If I asked you to name every home loan lender in Australia, how many could you list off the top of your head? Five? Maybe 10?
The reality is, most people only know the major banks — the ones with the big branches, flashy ads, and familiar branding. But did you know there are over 100 different lenders in the Australian mortgage market?
Here’s the kicker:
According to MPA, just 10 lenders control 91% of the entire lending market.
That means 91% of borrowers are fighting for the same cookie-cutter loan products… when there are dozens of other options out there — many with sharper rates, better features, or policies that might suit your unique situation.
Let’s say you’re not a textbook borrower. Maybe you:
- Are a commercial pilot and want to access LMI waivers tied to your profession
- Want a free buyer’s agent service, which only select lenders offer
- Earn part or all of your income overseas and need a lender who accepts foreign currency
- Are a self-employed contractor, or on a casual contract, or need a non-genuine savings policy
These are just a handful of examples where the “top 10” banks might flat-out decline you, or make you jump through hoops — while another lesser-known lender could approve you with ease and on better terms.
Yes, the big banks serve a large portion of the population, and they do it well — but “popular” doesn’t mean “best” for everyone.
There are over 90 other lenders — including credit unions, mutual banks, fintechs, and niche non-bank lenders — each with their own specialised lending criteria, flexible policies, and often more aggressive pricing.
The key isn’t just knowing they exist — it’s knowing how to access and compare them.
This is where a good mortgage broker (like us at 2K Finance) comes in.
We don’t just work with the big banks. We have access to a wide panel of lenders — and we actually know which lenders do what well, which ones to avoid, and how to match a product to your unique financial situation.
But whether you use a broker or go it alone — what matters most is this:
- Don’t limit yourself to the loudest brands.
- Explore the full range of lending options.
- Choose the loan that fits you — not just what fits the masses.
