Top 5 Mortage Lenders of Australia in 2022

 


Globally, the lending market in Australia happens to be one of the most competitive ones, with 97 banking companies catering approximately to 18 million clients across the length and breadth of the nation, as per the latest figures published by the Australian Banking Association. These institutions with the sole aim of being the best mortgage lender in Australia, offer a plethora of financial services to the customers. These services include savings accounts, business banking, credit cards, home & personal loans, financial planning services, insurance services, superannuation and advice, and investment tools. 

In spite of this number, merely 10 of these banks account for 91% of the country’s general mortgage lending market, led by the big five – Commonwealth Bank, Westpac, NAB, ANZ, and ING – which comprise more than eighty percent of the sector.  

So, let us find out the country’s 5 biggest mortgage lenders in terms of market share according to the mortgage brokers in Australia. The countdown list has been authenticated by the figures released by database firm Statistica in December 2020. 


1. ING Bank Australia Limited 

Market share: 2.91% 

Gross mortgage lending: $617.06 billion 

Gross residential mortgage lending: $510.69 billion 

Gross investment mortgage lending: $106.37 billion 

ING offers access to a choice of adjustable and low-rate home loans as well as commercial property loans in Australia. It is the largest direct savings bank worldwide and its reputation as an online-only lender signifies that it can pass the savings from no urge to maintain branches on to customers in the form of discounted rates and fee waivers. 


2. Australia and New Zealand Banking Group Limited (ANZ) 

Market share: 14.28% 
Gross mortgage lending: $3,030.65 billion 
Gross residential mortgage lending: $1,999.08 billion 
Gross investment mortgage lending: $1,031.57 billion 

ANZ is one of Australia’s top four banks. It offers the services of an ANZ Personal Banker to the clients, who can provide them everyday banking advice and associate them with specialists in various loans, including mortgages, planning, retirement, investment, and small business finance. Similar to several other major lenders, ANZ provides the ability to the borrowers to bundle a home loan with other products at a minimized interest rate and suggests offset accounts and equal benefits on other loans. Additionally, the bank presents a unique Property Profile Report, which lets borrowers understand the potential price of a home much better. 


3. National Australia Bank Limited (NAB) 

Market share: 14.78% 

Gross mortgage lending: $3,136.31 billion 

Gross residential mortgage lending: $1,862.8 billion 

Gross investment mortgage lending: $1,273.51 billion 


NAB proposes a plethora of financial products and services, comprising personal loans, home loans, insurance, transaction accounts, and personal and business banking services. The property buyers can combine a home loan with other products like credit cards and home and contents insurance, at a decreased interest rate and offers offset accounts and matching benefits on other loans. NAB is also among the initial lenders to be recognised as a provider for the Defence Home Ownership Assistance Scheme (DHOAS), which facilitates members of the Australian Defence Force with home loan advice and discounted rates. 


4. Westpac Banking Corporation 

Market share: 23% 
Gross mortgage lending: $4,879.72 billion 
Gross residential mortgage lending: $2,743.49 billion 
Gross investment mortgage lending: $2,136.23 billion 

Westpac is the premiere bank ever established in Australia and among the country’s top four. It provides a wide range of mortgage products to suit various categories of borrowers, from first-time homebuyers to savvy property investors. A few popular features of maximum Westpac mortgages are parental leave reduction, reduced payments for up to six months for a holiday or home renovation, the ability to make additional repayments, and offset accounts like the Rocket Investment Home Loan, Rocket Repay Home Loan, and the SmartPay automatic payment program. 


  2. 5. Commonwealth Bank of Australia (CBA) 


Market share: 25.73% 
Gross mortgage lending: $5,548.83 billion 
Gross residential mortgage lending: $3,570.02 billion 
Gross investment mortgage lending: $1,888.81 billion 

CBA being a multinational bank is also one of Australia’s leading four. It provides a wide range of financial services, including savings accounts, credit cards, home loans, personal loans, business banking, insurance services, financial planning services, superannuation and advice, and investment tools. Apart from its standard variable and fixed-rate loans, the most popular mortgage product of CBA is the Extra Home Loan, which lets borrowers either save at the front end of the mortgage with an initial rate or access a discount for the tenure of the loan – or both when the borrowers are first home buyers. 


Inference 


These lenders account for nearly 80.7% of the country’s mortgage lending market. The next time to search for the best online home loans in Australia, you need not have to research much. 

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