Home loan lender reviews
Independent reviews of 15 Australian home lenders: what each one sells, what its offset, fixed-rate and package rules are, whether it takes part in the 5% Deposit Scheme, and who it suits. Every review is checked against the lender's own website and dated.
Last reviewed
Who owns which lender
Many brands share a parent. Unloan and Bankwest are divisions of Commonwealth Bank; ubank is part of NAB; St.George (with Bank of Melbourne and BankSA) is a division of Westpac; Suncorp Bank has been owned by ANZ since July 2024, and is no longer taking home loan applications as its customers move to ANZ; and ME Bank is a division of Bank of Queensland. Switching between brands in the same group is still a refinance, but some groups exclude these internal switches from their new-customer offers.
| Lender | Owner | Offset | 5% Deposit Scheme |
|---|---|---|---|
| CommBank | One of the four major banks. CommBank also owns Bankwest and the digital lender Unloan. | Yes on variable loans: one on Digi, up to two on Simple, multiple on Standard Variable, with no offset feature fee on Digi or Simple. None on fixed. | Yes |
| Westpac | One of the four major banks. The Westpac Group also includes St.George, Bank of Melbourne and BankSA. | Up to 10 full offset accounts on Rocket Repay | Yes |
| ANZ | One of the four major banks. ANZ acquired Suncorp Bank on 31 July 2024. | ANZ One offset on Standard Variable, $10 a month | Yes |
| NAB | One of the four major banks. NAB also owns the digital bank ubank. | Up to 10 on the Tailored variable loan | Yes |
| ubank | Part of National Australia Bank. | See review | No |
| St.George | A division of Westpac Banking Corporation. Bank of Melbourne and BankSA are sister brands in the same group. | Full offset on the Standard Variable Rate loan; none on Basic | Yes |
| Bankwest | A division of Commonwealth Bank of Australia. | Simple: optional 100% offsets at $10 a month each. Complete: up to nine with no monthly fee. Fixed: optional 40% offset | No |
| ING | Part of the global ING Group. | 100% offset on Orange Advantage via Orange Everyday | No |
| Macquarie | Part of Macquarie Group. | Up to 10 on the Offset Home Loan | No |
| Suncorp | Owned by ANZ since 31 July 2024. | Optional 100% offset on variable loans, not during a fixed term | No |
| BOQ | An Australian bank. BOQ also owns ME Bank. | 100% offset on Clear Path (personal names only) | No |
| ME Bank | A division of Bank of Queensland Limited since 2021. | 100% offset on CompleteME, up to 10 SpendME accounts (variable) | No |
| Bendigo Bank | Bendigo and Adelaide Bank Limited. | 100% offset on fixed and variable (Flex, Complete); up to 6 per loan | Yes |
| Athena | A non-bank lender (not an authorised deposit-taking institution). | Fee-free 100% offset on Power Up | No |
| Unloan | A fully owned division of Commonwealth Bank of Australia. | No | No |
The big four banks
CommBank, Westpac, ANZ and NAB all take part in the 5% Deposit Scheme and sell a basic loan, an offset loan and fixed loans.
Other banks
Banks outside the big four, including brands owned by them (St.George is Westpac, Bankwest is CommBank, Suncorp Bank is ANZ).
Digital and non-bank lenders
App-first lenders. Unloan (CommBank) and ubank (NAB) are owned by major banks; Athena is a non-bank lender.
Australia's largest home lenders
By housing loans on their books, the four major banks hold about 73% of all banks' home lending, on APRA's August 2026 figures. The table lists the ten largest. Size tells you who lends the most, not who is cheapest or best for you.
| Rank | Lender (as APRA reports it) | Housing loans | Share of all banks' housing loans |
|---|---|---|---|
| 1 | Commonwealth Bank of Australia | $640.1 billion | 25.6% |
| 2 | Westpac Banking Corporation | $503.8 billion | 20.1% |
| 3 | National Australia Bank | $351.7 billion | 14.0% |
| 4 | ANZ Banking Group | $333.2 billion | 13.3% |
| 5 | Macquarie Bank | $187.9 billion | 7.5% |
| 6 | ING Bank (Australia) | $75.0 billion | 3.0% |
| 7 | Bendigo and Adelaide Bank | $64.4 billion | 2.6% |
| 8 | Norfina Limited (Suncorp Bank) | $56.4 billion | 2.3% |
| 9 | Bank of Queensland | $50.7 billion | 2.0% |
| 10 | HSBC Bank Australia | $34.4 billion | 1.4% |
Banks vs non-bank lenders
Banks are authorised deposit-taking institutions, regulated by APRA for their soundness and by ASIC for their conduct. APRA expects them to assess borrowers at the loan rate plus at least 3 percentage points, and since 1 February 2026 limits their share of new lending at a debt-to-income ratio of six or more. Non-bank lenders don't take deposits and aren't APRA-regulated banks, but they hold an Australian credit licence and must meet the same responsible lending obligations under the National Credit Act.
For a borrower, the practical differences are features and schemes rather than safety of the loan: several digital lenders don't offer offset or fixed rates, and most aren't 5% Deposit Scheme lenders.
Home loan lender questions
Who owns which home lender?
Unloan and Bankwest are divisions of Commonwealth Bank, ubank is part of NAB, St.George (with Bank of Melbourne and BankSA) is a division of Westpac, Suncorp Bank has been owned by ANZ since July 2024, and ME Bank is a division of Bank of Queensland.
Which of these lenders offer the 5% Deposit Scheme?
CommBank, Westpac, ANZ, NAB, St.George and Bendigo Bank, according to Housing Australia's participating lender list, checked on 2 October 2026. St.George's sister brands Bank of Melbourne and BankSA are on the list too.
Have the lenders raised their home loan rates?
After the RBA's 29 September 2026 rise, 12 of the 15 lenders we review published 0.25 percentage point rises to their variable rates, effective between 2 and 15 October 2026 (checked 10 October 2026). Each review shows the lender's own announcement and date.
Who are the top 10 lenders in Australia?
By housing loans on their books, the ten largest banks in August 2026 were Commonwealth Bank, Westpac, NAB, ANZ, Macquarie, ING, Bendigo and Adelaide Bank, Suncorp Bank (Norfina Limited), Bank of Queensland and HSBC, on APRA's monthly figures. The big four held about 73% of banks' housing loans.
Who are the big 6 mortgage lenders?
There is no official 'big 6'. On APRA's August 2026 figures the six largest banks by housing loans were Commonwealth Bank, Westpac, NAB, ANZ, Macquarie and ING.
Is a non-bank lender safe for a home loan?
Non-bank lenders such as Athena don't take deposits, so they aren't APRA-regulated banks, but they must hold an Australian credit licence and follow the same responsible lending laws, enforced by ASIC. For a borrower, the practical differences are features and schemes rather than the safety of the loan.
