TAL Life takes the top gong in the 2022 Consumer Finance Awards for its Health Sense and Health Sense Plus programs, both of which are geared towards preventative measures and reward policyholders who are in the habit of getting regular health check-ups.

Rael Solomon, regional managing director of Plan For Life, actuaries and researchers, says TAL scored highly based on a range of factors, including the type of premium discounts it provides, its healthy living rewards and the level of physical and mental health support for policyholders.

Last year the group launched the TAL SpotChecker, a national skin awareness program to help more Australians learn to self-check for possible signs of skin cancer and promote sun-safe practices.

"We've seen first-hand the positive effects that prevention and early detection can have on managing health, and we want to do everything in our power to spread that message," says Priya Chagan, TAL general manager, health services, in the group's annual SpotChecker report.

The group also offers a range of discounts. One incentive is a discount of up to 15% off their accelerated protection life, critical illness and/or TPD insurance premiums if the policyholder's body mass index (BMI) is between a healthy 19 and 28.

TAL Life products can be accessed three ways: directly through the company, through a financial adviser and through a super fund. The group is owned by Dai-ichi Life Group, one of the world's largest insurers with total assets of more than $753 billion.

Last year, the insurer paid $2.7 billion in claims to more than 39,000 customers. It found that the most common reason for accepted claims is mental health conditions, including post-traumatic stress disorder and depression. More than two-thirds of all mental health claims related to loss of income.

Finalists in this category were MetLife for MetLife 360Health, which offers a Q&A feature that allows policyholders to ask medical questions without making an appointment virtually or in person, and MLC Life Insurance for MLC On Track, which offers rewards and discounts for policy holders who meet an annual step target.

If you carry an ongoing card balance, the St.George Vertigo credit card could be a useful choice. It comes with a $55 annual fee, 13.99% rate on purchases and a  minimum credit limit of $500, making this an option for anyone getting their first credit card.

St.George's No Annual Fee card has a 20.74% rate. As well, cardholders enjoy up to 55 days interest free. If you are a cardholder who typically pays off any balance in full each month before interest charges apply, the No Annual Fee card could be a budget-friendly option.

If you're into card-based rewards, St.George has two Amplify Rewards credit cards - Platinum and Signature. Amplify Rewards is a shared rewards program available through St.George, Bank of Melbourne and BankSA (all owned by Westpac).

It lets cardholders redeem points for a variety of rewards, including flights. Both St.George Amplify cards have a purchase rate of 19.49%. The Platinum card comes with a $29 card fee for the first year (a saving of $70). The Signature card has an annual fee of $139 for the first year (saving $140).

The key difference between the two cards lies in the points they earn. The Amplify Rewards Platinum card earns one point per $1 spent on eligible purchases, while the Signature card earns 1.5 points per $1 spent.

If you're chasing Qantas Frequent Flyer rewards, St.George has two Qantas rewards credit cards - Amplify Qantas Platinum and Amplify Qantas Signature - that can be linked to your Qantas Frequent Flyer account. Both have a purchase rate of 19.49% and 55 days interest free.

"We know that credit cards remain a popular option for our customers, so we are delighted our products and St.George have been recognised as Credit Card Issuer of the Year," says Steve Rubenstein, managing director, consumer finance, at Westpac Group.

"Customers are always after value and that's exactly what our product offerings have targeted. Our low-rate, low-fee and rewards credit cards continue to receive great feedback from customers and it's fantastic that the industry has acknowledged this, too, especially in such a competitive market."

Our runner-up, ME Bank, has the Frank low-rate card, which has no annual fee and a purchase rate of 11.99%. It's linked to Mastercard's Priceless rewards program.

Money's other finalist in this category, HSBC, offers four credit cards, with rates starting at 12.99% with the low-rate card. As a plus for travellers, the card charges no overseas transaction fees.

While the tides are starting to turn now, we've seen mortgage rates - particularly variable rates - reach some of the lowest points in years.

