HOW WE CHOSE THE BEST

Leading research company Canstar looked at more than 15,000 products and services to help Money bring you these awards

BANK OF THE YEAR

The winner had the highest aggregate score of the institutions competing in seven of the individual categories. Customer satisfaction also played a part and data from Roy Morgan Research was used for a rolling 12-month period to February 2017. Mutual banks were considered in this category. The weightings are: •

Home lender 22.5% • Money minder 20% • Credit card issuer 17.5% • Customer satisfaction 10% • Investment lender 10% • Personal lender 7.5% • Business bank 7.5% • Mobile banking 5% WINNER: BANKWEST

CREDIT UNION OF THE YEAR

The winner had the highest aggregate score of the institutions competing in six of the individual categories. Customer satisfaction was not factored in because Roy Morgan’s data on customer satisfaction for credit unions is not extensive.

The weightings are: • Home lender 30% • Money minder 30% • Personal lender 15% • Credit card issuer 10% • Investment lender 10% • Mobile banking 5% WINNER: CUA

BUILDING SOCIETY OF THE YEAR

The winner had the highest aggregate score of the institutions competing in six of the individual categories. Customer satisfaction was not factored in because Roy Morgan’s data on customer satisfaction for building societies is not extensive. The weightings are: • Home lender 30% • Money minder 30% • Personal lender 15% • Credit card issuer 10% • Investment lender 10% • Mobile banking 5% WINNER: NEWCASTLE PERMANENT

HOME LENDER OF THE YEAR

The winner offers a competitive product in each of the most common mortgage categories. Variable, fixed-rate and line-of-credit products were taken into account. Six-month historical rates to March 1, 2017 were used. The weightings are: • Owner-occupier loans 85% • First-home buyers 15% WINNER: BANK AUSTRALIA

NON-BANK HOME LENDER OF THE YEAR

Using the same methodology as the Home Lender of the Year, this award recognises the non-bank lender with a product range of overall outstanding value in variable and fixed-rate mortgages as well as line-ofcredit products. The weightings are: • Owner-occupier loans 85% • First-home buyers 15% WINNER: FREEDOM LEND

MONEY MINDER OF THE YEAR

The winner is the provider most likely to have an account that delivers value for money and includes personal transaction accounts, children’s accounts, regular saver accounts, online saving accounts and term deposits. The weightings are:

At-call deposit accounts 70% • • Term deposits 30% WINNER: ING DIRECT

CREDIT CARD ISSUER OF THE YEAR

The winner is the one most likely to have a card that delivers value, no matter what type of user you are. The weightings are: • Low rate 30% • Rewards 20% • Frequent flyer 20% •

Low fee 15% • Premium 15% WINNER: COLES

PERSONAL LENDER OF THE YEAR

The winner has a competitive suite of car and personal loans. Both variable and fixed-rate loans were considered.

The weightings are: •

Unsecured personal loans 50% •

Car loans 50% WINNER: VICTORIA TEACHERS MUTUAL BANK

INVESTMENT LENDER OF THE YEAR

The winner offers competitive loans to property investors. The weightings are: • Variable loans 60% • Fixed loans (1, 2, 3 and 5 years) 35% •

Line of credit 5% Winner: BCU

NON-BANK INVESTMENT LENDER OF THE YEAR

The winner offers competitive loans to property investors. The weightings are: •

Variable loans 60% • Fixed loans (1, 2, 3 and 5 years) 35% •

Line of credit 5% WINNER: AMO GROUP

MARGIN LENDER OF THE YEAR

Institutions were awarded points for positive features, investment menu and gearing capacity (known as LVR) on that menu.

The weightings are: •

Share investor 50% • Managed fund investor 50% WINNER: WESTPAC

BUSINESS BANK OF THE YEAR

The scoring takes into account business deposit products including transaction and savings accounts, credit cards, term loans and overdrafts. The weightings are: • Business loans 50% • Deposits 35% •

Credit cards 15% WINNER: WESTPAC

INSURER OF THE YEAR

This category took into consideration home and contents and car insurance and is based on Canstar’s fivestar rating methodology. The weightings are: • Home and contents 50% • Car insurance 50% WINNER: BUDGET DIRECT

MOBILE BANKING PROVIDER OF THE YEAR

Canstar scored each institutions’ mobile banking offering include desktop, mobile and apps based on facilities, security, web customisation and uniqueness in terms of usage, enhancements and customer experience. The highest overall score won the day. WINNER: COMMONWEALTH BANK