Ranking Australia’s top home loan lenders
A Nine News investigation has ranked home loan lenders for value, and the leaders may surprise you…
Between them, Commonwealth Bank, Westpac, ANZ and NAB control 80% of home loans. But bigger doesn’t mean better, smaller lenders have again dominated Canstar’s rankings for home loan value.
“They’re a real mix of customer-owned banks and smaller banks… and building societies. And the reason is they’re priced more competitively,” Steve Mickenbecker from Canstar told Nine News.
Canstar has crunched the numbers on more than 5,300 loans from 126 lenders. When it comes to offering the best value on an owner occupied variable rate loan, Australian Mortgage Options (AMO), HSBC, and Reduce Home Loans are among the top of the list.
Terry Millett from Newcastle Permanent said being customer owned gives the edge.
“We have none of the confusion of the big banks over whether they serve shareholders or customers… for us, customers are the centre of our lives,” he said.
One a measure of over 200 different features, the big banks fall on price.
“Price very much matters, if you pay too large a price for 25, 30 years of a loan, you’re up for $100,000 plus more, so don’t pay too much,” said Mickenbecker.
For a full list of Canstar’s best value lenders, head to 9news.com.au.