Amid this, HSBC has not only managed to offer a range of relatively low-cost home loans compared with its major bank competitors, but it has also kept pace with many non-bank and digital lenders, which have typically provided the sharpest options around.

HSBC is offering variable rates starting from as low as 2.52%pa for loan-to-value ratios (LVRs)below 70% and fixed rates from 4.07%pa on a one-year term for LVRs below 80%.

"We've always aimed to be competitive on interest rates - that's been one of our key principles," says HSBC's head of secured lending, Rory McCotter.

"Lower funding costs last year played a part in helping drive some of those lower interest rates as well. But we wanted to make sure that we were competitive on rates to go along with the strong service proposition that we've got."

In addition to attracting mortgage holders by keeping loan costs low, HSBC has also found success tapping into the booming refinancing market.

Figures from the Australian Bureau of Statistics show that in the year to March 2022, roughly $190 billion worth of loans were refinanced from one lender to another - one of the highest 12-month amounts on record. As McCotter notes, the bank has been aided on the refinancing front by its $3288 cashback incentive.

"A good cashback offer combined with good interest rates has seen us really gain some traction, particularly in the refinance market. I think that's been helped by a lot of customers becoming a bit savvier around their finances as well - so shopping around for better rates and cashback offers."

HSBC is aware of the need to help customers adjust to a new world of climbing interest rates, though.

"For us it's about communication between ourselves and customers, as well as on the broker side," says McCotter.

"We're cognisant of the changing interest rate environment, so we encourage customers to have a conversation about the rise in interest rates and speak to either a relationship manager or their broker."

AMP has placed second this year after performing particularly well with its longer-term fixed-rate home loans.

The bank is currently offering three-year fixed rates from 4.79%pa and five-year rates from 5.04%pa for LVRs below 60%.

Third-placed ING fared well across the home lending space, though its basic home loans were a strong point. The online bank is currently offering variables rates starting at 2.34%pa for LVRs below 80%.

Leveraged Equities has taken the lead among margin lenders again this year.

Working in partnership with Bendigo and Adelaide Bank, it offers a huge listing of 3000 investment products on which it will lend money. Variable-rate margin loans start at 6.5%pa and direct loans start at 4.2%pa.

Since the pandemic lockdown more Australians are focused on investing, according to Leveraged Equities.

It is seeing more interest through brokers and also from direct customers. Investors are seeing value given the buoyant market sentiment and low-interest-rate environment, says Lily Elliott, the head of Leveraged Equities.

The business is one of the longest-operating margin lenders in Australia, celebrating its 30th anniversary this year.

Elliott says both existing and new customers have engaged with the company at unprecedented levels over the past 12 months.

"Further to that, we have continued to invest in capabilities to connect with platform operators to ensure the needs of our partners and their customers' needs met."

It is focused on continuing to provide superior customer and partner service with brokers in addition to evolving its capabilities to meet investor requirements.

"During the last three decades we have experienced and managed through various conditions, including the tech crash, the September 11, 2001, terrorist attacks, the GFC and lastly COVID-19. Each time we have taken the learnings to drive improvements in our offerings and capabilities," says Elliott.

During the pandemic she says investors had lower gearing ratios, but the rapid fall in the value of their portfolios despite healthy diversification could not be avoided. Their response was well-considered: they added equity in the form of cash or shares or sold down part of their holdings.

During this time Leveraged Equities also saw an unexpected number of new entrants wanting to take advantage of the conditions.

"While the margin lending industry is still a far cry from the record levels set pre-GFC, this time there was a much faster recovery," says Elliott.

"Given the surge in the next generation of investors, who are increasingly considering gearing as an option to build their wealth, we are building greater education programs including technology that innovates our offering for diverse levels of investors."

