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    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
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    Interest rate
    6.09 % p.a.
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    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
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    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
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    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Express Home Loan

    • Owner Occupier
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    Interest rate
    6.01 % p.a.
    Variable
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    6.14 % p.a.
    Initial monthly repayment
    $3,001
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    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
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    6.38 % p.a.
    Initial monthly repayment
    $3,043
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    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Offset Home Loan

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    6.14 % p.a.
    Variable
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    6.39 % p.a.
    Initial monthly repayment
    $3,043
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    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
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    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
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    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
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  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

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Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

So, ask yourself this; are you truly satisfied with your current banking situation? Or, are you like the 94% of Aussies suffering from post-Financial Services Royal Commission bank-xiety?

How to recognise the symptoms of bank-xiety:

Symptom: You signed up to your home loan five years ago, and you know the rate’s gone up since then, but you’re too scared to check by how much.
Solution: Bite the bullet and check your loan files! Then punch some numbers into our switch and save calculator and find out just how much you could save if you were to refinance.

Symptom: You’re struggling to keep up with loan repayments, but you don’t think your bank will help.
Solution: Get familiar with your banks’ financial hardship policies - all lenders have them. Your bank wants you to meet repayments as much as you do, so don't be scared to reach out, or, if they genuinely aren't helpful, seek advice from the financial ombudsman.

Symptom: You’ve lost faith in your bank after reading the Banking Royal Commission News.
Solution: Is it because you’re with a greedy big bank? Check out these ethical banking options or make the switch to a customer-owned or mutual bank with a community focus. There are plenty of good banks out there - you just have to find them!

If you’re having doubts, then now’s the time to make the switch and refinance your home loan to a bank that is better suited to your banking needs.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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