Westpac

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.

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.

In Australia, people usually call them home loans, and the “best” lender really depends on whether you want a cheap rate, a branch, good offset flexibility, or an easy online refinance.

Here are the lenders Australians actually use most, broken down by what they’re good at.

The Big 4 banks

If you want security, branches, and packaged products, these are the top choices:

• Commonwealth Bank (CBA) – Australia’s biggest home lender by far. People use it for the rock-solid app, branch network, and if they already bank with CommBank. Rates are usually not the cheapest, but it’s the most popular.
• Westpac – Another big player. Popular for flexible packages, including good offset accounts and the ability to split loans. Often has refinance cashback offers.
• NAB – Known for being a bit more aggressive on pricing than CBA/Westpac, especially for refinancers. Also has a simple online application and broker channel.
• ANZ – Similar to the others. People use it if they want straightforward banking, and ANZ often runs fixed-rate specials or cashback deals.

If you want a big lender but with slightly better rates, consider their subsidiaries:

• Bankwest (owned by CBA) – Often has lower rates than CBA with similar backing.
• St George / BankSA / BOM (owned by Westpac) – Popular for sharper rates and decent service.

Other trusted mainstream lenders

• Macquarie Bank – Huge in Australia, particularly for refinancers and property investors. People consistently rate it highly for customer service and its digital app. Rates are competitive and it offers excellent offset accounts.
• ING – Australians know ING for everyday banking, but it also offers competitive home loans. No bank branches, but a very good online experience and low rates.
• ubank – Online retail bank owned by NAB. Gaining popularity for cheap variable rates with no ongoing fees. Good if you’re happy to manage everything digitally.

Best for low-cost online loans

If you don’t need a branch and just want a low rate, these are heavily used by refinancers:

• Athena Homeloans – Pure online, no branches, no ongoing fees. Designed to automatically reduce your rate as you pay down the loan. Very popular for refinancing.
• loans.com.au – One of Australia’s most established online non-bank lenders. Often has some of the lowest advertised rates.
• Reduce Home Loans – Also competitive but service can be more basic.

"Actually use" vs "best" reality

According to market share, the majority of Australian home loans are still with the Big 4 — especially CBA and Westpac. But many of the best customer satisfaction ratings go to Macquarie and Athena, and the sharpest rates often come from online/non-bank lenders.

My recommendation for most Australians:

• You want a branch + bank with everything → CBA or Westpac
• You want low rate + top service + no branches → Macquarie or Athena
• You want a reliable, competitive online option backed by a big bank → ubank or ING
• You’re refinancing for cashback → check current offers from NAB, Westpac, ANZ and St George

Always look at the comparison rate, the ongoing fees, and whether the loan has a 100% offset account if you want one. The best move for most people is to talk to a good mortgage broker — this is Australia, and brokers are free to use for most borrowers.

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.

Australia's mortgage market is dominated by the Big Four banks (Commonwealth Bank, Westpac, NAB, and ANZ), which hold roughly 75–80% of total home loans, alongside surging competition from Macquarie Bank and digital-first alternatives.

📊 The Major Powerhouses ("The Big Four")

The major banks are the most frequently used lenders in Australia, widely utilized for their extensive branch networks, advanced mobile banking applications, and comprehensive home loan packages.

Commonwealth Bank (CommBank / CBA): Holds the largest single market share (around 25%). Widely used by first-home buyers and tech-focused borrowers due to the CommBank app and streamlined integration with government schemes. Westpac: One of the oldest institutions in the country, operating alongside subsidiary brands like St.George, BankSA, and Bank of Melbourne. Popular among family upgraders. National Australia Bank (NAB): Features robust residential and investment mortgage products, and owns the digital offshoot Ubank. Often favored by high-income earners and professionals using packaged loans. ANZ: A major choice for property portfolio builders and refinancers. It also incorporates Suncorp Bank following recent acquisitions.

📈 The Fastest-Growing Challenger: Macquarie Bank

Macquarie Bank: While traditionally an investment bank, Macquarie has rapidly expanded to become Australia's fifth-largest household lender. It commands massive popularity through mortgage broker channels (over 90% of its loans are broker-originated), specifically winning over property investors and self-employed borrowers with sharp interest rates and rapid approval turnaround times.

💡 Digital-First & Non-Major Competitors

For borrowers prioritizing lower variable interest rates, fewer ongoing monthly fees, and completely online application flows, several second-tier and digital banks stand out:

ING Australia: Frequently wins consumer and industry awards for owner-occupier loans (such as the ING Mortgage Simplifier). Ubank: NAB’s digital bank alternative, heavily utilized by tech-savvy refinancers looking for low-friction, fast online setups. Unloan: A digital home loan platform backed by CommBank that rewards long-term customers with an automatic discount applied to their interest rate every year. Bankwest: Originally a Western Australian institution (and now part of the CBA group), widely praised by brokers for alternative income verification and self-employed lending policies.

🗒 How Australians Actually Choose a Lender

Because comparing dozens of lenders and hundreds of variations can be time-consuming, over 70% of new home loans in Australia are written via mortgage brokers (using major networks like Mortgage Choice or Aussie Home Loans). Borrowers typically look at:

Comparison Rates: Factoring in upfront/ongoing fees alongside headline interest rates. Offset Accounts & Redraw Facilities: Essential features for minimizing daily interest charges. Lending Policies: How strictly a lender assesses borrowing capacity, particularly for PAYG vs. self-employed applicants.

To help narrow down which lender or specific product fits your scenario, let me know:

Are you buying as an owner-occupier or an investor? What deposit size or LVR (Loan-to-Value Ratio) are you aiming for? Do you prefer dealing with a major bank, a digital lender, or through a mortgage broker?