Hume Bank

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 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.