Bendigo Bank

Short answer: the best Australian mortgage shortlist

If you’re in Australia, I’d shortlist Macquarie, ING, Unloan, Up, CBA/CommBank, Westpac, NAB, ANZ/Suncorp, Bendigo Bank, and a couple of customer-owned or online lenders like People First Bank, Greater Bank/Newcastle Permanent, loans.com.au, Homestar, Tiimely Home or Pacific Mortgage Group.

But I’d split them into two buckets:

1. Lenders people actually use at scale: CBA, Westpac, NAB, ANZ/Suncorp, Macquarie, ING.
2. Lenders often sharper on price/features: Unloan, Up, Macquarie, ING, loans.com.au, Homestar, Tiimely, customer-owned banks.

Australia’s mortgage market is still dominated by the Big Four: CBA, Westpac, NAB and ANZ hold roughly 72% of owner-occupier housing loan value and 76% of investor housing loan value, while CBA alone is around a quarter of the market. Macquarie has been the standout challenger, growing quickly and now sitting as the clear “fifth force” in home lending. (savvy.com.au)

My practical top picks

If you want the “best product” by borrower type

• Best simple low-fee digital loan: Unloan Variable Home Loan — especially for owner-occupiers or investors with ≤80% LVR who don’t need offset. (unloan.com.au)
• Best app-first offset-style loan: Up Home Variable Rate — particularly attractive for first-home buyers and people who actively use offsets/savers. (finder.com.au)
• Best all-round challenger bank: Macquarie Offset Home Loan or Basic Home Loan — good mix of scale, digital capability, broker access and product flexibility. (macquarie.com.au)
• Best customer-satisfaction major-ish lender: ING Mortgage Simplifier / Orange Advantage — strong customer satisfaction and straightforward products. (roymorgan.com)
• Best big-bank convenience: CBA Standard Variable/Digi Home Loan with Everyday Offset, or Westpac Flexi First/Rocket Repay — not always the cheapest, but widely used and easy to service. (commbank.com.au)
• Best customer-owned/service-led option: People First Bank, Bendigo Bank, Greater Bank/Newcastle Permanent, Bank Australia, Teachers Mutual — compare rates and eligibility case-by-case. (canstar.com.au)

What I’d actually do in Australia

I’d get quotes from at least one Big Four bank, Macquarie, ING, Unloan or Up, and one customer-owned bank. Then I’d run them through a broker or comparison process, because brokers now write 81.6% of new residential home loans in Australia as of the June 2026 quarter. That doesn’t mean every broker will show every lender, so ask directly: “Which lenders on your panel are not being included, and why?” (mfaa.com.au)

My ranked shortlist

1. Macquarie — best all-rounder.
2. ING — best for customer satisfaction.
3. Unloan — best low-fee simple digital variable loan.
4. Up — best app-first/offset-style loan, especially first-home buyers.
5. CBA — best big-bank convenience and scale.
6. Westpac — strong big-bank competitor, especially basic variable/offset options.
7. NAB — worth comparing among the Big Four.
8. Suncorp / ANZ — useful if policy fit or broker pricing is strong.
9. Bendigo Bank — good relationship/customer-satisfaction option.
10. People First / Greater Bank / Newcastle Permanent / loans.com.au / Homestar / Tiimely — compare if you’re rate-sensitive and comfortable with smaller or online lenders.

Bottom line: for most Australians, I’d start with Macquarie, ING, Unloan and Up, then use CBA/Westpac/NAB/ANZ as big-bank benchmarks. Don’t pick on brand alone — compare the comparison rate, offset/redraw, annual fees, cashback, LVR tier, package fees, discharge fees, and whether the lender will actually approve your property and income type.

Here's a practical breakdown of the mortgage landscape in Australia right now, covering both the lenders people actually use and the ones currently rated best for value.

1. The "Big Four" banks — still the default for many Australians

CBA, Westpac, NAB and ANZ remain the most commonly used lenders simply due to brand recognition, branch access, and offset/redraw features. They're not usually the cheapest on rate, but they're a safe, familiar choice if you want in-person service or already bank with them. They're also the most broker-supported, since 76.7% of all new residential home loans in the December 2025 quarter were originated through mortgage brokers rather than directly through banks, the highest December figure on record — meaning most people don't even apply to these banks directly anymore; a broker sources the deal.

