Big four bank home loan rates

  • Compare the best home loan rates from the big four banks — ANZ, Commonwealth Bank, NAB and Westpac — starting from 6.44% p.a. (comparison rate^ 6.76% p.a.)

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Compare the big four banks’ lowest variable home loan rates

Compare some of the lowest variable rate owner-occupier home loans (with principal & interest repayments) from Australia’s big four banks: ANZ, Commbank, NAB and Westpac. This table is sorted by the lowest interest rate, then the lowest comparison rate.

Westpac Flexi First Option Home Loan (Basic Variable)

Interest rate

6.44% p.a. (2-year 1.64% p.a. discount on variable rate)

Comparison rate^

6.76% p.a.

Features
  • Unlimited extra repayments
  • No annual or monthly fees
Maximum loan-to-value ratio (LVR)

70%

Commbank Standard Variable Rate Home Loan (with Wealth Package)

Interest rate

6.49% p.a.

Comparison rate^

6.87% p.a.

Features
  • Offset & redraw facility
  • Unlimited additional repayments
Maximum loan-to-value ratio (LVR)

60%

ANZ Simplicity PLUS

Interest rate

6.54% p.a.

Comparison rate^

6.54% p.a.

Features
  • $2,000 cashback for eligible refinancers
  • Redraw facility
Maximum loan-to-value ratio (LVR)

60%

Westpac Flexi First Option Home Loan (Basic Variable)

Interest rate

6.54% p.a.

Comparison rate^

6.86% p.a.

Features
  • Unlimited extra repayments
  • No annual or monthly fees
Maximum loan-to-value ratio (LVR)

70-80%

ANZ Simplicity PLUS

Interest rate

6.59% p.a.

Comparison rate^

6.59% p.a.

Features
  • $2,000 cashback for eligible refinancers
  • Redraw facility
Maximum loan-to-value ratio (LVR)

70%

Commbank Extra Home Loan Variable

Interest rate

6.59% p.a.

Comparison rate^

6.60% p.a.

Features
  • Redraw facility
  • Top-up & split loan options available
Maximum loan-to-value ratio (LVR)

60%

Commbank Standard Variable Rate Home Loan (with Wealth Package)

Interest rate

6.59% p.a.

Comparison rate^

6.97% p.a.

Features
  • Offset & redraw facility
  • Unlimited additional repayments
Maximum loan-to-value ratio (LVR)

60-70%

ANZ Simplicity PLUS

Interest rate

6.64% p.a.

Comparison rate^

6.64% p.a.

Features
  • $2,000 cashback for eligible refinancers
  • Redraw facility
Maximum loan-to-value ratio (LVR)

80%

Commbank Extra Home Loan Variable

Interest rate

6.69% p.a.

Comparison rate^

6.70% p.a.

Features
  • Redraw facility
  • Top-up & split loan options available
Maximum loan-to-value ratio (LVR)

60-70%

Commbank Extra Home Loan Variable

Interest rate

6.79% p.a.

Comparison rate^

6.80% p.a.

Features
  • Redraw facility
  • Top-up & split loan options available
Maximum loan-to-value ratio (LVR)

70-80%

NAB Tailored Home Loan

Interest rate

6.79% p.a.

Comparison rate^

6.87% p.a.

Features
  • Offset
  • Additional repayments allowed
Maximum loan-to-value ratio (LVR)

60-70%

Commbank Basic Variable Rate

Interest rate

6.84% p.a.

Comparison rate^

6.88% p.a.

Features
  • Unlimited additional repayments & redraw
  • No monthly fee
Maximum loan-to-value ratio (LVR)

80-95%

Westpac Flexi First Option Home Loan (Basic Variable)

Interest rate

6.84% p.a.

Comparison rate^

7.16% p.a.

Features
  • Unlimited extra repayments
  • No annual or monthly fees
Maximum loan-to-value ratio (LVR)

80-90%

Commbank Standard Variable Rate Home Loan (with Wealth Package)

Interest rate

6.94% p.a.

Comparison rate^

7.31% p.a.

Features
  • Offset & redraw facility
  • Unlimited additional repayments
Maximum loan-to-value ratio (LVR)

80-90%

NAB Tailored Home Loan

Interest rate

6.99% p.a.

Comparison rate^

7.07% p.a.

Features
  • Offset
  • Additional repayments allowed
Maximum loan-to-value ratio (LVR)

Above 70-80%

Commbank Extra Home Loan Variable

Interest rate

7.14% p.a.

Comparison rate^

7.15% p.a.

Features
  • Redraw facility
  • Top-up & split loan options available
Maximum loan-to-value ratio (LVR)

80-90%

ANZ Simplicity PLUS

Interest rate

7.24% p.a.

Comparison rate^

7.24% p.a.

Features
  • $2,000 cashback for eligible refinancers
  • Redraw facility
Maximum loan-to-value ratio (LVR)

90%

ANZ Standard Variable Home Loa

Interest rate

7.24% p.a.

Comparison rate^

7.24% p.a.

