Online mortgage lenders you might never have heard of sticking it to the Big Four
ANZ, CommBank, NAB and Westpac hold a huge chunk of the mortgage market, but despite their dominance, these major banks don’t often have the best home loans available.
If you’re looking for a competitive home loan, there are dozens of online-only lenders and customer-owned banks that you can consider, with many offering better rates than the Big Four.
For example, the average variable rate for a Big Four bank on 28 August, 2025 is 6.13% p.a., but if we look at all variable home loans in our database and exclude the Big Four, the average rate drops to 5.92% p.a. † – switching between these two rates could save you almost $800 in your first year.
Some of the mutual banks listed below are based in regional areas of Australia, but the good news is that you can apply for these loans online so you don’t have to live in the area to benefit from their low rates.
So, whether you’re looking to buy property or you want to refinance your mortgage, here are five home loan lenders you might not have heard of that are sticking it to the big banks.
Top alternative lenders to know
Get product update alerts
We’ll keep an eye on rates, fees, and product updates and send you an email as soon as we see a change. Notify me for changes on:
You're all set!
We’ll keep you in the loop and email you as soon as there are any product changes.
Unloan Variable Home Loan
- New rate drop: 5.19% p.a. variable rate (5.10% p.a. comparison rate*)
- Loyalty discount every year for up to 30 years
- Mozo Experts Choice Awards winner 2023, 2024 & 2025^ for Low Cost Home Loan
- No offset account
Why it’s on our radar
We already like Unloan’s low rate of 5.19% p.a (5.10% comparison rate*), and the fact that it doesn’t have any upfront or ongoing fees, but its unique feature is that it’s the only home loan that comes with a loyalty discount. For every year you’re paying off your mortgage, Unloan will knock 0.01% p.a. off your interest rate every year for up to 30 years.
Unloan is an online-only bank, but it’s actually backed and built by CommBank, so it’s got some of that big bank heritage if you’re not totally comfortable breaking up with one of the big names.
Greater Bank Discount Great Rate Home Loan
- Variable rate from 5.19% p.a. (5.20% p.a. comparison rate*)
- Get up to $3,000 cashback when you apply online (T&Cs apply)
- Mozo Experts Choice Awards winner for Low Cost Home Loan in 2025^
- No offset account
Why it’s on our radar
Greater Bank has one of the most competitive variable rates in our database at 5.19% p.a. (5.20% p.a. comparison rate*), which explains how it also won a Mozo Experts Choice Award for Low Cost Home Loan.
It’s also a long-standing customer-owned bank, with a customer service team based out of Newcastle, Australia. That’s a big plus if local support is important to you.
There’s no offset account with this loan, but you’re able to make extra repayments and can redraw those funds at any time. There are no ongoing fees, but you will need to pay a $180 application fee.
Loans.com.au Variable Home Loan 90
- New rate drop: 5.29% p.a. variable rate (5.33% p.a. comparison rate*)
- Mozo’s Experts Choice Awards 2025^ First Home Buyer Loan winner
- Can borrow up to 90% of property’s value
- Optional offset account costs extra
- $530 in upfront fees
Why it’s on our radar
Loans.com.au allows you to borrow up to 90% of a property’s value and you can still get a competitive interest rate of 5.29% p.a. (5.33% p.a. comparison rate*). That’s better than the average for those with small deposits of 10%, making this a compelling option for first home buyers.
No ongoing fees help to reduce your costs, but you can expect the fairly standard settlement fee and applicable government fees. On the plus side, any additional repayments you make on your home loan can be redrawn at no extra cost.
IMB Bank Budget Home Loan
- Variable rate from 5.29% p.a. (5.32% p.a. comparison rate*)
- Get up to $4,000 cashback (T&Cs apply)
- Split loan available
- $350 upfront fee
Why it’s on our radar
IMB Bank has one of the highest cashback offers in our database – you could receive $4,000 cashback when taking out a new loan or refinancing $750,000 or more. If your loan is less than that, you could still be eligible for some cashback.
On top of its competitive rate, IMB offers unlimited extra repayments and fee-free redraws. Just note there is a $350 upfront fee.
† Source: Mozo database on 28 August, 2025. Average home loan variable interest rates for owner occupiers with a 20% deposit (80% LVR), making principal and interest repayments on a $500,000 loan over 25 years.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.