Second in this category is CommSec, part of the Commonwealth Bank group, which offers a full range of products for individuals and self-managed super funds. Its investment list spans all major categories and it also offers a continually expanding set of online trading tools and educational resources. Margin loans start at a competitive 5.5%pa.

Rounding out the top trio is Bell Direct, a complete brokerage offering, with margin loans starting at 5.65%pa.

WHY THEY WON

Positive features included large investment menu and gearing capacity.

TOP PRODUCTS

Variable rate margin loans from 6.5%pa and direct loans from 4.2%pa.

RANKINGS

1. Leveraged Equities

2. CommSec

3. Bell Direct

The pandemic has changed a lot, not least the way people manage their money.

"COVID-19 has accelerated the trend away from cash towards cards and digital payments," says Craig Ralston, ME's group executive, customer banking.

While holding cash in the bank won't provide much of a return these days, having an emergency fund is good financial practice.

"The pandemic has increased households' understanding of the importance of having a stash of savings for emergencies and I think we're seeing savings behaviour increase across the board," says Ralston.

"While alternatives such as the sharemarket can be appealing in the pursuit of higher potential returns, savings accounts like ME's term deposits and online accounts provide customers with security and confidence in receiving an ongoing capital return."

Our winner in this segment, Greater Bank, performed strongly this year in the money minder, credit card and business banking areas.

It was above average in home lending and personal lending and recently launched its Owe to Own product with a one-year fixed interest as low as 1.69%pa (comparison rate of 3.49%pa).

"As a customer-owned bank, we don't have shareholders, which means our profits are reinvested into our business to provide better value products and services and develop our technological platforms to ensure we continue to service our customers well into the future and to foster and support the communities in which we operate," says Matt Hingston, Greater Bank's head of marketing.

"The pandemic presented many of our customers with incredible financial challenges. For some, it was the first time they had ever experienced any sort of hardship. During that time, it was critically important that we continued to support them, which we did by providing several hardship arrangements.

"We wanted our customers to know that when times are tough, we have their back and will get them through it, and when the good times return we will continue to prosper together.

"While much of that financial pressure has eased for customers across our areas of operation, we continue to work with and provide support to those who experience hardship through any life event."

Greater Bank was founded in 1924 from the Newcastle and Hunter River Public Service Starr-Bowkett Building Co-op as a response to economic depression, which put homeownership outside the reach of many people.

In 1945, the co-op became the Greater Newcastle Co-operative Permanent Building and Investment Society, and as it expanded beyond Newcastle its name changed to Greater Building Society and then Greater Bank. It is still a mutual owned by customers.

Greater Bank is investing in technology and developing capabilities to introduce new products and services.

"We are also investing heavily in the digital space. Customers' needs and expectations today and into the future are being driven by advancements in technology and we want to ensure we stay ahead of that," says Hingston.

"Over the last five years we have seen a significant increase in the number of customers using our mobile app to conduct much of their banking. Currently we have nearly 60% of customers using the app each month.

"The advancements in digital wallets are also having a great influence on how people interact with their bank."

Greater Bank edged out Bank Australia and Bank First to secure pole position.

Bank Australia is strong in personal lending and credit cards. It has been carbon neutral since 2011 and is known for its responsible banking. Bank First's strength was in home lending, with mortgages starting at 2.88%pa.

WHY THEY WON

Very strong in money minder, credit cards and business banking.

TOP PRODUCTS

Owe to Own with low 1-year fixed interest rate of 1.69%.

RANKINGS

1. Greater Bank

2. Bank Australia

3. Bank First

Money's Bank of the Year, Suncorp, has also been named Business Bank of the Year for the fourth year running.

According to Alex Dunnin, Rainmaker Information's head of research, business services is where Suncorp is strongest. 
Once again, this year it has the lowest priced business loans, with rates from 2.99%pa and lots of loan products, with a presence in most parts of the country.

