What are the top 10 biggest banks in Australia?
29 Feb 2024
When choosing to deposit your savings or take out a home loan, you may well wonder about the size of the bank or lender you’re doing business with, and whether they are one of the major players in the field.
Each month, the Australian Prudential Regulation Authority (APRA) releases data on Australia’s authorised deposit-taking institutions (ADIs). This data includes information on which banks, building societies or credit unions are the biggest by the size of their lending to owner-occupiers and investors, as well as the size of deposits they hold.
Bear in mind that Australia is also home to a number of ‘non-bank’ lenders who aren’t ADIs and so won’t appear in the tables below. These institutions tend to be relatively small compared to Australia’s largest banks. They can lend money but aren’t allowed to offer their own bank accounts to customers.
What are the ‘big four banks’ in Australia?
Though the banking landscape in Australia is vast, there are four major players typically referred to as the ‘big four banks’ – these institutions are the Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corporation and the Australia and New Zealand Banking Group. If you’d like to know more about the major banks, Canstar has compared all four on customer satisfaction, along with a number of other banks, as part of its Most Satisfied Customers – Banking Awards.
As you will see from the lists below, the big four banks continue to dominate in the areas of home loan lending to investors and owner-occupiers, but Macquarie Bank continues to grow its presence in these areas and is now Australia’s fifth-largest bank in both categories, as well as in the category of most deposits held. Below are the top 10 biggest banks in Australia in the areas of owner-occupier and investor lending, as well as total deposits held and size of credit car lending per household, per APRA’s most recent January 2024 figures.
Top 10 biggest banks by size of home lending to owner-occupiers
| Institution | Value (billion) |
| Commonwealth Bank | $364.52 |
| Westpac | $305.28 |
| NAB | $207.91 |
| ANZ | $195.84 |
| Macquarie Bank | $69.94 |
| ING | $49.12 |
| Bendigo and Adelaide Bank | $43.05 |
| BOQ | $40.90 |
| Suncorp Bank | $37.72 |
| HSBC | $20.93 |
Source: www.canstar.com.au, 29 February 2024. Based on APRA Monthly Authorised Deposit-taking Institution Statistics for January 2024. Values based on ADIs’ domestic books, at the end of the month.
Top 10 biggest banks by size of home lending to investors
| Institution | Value (billion) |
| Commonwealth Bank | $181.93 |
| Westpac | $157.75 |
| NAB | $109.01 |
| ANZ | $96.67 |
| Macquarie Bank | $44.73 |
| BOQ | $18.27 |
| Bendigo and Adelaide Bank | $15.33 |
| Suncorp Bank | $14.99 |
| ING Bank | $9.28 |
| HSBC | $9.11 |
Source: www.canstar.com.au, 29 February 2024. Based on APRA Monthly Authorised Deposit-taking Institution Statistics for January 2024. Values based on ADIs’ domestic books, at the end of the month.
Top 10 biggest banks by size of deposits held
| Institution | Value (billion) |
| Commonwealth Bank | $386.92 |
| Westpac | $300.04 |
| NAB | $201.34 |
| ANZ | $170.91 |
| Macquarie Bank | $61.40 |
| ING Bank | $49.53 |
| Bendigo and Adelaide Bank | $44.02 |
| Suncorp Bank | $34.71 |
| BOQ | $33.78 |
| HSBC | $18.20 |
Source: www.canstar.com.au, 29 February 2024. Based on APRA Monthly Authorised Deposit-taking Institution Statistics for January 2024. Values based on ADIs’ domestic books, at the end of the month.
Top 10 biggest banks by size of credit card lending to households
| Institution | Value (billion) |
| Commonwealth Bank | $8.57 |
| NAB | $7.89 |
| Westpac | $6.17 |
| ANZ | $4.93 |
| HSBC | $0.51 |
| Macquarie Bank | $0.38 |
| Bendigo and Adelaide Bank | $0.29 |
| BOQ | $0.18 |
| ING Bank | $0.14 |
| People’s Choice Credit Union | $0.09 |
Source: www.canstar.com.au, 29 February 2024. Based on APRA Monthly Authorised Deposit-taking Institution Statistics for January 2024. Values based on ADIs’ domestic books, at the end of the month.
Compare Home Loans (Refinance with variable rate only) with Canstar
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for homeowners looking to refinance. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest to highest). Products shown are principal and interest home loans available for a loan amount of $500,000 in NSW with an LVR of 80% of the property value. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s home loans comparison selector to view a wider range of home loan products. Canstar may earn a fee for referrals.
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This article was reviewed by our Editor-in-Chief Nina Rinella before it was updated, as part of our fact-checking process.
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