Doctor reveals why she has ditched the big Aussie banks

A young doctor has revealed the conversation she had with one of Australia’s biggest banks that left her so shocked she decided she had to leave.

A hardworking doctor has shared the conversation that made her decide to ditch big banks in Australia for good.

*Georgina Ray, 32, from Adelaide went with one of the big four banks to get her home loan. For around two years, she paid the 5.39 per cent interest rate, but when she went to negotiate a lower home loan she said the bank didn’t even attempt to keep her as a customer.

“I wanted to negotiate a lower home loan as I was aware I did not have a competitive rate and I was also conscious of interest rates,” she told news.com.au.

Dr Ray said the experience left her feeling completely undervalued as a bank customer. She went there for help and, instead, the bank was willing to lose her.

“They weren’t very helpful in negotiating a better rate and gave me one option and literally said ‘this is the best we can do’,” she said.

“The rate they negotiated was hardly better than my current rate and, despite providing evidence of lower rates offered elsewhere, were unwilling to negotiate further.”

The young doctor didn't feel like a valued customer. Picture: Supplied

She's now left that bank. Picture: Supplied

In the same conversation where she asked for a better deal, the bank offered to transfer her documents and “did not even try to keep me as a customer”, she said.

Dr Ray is now with Beyond Bank Australia, a mutual bank which differs from how the big four banks ANZ, Westpac, NAB and Commonwealth operate.

The main difference is that Beyond Bank is owned by the members, while the big four are owned by shareholders. The big four pay dividends to shareholders, whereas the profits of credit unions can also benefit their members.

Dr Ray said her home loan rate is lower, which puts her at ease.

“It gives me confidence that, although rates are generally increasing, I have a competitive rate, so I’m not wasting money on interest,” she said.

She's feeling more valued. Picture: iStock

The latest Roy Morgan issued by the Customer Satisfaction Consumer Banking in Australia report reveals that customer-owned banks continue to outperform major banks in customer satisfaction, a trend that has persisted for decades.

Customer-owned banks achieved an 89.5 per cent satisfaction rate from Australians who used them as their main financial institution, surpassing the major banks that have earned a 75.4 per cent rating.

Dr Ray said that the customer-owned bank has also been a better fit for her when it comes to her personal beliefs.

“I wanted a community-minded bank and was aware that many shareholder-owned banks invest in fossil fuels. Beyond Bank is B-Corp certified, which is better for the planet and for people,” she said.

“My experience with investor-owned banks was that they were unhelpful after the initial loan signing. When I tried negotiating my mortgage rate, I felt they preferred losing me as a customer.”

The young doctor said she’s also noticed a shift in how she’s been treated. Now, she feels like her bank is trying to help her rather than just treating her like a number.

“I feel like they are genuinely helping me achieve my financial goals, as opposed to just trying to do what is best for the business. Which was always how I felt when I was a customer with the bigger banks,” she said.

“As a doctor, informed consent is really important in my line of work, and a key part is making sure people understand what they’re getting into. I have only felt that level of understanding with Beyond Bank.”

Names have been changed for privacy.