To win this category, Suncorp ranked highly across all the major business banking categories of business loans, business transactions and savings accounts for multiple balance accounts and business credit cards. Eligible products were ranked according to interest rates and charges available at the end of March.

Suncorp business banking is known for great service and market-leading value, says Clive van Horen, CEO of Suncorp banking and wealth.

"Our focus is on being there when it matters for customers for the long term, whether helping them with their next purchase or investment or helping them through difficult times like COVID, flood or drought.

"For business banking at Suncorp Bank, we take pride in supporting businesses from small to medium enterprises, commercial, property to agribusiness with their transaction banking, merchant, lending and equipment finance needs, backed by relationship managers with deep industry expertise and experience."

This year Suncorp has invested in its digital capabilities, with face-to-face conversations across its national network of branches or on the phone.

Because of the pandemic, 2020 was a challenging year for all banks, and van Horen says Suncorp worked on helping clients through relief packages such as deferring loan repayments and switching from principal and interest to interest-only loans.

"We welcomed each phase of the federal government's small business guarantee scheme to provide the financial support small business required to navigate, plan and invest in their future," says van Horen.

"It's been a big year and it is clear the recovery will go through its ups and downs, so we will continue to do what we can to help customers in their individual circumstances."

Suncorp continues to have a large presence in agribusiness, and its strength in relationship building helps to keep it on top here.

Our runner-up, AMP, has a Business Saver account that offers a bonus rate of 0.8%pa on top of its base rate for balances up to $1 million. It also has the cheapest home equity investment loans, starting at 3.53%pa.

Bank of Queensland was strong in the money minder category and rated well in home lending, investment lending and business banking.

WHY THEY WON

Highest average ratings across all major business categories.

TOP PRODUCTS

Low-priced business loans starting at 2.99%pa.

RANKINGS

1. Suncorp

2. AMP

3. Bank of Queensland

Budget Direct continues to hold the top spot as it consistently offers among the lowest-priced rates in most of the markets in which it competes. And in markets where it isn't the lowest, it's seldom outside the top three.

This sharp pricing has seen it record one of the fastest rates of premium inflow growth among insurers in Australia - 24% a year, according to the Australian Prudential Regulation Authority (APRA).

What distinguishes Budget Direct is its singular focus on digital marketing and client feedback (which it uses to guide product development), as shown by its extraordinary ability to get customer ratings.

On the independent Product Review website it gets 10 times the rating of its nearest competitor.

Budget Direct doesn't insure everybody, but this is one of the reasons its premiums can remain low.

Combined with its national repairer network, it builds a value proposition that is hard to beat. Budget Direct is also the insurer behind the offerings of Australia Post, ING and Virgin Money.

Alex Dunnin, head of research at Rainmaker, says Budget Direct is a smooth operation.

"The insurance market is brutally competitive with property insurance premiums going up because of climate events. Reinsurers are screwing down on insurers and at the same time the insurers are trying to keep prices as low as possible. Since last year, Budget Direct has had such a great success as a great digital offering it's encouraging a lot of other insurers to focus on their digital offerings."

Jonathan Kerr, chief growth officer at Auto & General, the policy underwriter, says at Budget "we take pride in being able to deliver the full-product service and deliver to the expectations of the customer at a lower price".

The market is becoming more competitive with more options now than there were five or six years ago.

"Many competitors are doing things which probably add complexity and confusion to the customer. We really focus on comprehensive car insurance - you know what you get and tailor it to your needs.

"We are very focused on correctly pricing the risk to the individual and what that means is we have a laser focus on that. We are more responsive to pricing to genuinely good risks.

"I feel that this award is like going to the Olympic Games five times in a row and still winning the gold medal. Once you put together a run of wins everybody is chasing you, the competition gets harder and harder. So the ability to be the Michael Phelps of insurance, to go back and win again and again ... the honour just gets bigger."

Allianz came second in this category. It is the insurer behind Aussie, Hume Bank and National Australia Bank.

