The Australian Financial Complaints Authority (AFCA) announced that home loans were the subject of nearly 10% of complaints received last year.
This makes them the second most popular after credit cards. 14% of all complaints were about credit cards, of which 9% were for home loans.
The total number of complaints was down 12% compared to the fiscal year 2019/20, which included the early days of the pandemic, with the total number of complaints filed just over 70,000 in 2020/2021.
“It is noteworthy that the number of complaints related to financial difficulties has decreased by almost 40% compared to last year,” said Locke. “This is an excellent result that reflects the positive government and industry response to the impact of COVID.
“However, it is too early to say that we have emerged from the forest. It may be several months before we know the full implications of the end of government emergency support and aid from financial firms, such as deferred loan payments. And of course, we are still living with COVID-19.
“It is important that consumers and financial service providers continue to work together to quickly resolve problems as they arise,” said Mr Locke. “The last 12 months show what is possible when it happens.”