Features
  • $2,000 cashback for eligible refinancers
  • Offset & redraw facility
Maximum loan-to-value ratio (LVR)

80%

ANZ Standard Variable Home Loa

Interest rate

7.44% p.a.

Comparison rate^

7.44% p.a.

Features
  • $2,000 cashback for eligible refinancers
  • Offset & redraw facility
Maximum loan-to-value ratio (LVR)

Above 80%

Westpac Rocket Repay Home Loan (Variable With Offset)

Interest rate

7.44% p.a. (0.10% p.a. discount on variable rate)

Comparison rate^

7.77% p.a.

Features
  • Unlimited extra repayments
  • Offset & redraw facility
Maximum loan-to-value ratio (LVR)

70%

Westpac Rocket Repay Home Loan (Variable With Offset)

Interest rate

7.54% p.a.

Comparison rate^

7.87% p.a.

Features
  • Unlimited extra repayments
  • Offset & redraw facility
Maximum loan-to-value ratio (LVR)

70-80%

ANZ Simplicity PLUS

Interest rate

7.64% p.a.

Comparison rate^

7.64% p.a.

Features
  • $2,000 cashback for eligible refinancers
  • Redraw facility
Maximum loan-to-value ratio (LVR)

Above 90%

Commbank Standard Variable Rate Home Loan (with Wealth Package)

Interest rate

7.74% p.a.

Comparison rate^

8.10% p.a.

Features
  • Offset & redraw facility
  • Unlimited additional repayments
Maximum loan-to-value ratio (LVR)

90-95%

Commbank Extra Home Loan Variable

Interest rate

7.84% p.a.

Comparison rate^

7.86% p.a.

Features
  • Redraw facility
  • Top-up & split loan options available
Maximum loan-to-value ratio (LVR)

90-95%

Westpac Rocket Repay Home Loan (Variable With Offset)

Interest rate

7.84% p.a.

Comparison rate^

8.16% p.a.

Features
  • Unlimited extra repayments
  • Offset & redraw facility
Maximum loan-to-value ratio (LVR)

80-90%

NAB Choice Package (loan amount of $750,000+)

Interest rate

7.87% p.a.

Comparison rate^

8.22% p.a.

Features
  • No application or monthly fee
  • Discounted premiums on selected insurance
Maximum loan-to-value ratio (LVR)

90%

NAB Choice Package (loan amount $250,000-$749,000

Interest rate

7.92% p.a.

Comparison rate^

8.22% p.a.

Features
  • No application or monthly fee
  • Discounted premiums on selected insurance
Maximum loan-to-value ratio (LVR)

90%

NAB Choice Package (loan amount less than $250,000)

Interest rate

8.17% p.a.

Comparison rate^

8.51% p.a.

Features
  • No application or monthly fee
  • Discounted premiums on selected insurance
Maximum loan-to-value ratio (LVR)

90%

Commbank Standard Variable Rate Home Loan (without Wealth Package)

Interest rate

8.80% p.a.

Comparison rate^

8.94% p.a.

Features
  • Offset & redraw facility
  • Unlimited additional repayments
Maximum loan-to-value ratio (LVR)

80%

Interest rateComparison rate^FeaturesMaximum loan-to-value ratio (LVR)

Westpac Flexi First Option Home Loan (Basic Variable)

6.44% p.a. (2-year 1.64% p.a. discount on variable rate)

6.76% p.a.

  • Unlimited extra repayments
  • No annual or monthly fees

70%

Commbank Standard Variable Rate Home Loan (with Wealth Package)

6.49% p.a.

6.87% p.a.

  • Offset & redraw facility
  • Unlimited additional repayments

60%

ANZ Simplicity PLUS

6.54% p.a.

6.54% p.a.

  • $2,000 cashback for eligible refinancers
  • Redraw facility

60%

Westpac Flexi First Option Home Loan (Basic Variable)

6.54% p.a.

6.86% p.a.

  • Unlimited extra repayments
  • No annual or monthly fees

70-80%

ANZ Simplicity PLUS

6.59% p.a.

6.59% p.a.

  • $2,000 cashback for eligible refinancers
  • Redraw facility

70%

Commbank Extra Home Loan Variable

6.59% p.a.

6.60% p.a.

  • Redraw facility
  • Top-up & split loan options available

60%

Commbank Standard Variable Rate Home Loan (with Wealth Package)

6.59% p.a.

6.97% p.a.

  • Offset & redraw facility
  • Unlimited additional repayments

60-70%

ANZ Simplicity PLUS

6.64% p.a.

6.64% p.a.

  • $2,000 cashback for eligible refinancers
  • Redraw facility

80%

Commbank Extra Home Loan Variable

6.69% p.a.

6.70% p.a.

  • Redraw facility
  • Top-up & split loan options available

60-70%

Commbank Extra Home Loan Variable

6.79% p.a.

6.80% p.a.

  • Redraw facility
  • Top-up & split loan options available

70-80%

NAB Tailored Home Loan

6.79% p.a.

6.87% p.a.