Allianz is a full-service insurer that was named  Best Value Home & Contents Insurer in Money's 2021 Best of the Best awards.

Allianz is offering a range of discounts to attract new customers and challenge the market leader's dominance: Allianz's premiums business is growing at 4%pa while Budget Direct is managing 24%pa.

Suncorp, in third spot, is the insurer behind some of Australia's best-known insurance brands: AAMI, Bingle, Carpeesh, GIO, RACQ and Real Insurance.

WHY THEY WON

Consistently sharp pricing resulting in highest take-up of premiums of any insurer.

TOP PRODUCTS

Comprehensive car insurance is the main focus in this category.

RANKINGS

1. Budget Direct

2. Allianz

Suncorp

Credit cards have had to grapple with a pandemic and the conservative spending it has precipitated. Credit card lending declined in April by $300 million or 1.1%, leaving it about 20% below pre-COVID-19 levels.

But while credit card usage is down, the plastic is still holding its own against the disruption posed by buy now, pay later (BNPL).

A survey by the comparison website Mozo found that 52% of people put their 2020 Christmas shopping on a credit card, with only 10% using BNPL.

"Although there has been a lot of hype around the popularity of buy now, pay later services, it seems that when it comes to the crunch credit cards are still one of Australia's most popular forms of payment, particularly for spreading the cost of Christmas," says Mozo director Kirsty Lamont.

The new Credit Card Issuer of the Year is Bank of Melbourne. Its Vertigo card offers a 12.99%pa variable rate on purchases and 0% interest on balance transfers for 28 months, with no transfer fee and a $55 annual fee.

Its frequent flyer Amplify credit cards, meanwhile,  give you up to 0.75 points for every dollar spent on eligible purchases.

Mark Melvin, Bank of Melbourne CEO, believes it's all about matching credit card features to customers' needs - whether it's a low-interest rate, no annual fee, a card with rewards points or a choice of points programs.

"Our customers can choose to apply for, and manage, their card in a way that suits them: either online, in a branch or over the phone or a combination of these options," he says.

"Customers also have peace of mind that access to their funds will be uninterrupted if their physical card is lost, stolen or being re-issued, by adding their card to the digital wallet of their choice, such as Apple Pay and Google Pay.

The repayment options include instalments over time using the Plan&Pay feature.

"This enables Bank of Melbourne customers to repay specific purchases over $200, or a card balance, by splitting it into instalments and making payments over a period of time."

Meanwhile, second placegetter St.George has a 12.99%pa variable rate on purchases for both its low-rate credit cards, Vertigo and Vertigo Platinum. As with Bank of Melbourne, the Vertigo credit card has a $55 annual fee.

In third place, HSBC also offers 12.99%pa on its low-rate card, with 0% interest on balance transfers for 20 months (with a  2% balance transfer fee). The card has a $99 annual fee.

WHY THEY WON

Offers transaction and balance transfers with rates starting at 14%pa in the first year.

TOP PRODUCTS

Its balance transfer credit card is its best offering.

RANKING

1. Bank of Melbourne

2. St.George

3. HSBC

Bendigo Bank won this year with its impressive offerings in home lending, especially in fixed-interest mortgages. Rates start at 2.09%pa, which beats many low-cost fintech competitors.

COVID-19 caused Bendigo Bank, as an essential service, to mobilise its teams rapidly and in different ways to help clients through the pandemic.

"We kept the vast majority of our branches open, redeployed employee resources into critical call centre and mortgage help teams to assist with increased enquiries and asked our corporate employees to work safely from home," says Marnie Baker, Bendigo and Adelaide Bank managing director.

"I am immensely proud of the care and consideration they have shown everyone. Their ability to adapt is a testament to the culture that is fostered at the bank.

"Achieving this also takes deep understanding of a customer's individual circumstances, particularly among our growing small business customer base. Our business banking division achieved the distinction of being named the highest-rated bank for supporting customers through COVID-19.

