Consumer Finance Awards 2021: How we chose the winners
Money's annual Consumer Finance Awards recognise the leading financial institutions across 21 categories to help Australians find the best products to master their money.
Leading comparison website InfoChoice provided data on a full range of products and services, with analysis and supplementary data provided by Rainmaker Information, to help Money bring you these awards.
BANK OF THE YEAR
The winner had the highest overall score among bank institutions that competed across six individual categories. Only full-service banks with a national presence were eligible for this major award. The weightings were:
• Home lender 30%
• Personal lender 20%
• Credit card issuer 20%
• Money minder 10%
• Investment lender 10%
• Business bank 10%
WINNER: SUNCORP
CUSTOMER-OWNED INSTITUTION OF THE YEAR
The winner had the highest overall score among customer-owned institutions competing across six individual categories. To be eligible for this award institutions needed to be listed as a member of the Customer-Owned Banking Association and have more than $4 billion in assets. The weightings were:
• Home lender 30%
• Personal lender 20%
• Credit card issuer 20%
• Money minder 10%
• Investment lender 10%
• Business bank 10%
WINNER: GREATER BANK
NON-BANK LENDER OF THE YEAR
The winner was the non-bank lending institution judged by Rainmaker research to score highest across seven core dimensions: product range, business strength, ability to raise lending capital, innovation, corporate transparency, loan quality and customer depth.
WINNER: LA TROBE FINANCIAL
BUSINESS BANK OF THE YEAR
The winner was the bank that had the highest average product rankings across the major business banking categories of business loans, business transactions and savings accounts for multiple balance amounts and business credit cards. Eligible products were ranked according to interest rates and charges available at end March 2021.
WINNER: SUNCORP
HOME LENDER OF THE YEAR
The winner was the major bank lender offering the highest average product rankings across the major home lending categories of variable, basic home loan, fixed over three and five years and home equity. Lenders had to offer eligible products in at least three categories. Products were ranked according to Annual Average Percentage Rates (AAPR), interest rates and charges available at end March 2021.
WINNERS:
BENDIGO BANK (bank)
REDUCE HOME LOANS (non-bank)
SYDNEY MUTUAL BANK (customer-owned)
MARGIN LENDER OF THE YEAR
Lenders were awarded points for positive features, investment menu and gearing capacity (known as LVR) on that menu. The weightings were:
• Share investor 50%
• Managed fund investor 50%
WINNER: LEVERAGED EQUITIES
PERSONAL LENDER OF THE YEAR
The winner was the bank lender that had the highest average product rankings across the major personal lending categories of unsecured personal loans fixed over three and five years, car loans and debt consolidation loans. Eligible products were ranked according to AAPRs at end March 2021.
WINNERS:
HSBC (bank)
ALEX (non-bank)
MOVE BANK (customer-owned)
MONEY MINDER OF THE YEAR
The winner was the banking product provider that had the highest average product rankings across the major personal lending categories of savings accounts for low, medium and high balances and term deposits over one, three and five years. Products were ranked according to interest rates and charges available at end March 2021.
WINNERS:
ME (bank)
NEWCASTLE PERMANENT BUILDING SOCIETY (non-bank)
HERITAGE BANK (customer-owned)
INSURER OF THE YEAR
This category took into consideration home and contents and
car insurance and is based on
the following weightings:
• Home and contents 50%
• Car insurance 50%
WINNER: BUDGET DIRECT
CREDIT CARD ISSUER OF THE YEAR
The winner was the credit card issuer offering the highest average product rankings across the major categories of low rates cards, premium cards, transactor cards, transfer balance
cards and cards that offer rewards programs.
WINNERS:
BANK OF MELBOURNE (bank)
COLES (non-bank)
BANK FIRST (customer-owned)
INVESTMENT LENDER OF THE YEAR
The winner was the customer-owned institution offering the highest average product rankings across the major property investment lending categories of variable, fixed over three and five years and home equity. Lenders had to offer eligible products in at least two of the four categories. Products were ranked according to AAPRs, interest rates and charges available at end March 2021.
WINNERS:
ADELAIDE BANK (bank)
FREEDOM LEND (non-bank)
POLICE BANK (customer-owned)
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