"I could be wrong but Australian, New Zealand and South Africa banks can set their own rates in Europe they have controlled rates."
As partially anticipated, you are wrong.
"Government policy If a government implements policies that promote home ownership, it can influence mortgage rates. This is not typically the case in Europe. In the US, however, Government Sponsored Entities (GSEs) play a huge role in the mortgage market. Two agencies, the Federal National Mortgage Association (Fannie Mae) and the the Federal Home Loan Mortgage Corporation (Freddie Mac), are the main holders of US mortgage debt (they purchase the debt from lenders). This is advantageous as it leads to lower funding costs and the pooling of risks. By contrast, in the euro area, housing loans remain to a large extent on banks’ balance sheets and are mostly financed via bank deposit."