"We've learned to do more with less, develop workarounds and adapt, so I see this flexibility and ability to respond well to change as a positive, which will ultimately lead to better customer and community outcomes."

Baker says the Bendigo Bank's advantages and eye for market opportunities lie in its strength of purpose, values, strategy and commitment to customers' needs.

"Looking ahead, supported by our growth and transformation strategy, we continue to target above-system residential lending and further growth in the small business and agribusiness sectors, whilst at the same time reducing our cost base and maintaining a strong and resilient balance sheet.

"We are strengthening our operations and improving how we engage customers through increased productivity by driving down costs, and through sustainable investment in new capabilities, particularly in customer experience and digitisation.

"This approach is underpinned by sustainable investment in new capabilities, particularly in customer experience and digitisation. Partnering is in our DNA and our leadership in fintech partnership and history of innovation supports our longer-term growth strategy."

HSBC was the runner-up in this category, showing strength in home lending and investment lending.

Third-placed Macquarie Bank has also been recognised for its fixed-term mortgages. Rates start at 2.57%pa for loan-to-value ratios (LVRs) less than 70% and 2.62%pa for LVRs of 80%. Its variable loans start at 2.53%pa and basic loans at 2.54%pa.

WHY THEY WON

Impressive offerings in home lending, especially in fixed-interest loans.

TOP PRODUCTS

Fixed-interest loans from 2.9%pa, and are the sponsors of many fintech start-ups.

RANKINGS

1. Bendigo Bank
2. HSBC
3. Macquarie Bank

According to the Reserve Bank of Australia, Aussies have racked up $144.7 billion in personal loan debt as of October 2020, with the average fixed rate for a personal loan sitting at 12.46%pa.

That's a lot of interest, which is all the more reason to compare products.

Non-banks get their own award category this year, and for good reason. They secure funds at wholesale prices, which can often translate into better rates for borrowers.

The inaugural award goes to Alex, a 100% digital newcomer to lending.

"We believe that personal lending is such an innovative space to be a part of and ultimately it's the customer's expectations of financial services experiences that has changed," says Alex CEO Simon Beitz.

"Customers expect simplicity, speed and fairness without losing the human touch and that is exactly what Alex aims to be.

"For example, we've seen a lot of property owners approach Alex for funding of small home improvement projects as opposed to obtaining a mortgage increase, which is a cumbersome and timely process and can involve higher interest costs."

Alex offers personal loans from six months to five years, with interest rates ranging from 5.45% to 19.99%. There are no establishment fees, ongoing fees, payout penalties or extra-repayment fees. That's the "what" part of the Alex story, but equally important is the "how".

"Alex brings different leading-edge technologies and partners together to provide safer, simpler and more personalised offerings," says Beitz.

"Our personal loan applications can be completed within three minutes with all necessary information seamlessly and securely collected from customers, resulting in minimal circumstances where Alex needs to ask them for additional information to make a good lending decision. As a result, we can commit to providing customers with a decision on their loan within a business day."

Don't expect Alex to remain in this category for long, however.

"Alex is bit more ambitious than most digital lenders as we're aiming to become a bank so that we can offer customers both lending and savings products," according to Beitz.

"We've kicked things off with a multi-award-winning personal loan and we can't wait to launch our additional offerings in the future."

In second place is loans.com.au, which has five-year car loans for 4.67%pa.

Now Finance rounds out the top three, offering unsecured loans from $5000 to $50,000 with interest rates ranging from 5.95% to 17.95%.

WHY THEY WON

Highest scores across unsecured personal loans over 3 and 5 years; no ongoing fee and no early-payout penalty.

TOP PRODUCTS

Personal loans offered at rates as low as 5.45%pa for loans up to $30,000; 100% digital.

RANKINGS

1. Alex

2. loans.com.au

3. Now Finance

Suncorp has beaten Macquarie Bank and Bank of Queensland to nab this award for the fourth year running.