2. Digital/"neobank-style" lenders — increasingly popular for value

These have become the go-to for borrowers focused on getting the sharpest rate with minimal fees:

• Unloan (backed by CBA) — a standout performer, having won three awards, including best value home loan, refinance variable home loan and owner occupier principle & interest variable home loan in Finder's 2026 rankings.
• Up (backed by Bendigo Bank) — very popular with younger, digitally-savvy borrowers, and won the best home loan for first home buyers as well as the variable home loan with offset award.
• Easy Street and Hume Bank — smaller but consistently strong on price, each having taken out two categories in the same awards.

3. Credit unions & regional/mutual banks

Often overlooked, but frequently cheaper than the majors: Suncorp Bank, Newcastle Permanent, The Capricornian and Police Credit Union all picked up category wins in Finder's 2026 Home Loan Awards. These tend to have smaller marketing budgets but genuinely competitive, no-frills products.

4. The real trend: most people use a broker, not a single "brand"

Rather than picking one lender brand, the majority of Australians now go through a mortgage broker, who compares dozens of lenders on your behalf at no direct cost (paid via lender commission). This is worth highlighting because it explains why "best lender" and "best product people use" aren't always the same thing — brokers steer volume toward whichever lender fits your situation, not just the big-name banks. As one industry analyst put it, the growing award diversity shows "there is a huge variety in the brands represented... showing you shouldn't just default to a brand name you recognise and hope for the best."

Bottom line / recommendation

• Want simplicity + brand trust: CBA, Westpac, NAB, or ANZ.
• Want the sharpest ongoing rate with app-based convenience: Unloan or Up.
• Want a smaller, often cheaper alternative: a credit union like Newcastle Permanent, Suncorp, or Hume Bank.
• Not sure which fits you: talk to a mortgage broker (free for you) — this is genuinely how most Australians now get their home loan sorted, since brokers can compare the whole panel rather than just one brand.

If you let me know your situation (first home buyer, refinancing, investor, need an offset account, etc.), I can narrow this down further.

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.

The biggest lenders by market share (what most Australians actually use) are the major banks, particularly CBA, followed by challengers like Macquarie that are rapidly gaining ground through brokers.

Australia’s ~$2.5 trillion home loan market is still dominated by the Big Four banks (CBA, Westpac, NAB, ANZ), which together hold around 73% of mortgages as of early-mid 2026 data. However, their combined share has been declining as brokers (now facilitating a record ~81% of new loans) and competitors like Macquarie expand options.

Top Lenders by Market Share/Usage

Here are the leaders based on portfolio size and recent growth (APRA data around March–June 2026):

• Commonwealth Bank (CBA): The clear market leader with 25.4% share and the largest book ($624–635 billion). It’s the most-used overall, especially for owner-occupiers, and has held or slightly grown its position while others slip. Strong branch/digital presence and proprietary channels.
• Westpac: Still one of the largest (~20.7% share), but has lost the most ground among the majors since 2019. Widely used but facing more competition.
• NAB and ANZ: Each around 13–14% share. Solid volume players, though both have seen modest declines.
• Macquarie Bank: The standout challenger—now ~7.1% share (up dramatically from ~2% in 2019) with one of the fastest-growing books. Brokers love it for competitive rates, fast turnaround, and service; it’s often the top or near-top lender used in the broker channel. Highly recommended for those shopping via brokers.

Smaller banks, regionals, and non-banks (e.g., ING, Bendigo, Suncorp, customer-owned lenders, and specialists like Liberty) collectively hold the rest (~17–20%+). They punch above their weight in new lending via brokers and often win on rates or features.

Top by Customer Satisfaction

For service and experience (Roy Morgan home loan customer satisfaction, May 2026):

• ING leads at ~92% — consistently top-rated for home loans.
• Suncorp (~87%) and Bendigo Bank (~84%) follow closely.
• Macquarie (~80%) ranks well among larger players.
• Big Four trail somewhat (NAB and CBA ~78–79%; Westpac and ANZ lower).

Finder awards and similar reviews highlight Macquarie (overall Provider of the Year in some 2026 assessments), ING (strong for owner-occupiers), and products from Unloan, Up, Easy Street, and Hume Bank for value, first-home buyers, or specific features like offsets.