  • Offset
  • Additional repayments allowed

60-70%

Commbank Basic Variable Rate

6.84% p.a.

6.88% p.a.

  • Unlimited additional repayments & redraw
  • No monthly fee

80-95%

Westpac Flexi First Option Home Loan (Basic Variable)

6.84% p.a.

7.16% p.a.

  • Unlimited extra repayments
  • No annual or monthly fees

80-90%

Commbank Standard Variable Rate Home Loan (with Wealth Package)

6.94% p.a.

7.31% p.a.

  • Offset & redraw facility
  • Unlimited additional repayments

80-90%

NAB Tailored Home Loan

6.99% p.a.

7.07% p.a.

  • Offset
  • Additional repayments allowed

Above 70-80%

Commbank Extra Home Loan Variable

7.14% p.a.

7.15% p.a.

  • Redraw facility
  • Top-up & split loan options available

80-90%

ANZ Simplicity PLUS

7.24% p.a.

7.24% p.a.

  • $2,000 cashback for eligible refinancers
  • Redraw facility

90%

ANZ Standard Variable Home Loa

7.24% p.a.

7.24% p.a.

  • $2,000 cashback for eligible refinancers
  • Offset & redraw facility

80%

ANZ Standard Variable Home Loa

7.44% p.a.

7.44% p.a.

  • $2,000 cashback for eligible refinancers
  • Offset & redraw facility

Above 80%

Westpac Rocket Repay Home Loan (Variable With Offset)

7.44% p.a. (0.10% p.a. discount on variable rate)

7.77% p.a.

  • Unlimited extra repayments
  • Offset & redraw facility

70%

Westpac Rocket Repay Home Loan (Variable With Offset)

7.54% p.a.

7.87% p.a.

  • Unlimited extra repayments
  • Offset & redraw facility

70-80%

ANZ Simplicity PLUS

7.64% p.a.

7.64% p.a.

  • $2,000 cashback for eligible refinancers
  • Redraw facility

Above 90%

Commbank Standard Variable Rate Home Loan (with Wealth Package)

7.74% p.a.

8.10% p.a.

  • Offset & redraw facility
  • Unlimited additional repayments

90-95%

Commbank Extra Home Loan Variable

7.84% p.a.

7.86% p.a.

  • Redraw facility
  • Top-up & split loan options available

90-95%

Westpac Rocket Repay Home Loan (Variable With Offset)

7.84% p.a.

8.16% p.a.

  • Unlimited extra repayments
  • Offset & redraw facility

80-90%

NAB Choice Package (loan amount of $750,000+)

7.87% p.a.

8.22% p.a.

  • No application or monthly fee
  • Discounted premiums on selected insurance

90%

NAB Choice Package (loan amount $250,000-$749,000

7.92% p.a.

8.22% p.a.

  • No application or monthly fee
  • Discounted premiums on selected insurance

90%

NAB Choice Package (loan amount less than $250,000)

8.17% p.a.

8.51% p.a.

  • No application or monthly fee
  • Discounted premiums on selected insurance

90%

Commbank Standard Variable Rate Home Loan (without Wealth Package)

8.80% p.a.

8.94% p.a.

  • Offset & redraw facility
  • Unlimited additional repayments

80%

Compare the big four banks’ lowest 1-year fixed rate home loans

Compare some of the lowest 1-year fixed rate owner-occupier home loans (with principal & interest repayments) from Australia’s big four banks: ANZ, Commbank, NAB and Westpac. This table is sorted by the lowest interest rate, then the lowest comparison rate.

Westpac Fixed Options Home Loan

Interest rate

6.59% p.a., fixed for 1 year

Comparison rate^

7.68% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

70%

Commbank Fixed Rate Home Loan (with Wealth Package)

Interest rate

6.59% p.a., fixed for 1 year

Comparison rate^

8.29% p.a.

Features
  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

95%

NAB Tailored Home Loan Fixed

Interest rate

6.69% p.a., fixed for 1 year

Comparison rate^

6.86% p.a.

Features
  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

60-70%

ANZ Fixed Rate Home Loan

Interest rate

6.69% p.a., fixed for 1 year

Comparison rate^

7.19% p.a.

Features
  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

80%

Westpac Fixed Options Home Loan

Interest rate

6.69% p.a., fixed for 1 year

Comparison rate^

7.77% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

70-80%

NAB Choice Package Fixed

Interest rate

6.69% p.a., fixed for 1 year

Comparison rate^

8.35% p.a.

Features
  • No application or monthly fee
  • Discounted premiums on selected insurance
Maximum loan-to-value ratio (LVR)

90%

NAB Tailored Home Loan Fixed

Interest rate

6.74% p.a., fixed for 1 year

Comparison rate^

7.05% p.a.

Features
  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

Above 70-80%

ANZ Fixed Rate Home Loan

Interest rate

6.74% p.a., fixed for 1 year

Comparison rate^

7.37% p.a.

Features
  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

Above 80%

Commbank Fixed Rate Home Loan

Interest rate

6.74% p.a., fixed for 1 year

Comparison rate^

8.71% p.a.