Clearly it is doing it right.

It has a wide range of loan products with a presence in most parts of Australia and there is an initiative to alleviate hardship in partnership with the Way Forward debt relief charity.

"The market is very competitive and customers are looking for convenient and personalised options to manage their finances and reach their goals," says Clive van Horen, CEO of Suncorp banking and wealth. "By offering market-leading products at competitive rates with unmatched customer service, Suncorp makes a real difference during incredibly important and emotional times for customers looking to achieve their financial goals.

"While we're a smaller bank, we focus on doing the key things well. It's in Suncorp's DNA to care for customers - whether this is in the bank or through our insurance colleagues who are there for customers in the moments that matter. We know our customers are changing the way they bank, with fast growth in digital channels. For this reason, we have invested in our digital capabilities, yet we are still available for face-to-face conversations in our branches or on the phone."

Suncorp introduced a range of measures to help customers through the pandemic.

"We bolstered our support for customers, announcing a historically low fixed home loan rate - a 1.89%pa two-year fixed home loan rate. And we made things easier for our customers by removing a range of fees, including dishonour fees and foreign currency conversion fees on Everyday Options accounts. This followed the previous removal of monthly account-keeping fees, making our day-to-day bank accounts among the best in market," says van Horen.

"Winning in home lending is our top priority and with the strong growth in home loan applications we deployed more team members into operations and support roles to speed up turnaround times. We recently simplified our expense verification process, requiring customers to provide less documentation for loan applications. This means a faster 'time to yes', and builds on our recent introduction of Easy Refinance, Easy Add Loans, Easy Equity Loans and our popular home loan annual fee waiver."

For everyday banking customers, Suncorp has further reduced fees and continues to invest in its app, which has seen strong customer adoption and engagement.

Macquarie, runner-up in this category, continues to be a leading provider in home lending, investment lending and money minding.

Bank of Queensland, rounding out the top three, scored strongly as a money minder and also gets a tick in home lending, investment lending and business banking. Since last year, Bank of Queensland has acquired ME Bank, which gives it an X-factor.

WHY THEY WON

Many loan products with a presence across Australia; lowest-priced business loans.

TOP PRODUCTS

Strong in business banking and home loans; business loans start at 2.99%pa.

RANKINGS

1. Suncorp

2. Macquarie Bank

3. Bank of Queensland

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)

The annual awards help Australians find the top performers in each category so they can bank, borrow and invest with the best.

The awards recognise the leading financial institutions across 21 categories.

Notable award winners were Suncorp (Bank and Business Bank of the Year), Budget Direct (Insurer of the Year), ME Bank (Money Minder of the Year) and Bendigo Bank (Home Lender of the Year).

Suncorp, Budget Direct, ME Bank, Police Bank, La Trobe Financial, Greater Bank, Move Bank, Bank First and Freedom Lend all retained their awards from 2020.

The winners are recognised for their competitive pricing for Australians and consistent focus on the markets they serve.

The collection of winners and finalists are selected after a rigorous data-driven analysis assisted by research leaders Rainmaker Information and data provider InfoChoice.

"With COVID-19 hitting our bank balances hard, your choice of finance provider could make the difference between shaving years of your loan or wearing those mortgage boots for longer," says Michelle Baltazar, editor-in-chief of Money magazine.

"We congratulate our winners for giving more Aussies the chance to fulfil their dreams, whether it's buying property for the first time or financing a small business, through better banking deals."

Julia Newbould, managing editor of Money magazine, congratulated the winners by saying, "it was good to see a lot of winners from previous years still performing at the top of our lists - it shows that they are committed to continuing to look after their members' best interests."

"It was also great to see new players emerge in these competitive categories. A competitive market is always going to be a win for consumers."

The full results of the Consumer Finance Awards are published in the July issue of Money magazine, on sale now.