Australian lenders

Home loan lenders in Australia

Australia has considerably more home loan lenders than the four major banks. This guide covers the full range, including major banks, challenger banks, digital lenders and non-bank lenders, and sets out the general strengths of each tier.

Big four

Roughly three-quarters of Australian mortgages are held by these four banks. They offer the greatest convenience and product breadth, and generally the largest difference between advertised and negotiated rates.

Commonwealth Bank

Australia's largest home lender, with the broadest branch network and a widely used banking app.

Westpac

The oldest bank in Australia, operating a group of brands that includes St.George, Bank of Melbourne and BankSA.

NAB

A big four bank with a strong broker channel. NAB owns the digital brand ubank.

ANZ

The most internationally focused of the big four. ANZ also operates its digital arm, ANZ Plus, and has acquired Suncorp Bank.

Challenger

Full-service banks that compete on service, speed or price rather than scale. They are often well suited to borrowers seeking an alternative to the major banks.

Macquarie Bank

One of the fastest-growing major lenders of recent years, known for competitive rates, fast approvals and a strong presence in the broker channel.

ING

A Dutch-owned bank without branches, long established in straightforward owner-occupier lending.

Bendigo Bank

A community-branch model with consistent customer-satisfaction rankings. Bendigo Bank owns the digital lender Up.

Bank of Queensland

A regional challenger with owner-managed branches. The group also includes ME Bank and Virgin Money Australia.

Suncorp Bank

A lender with Queensland origins, now part of ANZ, that continues to operate under its own brand and credit policy.

Digital & non-bank

Lenders without branches, with lower operating costs and competitive rates. Non-bank lenders are not covered by the same deposit rules, but they are regulated lenders and add competitive pressure to the market.

ubank

NAB's digital brand, offering app-based banking without branches and consistently competitive variable rates.

Athena

A non-bank lender specialising in refinancing, with a stated commitment to charge new and existing customers the same rate.

Unloan

Commonwealth Bank's digital lender, offering a single loan product with a discount that increases each year the loan is held.

Profiles are general information, not recommendations. No lender pays for inclusion.

Choosing a lender

How lender credit policy determines the most suitable home loan

Every lender on this page is suitable for some borrowers and unsuitable for others. Credit policy, rather than the advertised rate, determines whether an application is approved and on what terms. Matching a borrower’s income structure, deposit and property to the lender whose policy best accommodates that profile is the role of a mortgage broker, and the service is provided at no cost to the borrower.

For background on pricing, see the guide to how home loan interest rates are set. Borrowers can estimate how much lenders may be prepared to lend with the borrowing power calculator, and existing borrowers considering a change of lender may find the home loan refinancing guide useful.

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Australian home loan lenders: frequently asked questions

Are smaller lenders and non-bank lenders safe?

A home loan is not a deposit, so a borrower has no funds at risk with the lender. Non-bank lenders are regulated under the same credit laws as banks. If a lender were to fail or sell its loan book, the loan would transfer to another party on the same contractual terms.

Do the big four banks offer the best home loan rates?

Generally not on advertised price, as digital and non-bank lenders usually advertise lower rates. However, the big four may discount substantially on request, particularly through brokers, and their credit policies can suit complex situations. The most suitable lender depends on the individual borrower rather than on a general ranking.

Why do different lenders offer different borrowing amounts?

Each lender assesses income, expenses and existing debts differently. The treatment of bonuses, rental income, HECS debts and credit cards varies considerably. The same applicant can see six-figure differences in borrowing power across lenders, which is one of the strongest reasons to use a broker.

Is it harder to obtain a loan directly from a bank or through a broker?

The credit assessment is the same in either case, because the lender makes the decision, not the broker. The difference is that a broker knows which lender's policy fits the applicant's profile before an application is lodged, which helps to avoid declined applications that can affect a credit file.

Which banks do BorrowWise brokers work with?

BorrowWise-accredited brokers hold panels of 30+ lenders spanning all three tiers on this page. BorrowWise does not accept payment for placement on this list. The profiles are educational, not advertising.

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