Features
  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

95%

Westpac Fixed Options Home Loan

Interest rate

6.99% p.a., fixed for 1 yea

Comparison rate^

8.07% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

80-90%

Interest rateComparison rate^FeaturesMaximum loan-to-value ratio (LVR)

Westpac Fixed Options Home Loan

6.59% p.a., fixed for 1 year

7.68% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

70%

Commbank Fixed Rate Home Loan (with Wealth Package)

6.59% p.a., fixed for 1 year

8.29% p.a.

  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)

95%

NAB Tailored Home Loan Fixed

6.69% p.a., fixed for 1 year

6.86% p.a.

  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)

60-70%

ANZ Fixed Rate Home Loan

6.69% p.a., fixed for 1 year

7.19% p.a.

  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)

80%

Westpac Fixed Options Home Loan

6.69% p.a., fixed for 1 year

7.77% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

70-80%

NAB Choice Package Fixed

6.69% p.a., fixed for 1 year

8.35% p.a.

  • No application or monthly fee
  • Discounted premiums on selected insurance

90%

NAB Tailored Home Loan Fixed

6.74% p.a., fixed for 1 year

7.05% p.a.

  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)

Above 70-80%

ANZ Fixed Rate Home Loan

6.74% p.a., fixed for 1 year

7.37% p.a.

  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)

Above 80%

Commbank Fixed Rate Home Loan

6.74% p.a., fixed for 1 year

8.71% p.a.

  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)

95%

Westpac Fixed Options Home Loan

6.99% p.a., fixed for 1 yea

8.07% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

80-90%

Rates are current as of 07 May 2024. ^Warning: Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly P&I repayments. Different loan amounts and terms will result in different comparison rates. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you. While this is an extensive list of the lowest-rate 1-year fixed home loans from the big four banks, we can't guarantee that all loans available are shown.

Compare the big four banks’ lowest 2-year fixed rate home loans

Compare some of the lowest 2-year fixed rate owner-occupier home loans (with principal & interest repayments) from Australia’s big four banks: ANZ, Commbank, NAB and Westpac. This table is sorted by the lowest interest rate, then the lowest comparison rate.

Westpac Fixed Options Home Loan

Interest rate

6.49% p.a., fixed for 2 years

Comparison rate^

7.57% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

70%

ANZ Fixed Rate Home Loan

Interest rate

6.54% p.a., fixed for 2 years

Comparison rate^

7.10% p.a.

Features
  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

80%

NAB Tailored Home Loan Fixed

Interest rate

6.59% p.a., fixed for 2 years

Comparison rate^

6.83% p.a.

Features
  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

60-70%

ANZ Fixed Rate Home Loan

Interest rate

6.59% p.a., fixed for 2 years

Comparison rate^

7.27% p.a.

Features
  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

Above 80%

Westpac Fixed Options Home Loan

Interest rate

6.59% p.a., fixed for 2 years

Comparison rate^

7.67% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

70-80%

NAB Choice Package Fixed

Interest rate

6.59% p.a., fixed for 2 years

Comparison rate^

8.18% p.a.

Features
  • No application or monthly fee
  • Discounted premiums on selected insurance
Maximum loan-to-value ratio (LVR)

90%

NAB Tailored Home Loan Fixed

Interest rate

6.64% p.a., fixed for 2 years

Comparison rate^

7.00% p.a.

Features
  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

Above 70-80%

Commbank Fixed Rate Home Loan (with Wealth Package)

Interest rate

6.84% p.a., fixed for 2 years

Comparison rate^

8.19% p.a.

Features
  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

95%

Westpac Fixed Options Home Loan

Interest rate

6.89% p.a., fixed for 2 years

Comparison rate^

7.96% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

80-90%

Commbank Fixed Rate Home Loan

Interest rate

6.99% p.a., fixed for 2 years

Comparison rate^

8.55% p.a.

Features
  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

95%

Interest rateComparison rate^FeaturesMaximum loan-to-value ratio (LVR)

Westpac Fixed Options Home Loan

6.49% p.a., fixed for 2 years

7.57% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

70%

ANZ Fixed Rate Home Loan

6.54% p.a., fixed for 2 years

7.10% p.a.

  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)

80%

NAB Tailored Home Loan Fixed

6.59% p.a., fixed for 2 years

6.83% p.a.

  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)

60-70%

ANZ Fixed Rate Home Loan

6.59% p.a., fixed for 2 years

7.27% p.a.

  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)

Above 80%

Westpac Fixed Options Home Loan

6.59% p.a., fixed for 2 years

7.67% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

70-80%

NAB Choice Package Fixed

6.59% p.a., fixed for 2 years

8.18% p.a.

  • No application or monthly fee
  • Discounted premiums on selected insurance

90%

NAB Tailored Home Loan Fixed

6.64% p.a., fixed for 2 years

7.00% p.a.

  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)

Above 70-80%

Commbank Fixed Rate Home Loan (with Wealth Package)

6.84% p.a., fixed for 2 years

8.19% p.a.

