That's according to new data released by the Australian Financial Complaints Authority (AFCA), which found home loan complaints rose by 20% over the last six months of 2019 compared to the previous six months. 

There were 2,201 mortgage complaints in that time, or 367 per month on average. 

That's about a dozen a day. 

The increased complaints come despite not one, but three cash rate cuts of 25 basis points occurring in that time frame. 

AFCA Chief Operating Officer Justin Untersteiner said that it was disappointing to see an increase in complaints, but maintained that data transparency is important. 

"Every six months, AFCA releases data which allows Australians to see how many complaints their insurer, bank, financial adviser, superannuation fund or other financial firm has received and how they have responded to those complaints,” Mr Untersteiner said.

"Rebuilding trust in the Australian financial services will be a long journey and one that requires effort across the entire sector."

Mr Untersteiner said the "dramatic" increase in complaints was driven by:

"The data also shows that we are getting very few complaints about financial advice, just 30 per month, and complaints against debt buyers or collectors rose by just five per cent," he said. 

"Our hope by releasing this data is that we see improvements and the industry takes action to reduce the number of complaints that end up at AFCA.”

Home loans weren't the most complained about product however: That dubious honour goes to credit cards, which attracted more than 2,700 complaints. 

Home building insurance was the most frustrating insurance product meanwhile at 1,445 complaints. 

Three of the big four banks led the charge for complaints, with CBA, ANZ and NAB attracting 3,404, 2,343 and 2,165 complaints respectively across various products. 

Westpac on the other hand came fifth, one place behind insurer AAI.

In terms of location, most of the complaints came from customers in New South Wales with 6,266. Comparatively:

  • Victoria had 5,557
  • QLD had 3,610
  • WA had 2,046 
  • SA had 1,115 


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