Recommendations for Australians

• Use a mortgage broker first — 81% of new loans now go through them (record high). They access 70+ lenders, compare rates/products (including sharper ones from non-majors), and handle the complexity. Major aggregators and brokerages like Aussie, Mortgage Choice, and Loan Market handle huge volumes.
• Best for most people (volume + accessibility): Start with CBA or Macquarie via broker or direct. CBA for familiarity/service; Macquarie for competitive edge and growth momentum.
• Best for rates/service/satisfaction: ING, Macquarie, or customer-owned options like Bendigo/Suncorp. These often outperform the majors on customer scores and can offer sharper advertised or negotiated rates.
• Other strong mentions: Non-banks/specialists (e.g., Liberty for service/reviews) or digital players for specific needs like first-home buyers or refinances.

Rates, fees, and eligibility change frequently—always compare current offers (including comparison rates) and factor in your situation (owner-occupier vs investor, LVR, features like offset/redraw). Brokers or comparison sites make this straightforward. Check recent APRA data, Roy Morgan, or Finder/Canstar for the latest. If you share more details (e.g., first home buyer, refinance, location), I can refine this further.

Australia’s top mortgage lenders combine competitive rates, digital convenience, and specialised services for different borrower types, with Commonwealth Bank, Macquarie, Westpac, NAB, and ANZ consistently ranking among the most popular and reliable options.

Top Australian Mortgage Lenders in 2025–2026

1. Commonwealth Bank of Australia (CBA) – Best for first-home buyers and tech-savvy borrowers. CBA offers a fast digital application, quick conditional approvals, a smooth app experience, and competitive rates for borrowers with deposits of 20% or more. The bank’s “Rate Lock” feature secures your rate for up to 90 days during property searches.

2. Macquarie Bank – Best for property investors and self-employed borrowers. Known for off-set accounts and investment loan packages, Macquarie supports borrowers with complex income, has minimal ongoing fees, and provides efficient settlement options.

3. Westpac Bank – Ideal for families and upgraders. Westpac provides family discount packages, refinance cashback offers, and flexible lending criteria, including the Family Pledge scheme to help children enter the property market.

4. National Australia Bank (NAB) – Great for professionals and high-income earners. NAB offers professional packages, strong fixed-rate options, and construction loans, with special benefits such as waiving LMI for certain professionals even with a 10% deposit.

5. ANZ Bank – Strong choice for refinancers and multi-property investors. ANZ provides market-leading refinance incentives, investment options, and multi-property discount structures, with improved digital application processes.

6. Bank of Queensland (BoQ) – Best for personalised service and regional property buyers, offering competitive rates and flexible underwriting for borderline applications.

7. Suncorp Bank – Focused on Queensland property buyers; offers bundling discounts and local expertise, making it attractive in storm-prone areas.

8. Bendigo Bank – Recognised for community focus and customer service, suitable for first-home buyers or unique properties.

9. AMP Bank – Good for SMSF lending and wealth integration, targeting investor clients looking to connect mortgages with broader financial strategies.

10. Bankwest – Ideal for low-deposit borrowers, offering competitive rates and support for first-time buyers with minimal fees.

Non-bank Lenders Worth Considering

Athena – Fast refinancing with no fees. Nano – Digital-first lender with quick approvals. Pepper Money – Supports credit-impaired borrowers. Liberty – Designed for self-employed borrowers with irregular income. OwnHome & Up Bank – Target first-home buyers and millennials, with competitive rates.

Leveraging Mortgage Brokerages

Australia's leading mortgage brokerages, such as Rethink Financing, Freedom Investment Lending, and Focus Finance, can help you access lenders and deals not publicly advertised. They match borrowers to lenders based on personal financial situations, including investment goals, property type, and income complexity, often saving clients significant time and money Mortgage Professional America.

Choosing the Right Lender

When selecting a lender, consider:

Your borrower profile: First-time buyer, investor, self-employed, etc. Property type: Apartment, house, regional or unique construction. Loan features: Offset accounts, redraw, fixed rates, refinancing options. Digital convenience and branch access: For ongoing management. Long-term flexibility: Ability to manage renovations, additional properties, or cash flow changes.

By combining insights on top lenders and brokerages, borrowers in Australia can choose the mortgage product that best fits their needs, whether purchasing a primary residence, investment property, or refinancing an existing loan.