  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)

95%

Westpac Fixed Options Home Loan

6.89% p.a., fixed for 2 years

7.96% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

80-90%

Commbank Fixed Rate Home Loan

6.99% p.a., fixed for 2 years

8.55% p.a.

  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)

95%

Rates are current as of 07 May 2024. ^Warning: Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly P&I repayments. Different loan amounts and terms will result in different comparison rates. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you. While this is an extensive list of the lowest-rate 2-year fixed home loans from the big four banks, we can't guarantee that all loans available are shown.

Compare the big four banks’ lowest 3-year fixed rate home loans

Compare some of the lowest 3-year fixed rate owner-occupier home loans (with principal & interest repayments) from Australia’s big four banks: ANZ, Commbank, NAB and Westpac. This table is sorted by the lowest interest rate, then the lowest comparison rate.

NAB Tailored Home Loan Fixed

Interest rate

6.59% p.a., fixed for 3 years

Comparison rate^

6.82% p.a.

Features
  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

60-70%

ANZ Fixed Rate Home Loan

Interest rate

6.59% p.a., fixed for 3 years

Comparison rate^

7.05% p.a.

Features
  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

80%

Commbank Fixed Rate Home Loan (with Wealth Package)

Interest rate

6.59% p.a., fixed for 3 years

Comparison rate^

8.00% p.a.

Features
  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

95%

NAB Choice Package Fixed

Interest rate

6.59% p.a., fixed for 3 years

Comparison rate^

8.04% p.a.

Features
  • No application or monthly fee
  • Discounted premiums on selected insurance
Maximum loan-to-value ratio (LVR)

90%

Westpac Fixed Options Home Loan

Interest rate

6.59% p.a., fixed for 3 years

Comparison rate^

7.57% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

70%

NAB Tailored Home Loan Fixed

Interest rate

6.64% p.a., fixed for 3 years

Comparison rate^

6.97% p.a.

Features
  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

Above 70-80%

ANZ Fixed Rate Home Loan

Interest rate

6.64% p.a., fixed for 3 years

Comparison rate^

7.21% p.a.

Features
  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

Above 80%

Westpac Fixed Options Home Loan

Interest rate

6.69% p.a., fixed for 3 years

Comparison rate^

7.72% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

70-80%

Commbank Fixed Rate Home Loan

Interest rate

6.74% p.a., fixed for 3 years

Comparison rate^

8.31% p.a.

Features
  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

95%

Westpac Fixed Options Home Loan

Interest rate

6.99% p.a., fixed for 3 years

Comparison rate^

7.91% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

80-90%

Interest rateComparison rate^FeaturesMaximum loan-to-value ratio (LVR)

NAB Tailored Home Loan Fixed

6.59% p.a., fixed for 3 years

6.82% p.a.

  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)

60-70%

ANZ Fixed Rate Home Loan

6.59% p.a., fixed for 3 years

7.05% p.a.

  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)

80%

Commbank Fixed Rate Home Loan (with Wealth Package)

6.59% p.a., fixed for 3 years

8.00% p.a.

  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)

95%

NAB Choice Package Fixed

6.59% p.a., fixed for 3 years

8.04% p.a.

  • No application or monthly fee
  • Discounted premiums on selected insurance

90%

Westpac Fixed Options Home Loan

6.59% p.a., fixed for 3 years

7.57% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

70%

NAB Tailored Home Loan Fixed

6.64% p.a., fixed for 3 years

6.97% p.a.

  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)

Above 70-80%

ANZ Fixed Rate Home Loan

6.64% p.a., fixed for 3 years

7.21% p.a.

  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)

Above 80%

Westpac Fixed Options Home Loan

6.69% p.a., fixed for 3 years

7.72% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

70-80%

Commbank Fixed Rate Home Loan

6.74% p.a., fixed for 3 years

8.31% p.a.

  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)

95%

Westpac Fixed Options Home Loan

6.99% p.a., fixed for 3 years

7.91% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

80-90%

Rates are current as of 07 May 2024. ^Warning: Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly P&I repayments. Different loan amounts and terms will result in different comparison rates. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you. While this is an extensive list of the lowest-rate 3-year fixed home loans from the big four banks, we can't guarantee that all loans available are shown.

Compare the big four banks’ lowest 4-year fixed rate home loans

Compare some of the lowest 4-year fixed rate owner-occupier home loans (with principal & interest repayments) from Australia’s big four banks: ANZ, Commbank, NAB and Westpac. This table is sorted by the lowest interest rate, then the lowest comparison rate.

Westpac Fixed Options Home Loan

Interest rate

6.59% p.a., fixed for 4 years

Comparison rate^

7.45% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR

70%

Westpac Fixed Options Home Loan

Interest rate

6.69% p.a., fixed for 4 years

Comparison rate^

7.55% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR

70-80%

Commbank Fixed Rate Home Loan (with Wealth Package)

Interest rate

6.69% p.a., fixed for 4 years

Comparison rate^

7.92% p.a.

