Athena Home Loans

If you are looking for a home loan in Australia, the mortgage market has shifted dramatically. With the Reserve Bank of Australia (RBA) cash rate sitting at 4.35%, average variable interest rates hover around 6.9%, though highly competitive lenders offer rates starting in the high 5% range.

Crucially, over 80% of Australians now use a mortgage broker rather than going directly to a bank. This is largely to combat the "loyalty tax"—where banks charge existing customers up to 0.50% more than new customers.

Because "the best" lender depends entirely on your financial situation and how you want to manage your loan, the top brands and products Australians actually use are broken down by category below.

1. The Broker & Consumer Darling: Macquarie Bank

If you ask mortgage brokers or finance-savvy Aussies who they recommend most, Macquarie Bank is almost always at the top of the list. While it is technically a major bank, it behaves like a nimble tech company.

• The Standout Product: Macquarie Offset Home Loan Active (or Basic Variable).
• Why people use it:
  • Unmatched Turnaround Times: Macquarie is famous for approving loans in days (and sometimes hours), whereas major banks can take weeks.
  • Brilliant Digital Experience: Their banking app is widely considered the best in Australia for managing offset accounts.
  • Competitive Packaging: You can link up to 10 fee-free offset accounts to a single loan, which is fantastic for budgeting.
• Best for: Borrowers who want a premium, fully featured offset home loan with highly competitive rates and top-tier technology.

2. The Direct-to-Consumer Digital Giants

If you have a straightforward PAYG income, a healthy deposit (typically 20%+), and don't want to use a broker, digital-first lenders offer some of the absolute lowest rates on the market.

• Unloan (Backed by CBA)
  • The Standout Product: Unloan Variable Home Loan.
  • Why people use it: Unloan is a digital-only lender owned by Commonwealth Bank, giving you the security of Australia’s biggest bank but with much lower rates. It has a unique Loyalty Discount—your rate is cut by an additional 0.01% p.a. every year you hold the loan (up to a 0.30% discount). There are also zero application or ongoing fees.
  • The Catch: It does not offer a traditional offset account (only a redraw facility), and they don't do construction loans or partner with mortgage brokers.
• Athena Home Loans
  • The Standout Product: Athena Straight Up Variable.
  • Why people use it: Athena is famous for its "no loyalty tax" policy—if they drop rates for new customers, existing customers get the drop automatically. They also feature "AcceleRATES," meaning as you pay down your loan and your Loan-to-Value Ratio (LVR) drops, your interest rate automatically decreases.
  • The Catch: Like Unloan, they are direct-only (brokers can't write them) and they have strict lending criteria (mainly targeting refinancers with low LVRs).
• loans.com.au
  • The Standout Product: Smart Home Loan (Basic or Offset).
  • Why people use it: A pioneer of online-only lending in Australia. They consistently win Canstar and Mozo value awards because they keep their margins razor-thin, giving you major-bank-style offset features at non-bank pricing.

3. The "Big Four" Banks (CBA, Westpac, NAB, ANZ)

Despite the rise of digital lenders, the Big Four still hold the majority of the Australian mortgage market. People generally don't use them for the lowest rates, but they are highly popular for specific needs.

• Why people use them:
  • Complex Loans: If you are self-employed, have multiple income streams, or are looking to build a home (construction loan), the Big Four have much more flexible credit policies than digital lenders.
  • First Home Buyer Schemes: They actively participate in federal and state first-home buyer guarantee schemes.
  • Branch Access & "Digi" Products: CBA has launched its own direct-online product called the Digi Home Loan to compete with fintechs, offering a sharper rate than their standard package. Westpac’s Flexi First Option is also highly popular as a competitive "no-frills" major bank option.

4. Mid-Tier & Customer-Owned Banks

These are the institutions that sit between the online-only fintechs and the corporate giants. They frequently win "best value" awards because they don't have to answer to public shareholders.

• ING: Incredibly popular with younger buyers. Their Orange Everyday banking suite integrates beautifully with their competitive home loans, and they frequently run highly rated offset and redraw products.
• ubank (backed by NAB): ubank operates as a digital bank. They offer a seamless app-based application process, very competitive variable rates, and no ongoing fees.
• Great Southern Bank & Beyond Bank: Customer-owned mutual banks that are heavily focused on customer service, low fees, and supporting first-time buyers with competitive LMI (Lenders Mortgage Insurance) waivers.

How to decide what's best for you:

1. If you want the absolute lowest rate and have a clean application: Go with a digital lender like Unloan or Athena. Just note that you will have to handle the application yourself.
2. If you want a great rate, an offset account, and broker support: Ask your broker to look at Macquarie or ING.
3. If you have a complex financial situation (e.g., self-employed): You will likely need a major bank like NAB or CBA.
4. If you already have a mortgage: Check your current rate. If it starts with a 6 or higher, call your bank and ask them to match a competitor's rate, or contact a broker to refinance. Refinancing can easily save you $2,000+ a year in the current market.

The best mortgage lenders in Australia are usually not just the cheapest on headline rate—they’re the lenders people actually use because they combine competitive rates, decent features, and reliable service. For most borrowers, the standout names in current comparison and awards pages are Macquarie Bank, ING, CBA, Westpac, NAB, and several strong non-bank lenders like Unloan and Athena.

If you want the most practical shortlist, these are the top brands/products people commonly choose:

• Macquarie Bank Offset Home Loan Package — often rated among the best overall for offset features, app experience, and investor/refinancer appeal.
• ING Orange Advantage / ING home loans — commonly praised for customer satisfaction and broad mainstream appeal.
• CBA home loans — one of the most used lenders in Australia and frequently recommended for first-home buyers and borrowers who want a major-bank option.
• Westpac Flexi First Option — often competitive among the big four, with strong features like offsets and a solid mainstream presence.
• NAB home loans — a common pick for borrowers who want a big bank, and often noted for self-employed/business-friendly lending.
• Unloan Variable Home Loan — a popular low-cost digital option, especially for refinancers and borrowers focused on redraw and simplicity.
• Athena Home Loans — a well-known non-bank challenger with a reputation for competitive pricing and low ongoing fees.

For different borrower types, the best fit usually looks like this:

• First-home buyers: CBA or Bendigo Bank are often highlighted for first-home buyer support and scheme participation.
• Refinancing: Unloan and Macquarie are frequently recommended.
• Offset account users: Macquarie and Westpac are commonly strong choices.
• Self-employed borrowers: NAB and Liberty Financial are often better fits than the big “lowest-rate” lenders.
• Lowest-rate shoppers: Non-bank lenders such as Reduce Home Loans, Pacific Mortgage Group, and other challenger lenders often show the sharpest advertised rates, but features and eligibility can be more limited.

A useful rule of thumb in Australia is that the big four banks are not usually the cheapest on rate, but they remain among the most used because of brand familiarity, branch access, and broader lending flexibility. At the same time, comparison sites and awards show that Macquarie, ING, Unloan, and Athena are often where value-conscious borrowers end up in 2026.

If you want, I can narrow this down to the best 5 lenders for your exact situation—for example first home buyer, refinancing, investor, self-employed, or low deposit.