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.

† 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.