Features
  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR

95%

NAB Tailored Home Loan Fixed

Interest rate

6.74% p.a., fixed for 4 years

Comparison rate^

6.86% p.a.

Features
  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR

60-70%

ANZ Fixed Rate Home Loan

Interest rate

6.74% p.a., fixed for 4 years

Comparison rate^

7.06% p.a.

Features
  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR

80%

NAB Choice Package Fixed

Interest rate

6.74% p.a., fixed for 4 years

Comparison rate^

7.96% p.a.

Features
  • No application or monthly fee
  • Discounted premiums on selected insurance
Maximum loan-to-value ratio (LVR

90%

NAB Tailored Home Loan Fixed

Interest rate

6.79% p.a., fixed for 4 years

Comparison rate^

7.00% p.a.

Features
  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR

Above 70-80%

ANZ Fixed Rate Home Loan

Interest rate

6.79% p.a., fixed for 4 years

Comparison rate^

7.20% p.a.

Features
  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR

Above 80%

Commbank Fixed Rate Home Loan

Interest rate

6.84% p.a., fixed for 4 years

Comparison rate^

8.18% p.a.

Features
  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR

95%

Interest rateComparison rate^FeaturesMaximum loan-to-value ratio (LVR

Westpac Fixed Options Home Loan

6.59% p.a., fixed for 4 years

7.45% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

70%

Westpac Fixed Options Home Loan

6.69% p.a., fixed for 4 years

7.55% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

70-80%

Commbank Fixed Rate Home Loan (with Wealth Package)

6.69% p.a., fixed for 4 years

7.92% p.a.

  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)

95%

NAB Tailored Home Loan Fixed

6.74% p.a., fixed for 4 years

6.86% p.a.

  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)

60-70%

ANZ Fixed Rate Home Loan

6.74% p.a., fixed for 4 years

7.06% p.a.

  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)

80%

NAB Choice Package Fixed

6.74% p.a., fixed for 4 years

7.96% p.a.

  • No application or monthly fee
  • Discounted premiums on selected insurance

90%

NAB Tailored Home Loan Fixed

6.79% p.a., fixed for 4 years

7.00% p.a.

  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)

Above 70-80%

ANZ Fixed Rate Home Loan

6.79% p.a., fixed for 4 years

7.20% p.a.

  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)

Above 80%

Commbank Fixed Rate Home Loan

6.84% p.a., fixed for 4 years

8.18% p.a.

  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)

95%

Rates are current as of 07 May 2024. ^Warning: Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly P&I repayments. Different loan amounts and terms will result in different comparison rates. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you. While this is an extensive list of the lowest-rate 4-year fixed home loans from the big four banks, we can't guarantee that all loans available are shown.

Compare the big four banks’ lowest 5-year fixed rate home loans

Compare some of the lowest 5-year fixed rate owner-occupier home loans (with principal & interest repayments) from Australia’s big four banks: ANZ, Commbank, NAB and Westpac. This table is sorted by the lowest interest rate, then the lowest comparison rate.

Westpac Fixed Options Home Loan

Interest rate

6.69% p.a., fixed for 5 years

Comparison rate^

7.43% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

70%

Commbank Fixed Rate Home Loan (with Wealth Package)

Interest rate

6.69% p.a., fixed for 5 years

Comparison rate^

7.82% p.a.

Features
  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

95%

NAB Tailored Home Loan Fixed

Interest rate

6.79% p.a., fixed for 5 years

Comparison rate^

6.87% p.a.

Features
  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

60-70%

Westpac Fixed Options Home Loan

Interest rate

6.79% p.a., fixed for 5 years

Comparison rate^

7.53% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

70-80%

NAB Choice Package Fixed

Interest rate

6.79% p.a., fixed for 5 years

Comparison rate^

7.88% p.a.

Features
  • No application or monthly fee
  • Discounted premiums on selected insurance
Maximum loan-to-value ratio (LVR)

90%

NAB Tailored Home Loan Fixed

Interest rate

6.84% p.a., fixed for 5 years

Comparison rate^

7.01% p.a.

Features
  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

Above 70-80%

ANZ Fixed Rate Home Loan

Interest rate

6.84% p.a., fixed for 5 years

Comparison rate^

7.06% p.a.

Features
  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

80%

ANZ Fixed Rate Home Loan

Interest rate

6.84% p.a., fixed for 5 years

Comparison rate^

7.20% p.a.

Features
  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

80%

Commbank Fixed Rate Home Loan

Interest rate

6.84% p.a., fixed for 5 years

Comparison rate^

8.04% p.a.

Features
  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)
Maximum loan-to-value ratio (LVR)

95%

Westpac Fixed Options Home Loan

Interest rate

6.99% p.a., fixed for 5 years

Comparison rate^

7.84% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

80-90%

Westpac Fixed Options Home Loan

Interest rate

7.09% p.a., fixed for 5 years

Comparison rate^

7.82% p.a.

Features
  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility
Maximum loan-to-value ratio (LVR)

80-90%

Interest rateComparison rate^FeaturesMaximum loan-to-value ratio (LVR)

Westpac Fixed Options Home Loan

6.69% p.a., fixed for 5 years

7.43% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

70%

Commbank Fixed Rate Home Loan (with Wealth Package)

6.69% p.a., fixed for 5 years

7.82% p.a.

  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)

95%

NAB Tailored Home Loan Fixed

6.79% p.a., fixed for 5 years

6.87% p.a.

  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)

60-70%

Westpac Fixed Options Home Loan

6.79% p.a., fixed for 5 years

7.53% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

70-80%

NAB Choice Package Fixed

6.79% p.a., fixed for 5 years

7.88% p.a.

  • No application or monthly fee
  • Discounted premiums on selected insurance

90%

NAB Tailored Home Loan Fixed

6.84% p.a., fixed for 5 years

7.01% p.a.

  • Additional repayments up to $20,000 allowed during fixed term
  • Rate lock available for up to 90 days (fees may apply)

Above 70-80%

ANZ Fixed Rate Home Loan

6.84% p.a., fixed for 5 years

7.06% p.a.

  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)

80%

ANZ Fixed Rate Home Loan

6.84% p.a., fixed for 5 years

7.20% p.a.

  • No set-up or monthly fees
  • Rate lock available for up to 90 days (fees may apply)

80%

Commbank Fixed Rate Home Loan

6.84% p.a., fixed for 5 years

8.04% p.a.

  • Additional repayments up to $10,000 annually
  • Rate lock available for up to 90 days (fees may apply)

95%

Westpac Fixed Options Home Loan

6.99% p.a., fixed for 5 years

7.84% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

80-90%

Westpac Fixed Options Home Loan

7.09% p.a., fixed for 5 years

7.82% p.a.

  • Extra repayments up to $30,000 allowed during fixed term
  • Redraw facility

80-90%

Rates are current as of 07 May 2024. ^Warning: Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly P&I repayments. Different loan amounts and terms will result in different comparison rates. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you. While this is an extensive list of the lowest-rate 5-year fixed home loans from the big four banks, we can't guarantee that all loans available are shown.

Which of the big four banks has the best home loan rates?

  • The lowest variable rate available from a big four bank is 6.44% (2-year intro rate) from Westpac. This is for an owner-occupier loan (with P&I repayments) and a maximum loan-to-value ratio (LVR) of 70%.
  • The lowest fixed rate available from a big four bank is 6.49% from Westpac. That’s for a two-year fixed term for owner-occupiers making P&I repayments with a maximum LVR of 70%.

Lowest interest rates for each of the big four banks

According to Money.com.au's analysis of interest rates from the big four banks, Westpac typically offers the lowest interest rates across both variable and fixed rate home loans. Commonwealth Bank had the second lowest variable mortgage rates, while ANZ had the second lowest fixed mortgage rates. The table below is sorted by the lowest variable rates.

Lowest variable mortgage interest rateLowest fixed mortgage interest rate

Other lenders on Money’s database

5.69% p.a. (6.11% p.a. comparison rate)

5.48% p.a., fixed for 3 years (6.24% p.a. comparison rate)

Westpac

6.44% p.a. (6.76% p.a. comparison rate)

6.49% p.a., fixed for 2 years (7.57% p.a. comparison rate)

Commonwealth Bank

6.49% p.a. (6.87% p.a. comparison rate)

6.59% p.a., fixed for 3 years (8.00% p.a. comparison rate)

ANZ

6.54% p.a. (6.54% p.a. comparison rate)

6.54% p.a., fixed for 2 years (7.10% p.a. comparison rate)

NAB

6.84% p.a. (6.88% p.a. comparison rate)

6.59% p.a., fixed for 3 years (6.82% p.a. comparison rate)

Rates are current as of 07 May 2024. ^Warning: Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly principal & interest repayments. Different loan amounts and terms will result in different comparison rates

Big four banks ranked by value of home lending

  • Owner-occupier home loans: $366,635 million
  • Investor home loans: $182,978 million

About Commonwealth Bank

The Commonwealth Bank of Australia (CBA) has the largest home loan book among the big four banks. It was founded under the Commonwealth Bank Act in 1911 and today serves about 15.9 million customers across its Australian and international branches, according to its website. CBA has several subsidiaries, including Bankwest and digital home loan lender Unloan.

Source: Figures based on APRA’s monthly ADI statistics, March 2024.

  • Owner-occupier home loans: $308,357 million
  • Investor home loans: $158,104 million

About Westpac

Westpac is the second largest home lender in Australia by home lending market share. It was founded in 1817 as the Bank of New South Wales and later became the Westpac Banking Corporation in 1982. This makes Westpac the first bank established in Australia and the oldest of the big four banks. Westpac and its subsidiaries (St.George, Bank of Melbourne, BankSA and RAMS) serve about 12.7 million customers, according to its website.

Westpac also sponsors the Westpac Lifesaver Rescue Helicopter Service (WLRHS).

  • Owner-occupier home loans: $209,010 million
  • Investor home loans: $109,596 million

About NAB

National Australia Bank (NAB) is Australia's third biggest home loan lender. It was established 1981 after a merger between the National Bank of Australasia and the Commercial Banking Company of Sydney. NAB serves about 8.5 million customers worldwide, according to its website. It also owns digital bank UBank.

  • Owner-occupier home loans: $197,429 million
  • Investor home loans: $97,799 million

About ANZ

The Australia and New Zealand Banking Group (ANZ) is the smallest of the big four banks, based on its home loan book size. ANZ was formed in 1951 following a merger of the Bank of Australasia and the Union Bank of Australia. ANZ serves about 8.5 million customers, according to its website.

ANZ was the first bank to introduce contactless payments in Australia with Apple Pay.

Big four banks vs other lenders: Who has the best interest rates?

Based on Money.com.au’s analysis of a wide range of current mortgage rates, smaller lenders tend to have lower interest rates than the big four banks. However, it will depend on your loan type and LVR. Lower LVRs typically mean lower rates and higher LVRs mean higher rates.

Mansour Soltani

“Smaller lenders typically operate with lower overhead costs and tend to offer lower rates to compete for market share against the big four banks. So, if you’re a borrower chasing the lowest rate possible, we’d maybe suggest going with a smaller lender. On the flip side, if your LVR is sub 60-70%, you’d probably get a good rate from one of the big four. There may be cases where one of the big four don’t have the best rates, but have policy tweaks suitable to your borrower scenario. For example, ANZ will accept one year of financials for business owners, while most other lenders require two years’ worth. NAB doesn't ask for a detailed breakdown of expenses if you withdraw over $100,000 in equity, unlike some other banks.”

Mansour Soltani, Money.com.au's home loan expert

How satisfied are Australians with the big four?

According to the latest Roy Morgan banking customer satisfaction ratings, NAB had the highest home loan customer satisfaction among the big four banks, with a rating of 75.6%. The average customer satisfaction for home loans among the big four banks as a collective is 73.7%. Westpac came a close second with a 75% satisfaction score, followed by CBA (74.3%) and ANZ (69.5%). Customer satisfaction is measured on a scale of ‘very satisfied’, ‘fairly satisfied’, ‘neither satisfied nor dissatisfied’, ‘fairly dissatisfied’ and ‘very dissatisfied’.

Are Australia’s big four banks safer than other lenders?

The big four banks are generally no more or less safe than smaller lenders. The Australian Prudential Regulation Authority (APRA) and the Australian Securities & Investments Commission (ASIC) regulate all registered financial institutions, regardless of their size.

Additionally, any bank that accepts deposits from the public — known as authorised deposit-taking institutions (ADIs) — is covered under the Financial Claims Scheme (FCS). Under this scheme, if a lender was to collapse, the government would guarantee up to $250,000 of your money (per account holder, per institution).

Additionally, some smaller lenders are in fact divisions or subsidiaries of one of the big four. For example, UBank is backed by NAB, while St.George, Bank of Melbourne, BankSA and RAMS are under the umbrella of the Westpac Group.

Mansour Soltani

“There’s definitely a misconception that going with a smaller lender is risky because they may go bust. No banks have gone bust in Australia. In the unlikely event of a lender collapse, a larger bank would likely acquire its customer and loan portfolio and your mortgage would get sold to that larger bank.”

Mansour Soltani, Money.com.au's home loan expert

Getting a mortgage with the big four: Pros & cons

Pros

Major banks tend to have more home loan products, including home loans with introductory discount rates, package home loans, no-frills home loans, etc.

Cons

Based on Money.com.au’s analysis, the big four tend to have higher interest rates on both variable and fixed rate home loan products compared to smaller lenders.

Pros

Big banks can invest heavily in technology, including mobile apps & digital banking (e.g. PayID, contactless payments) to make managing your home loan and money easier.

Cons

The big four banks may have stricter lending criteria, especially for borrowers with high LVRs (e.g. first-home buyers).

Pros

The big four have the most extensive networks of ATMs and physical branches, which is especially important in regional areas and for customers who prefer in-person banking.

Cons

The big four generally have limited options for borrowers with low credit scores and non-conforming borrowers (e.g. self-employed). This is where a smaller specialist lender may be more suitable.

Pros

Big four banks have strong brand recognition and established reputations, which may provide reassurance to borrowers, especially during economic downturns.

Cons

Due to their size, big banks may provide less personalised service than smaller lenders.

ProsCons

Major banks tend to have more home loan products, including home loans with introductory discount rates, package home loans, no-frills home loans, etc.

Based on Money.com.au’s analysis, the big four tend to have higher interest rates on both variable and fixed rate home loan products compared to smaller lenders.

Big banks can invest heavily in technology, including mobile apps & digital banking (e.g. PayID, contactless payments) to make managing your home loan and money easier.

The big four banks may have stricter lending criteria, especially for borrowers with high LVRs (e.g. first-home buyers).

The big four have the most extensive networks of ATMs and physical branches, which is especially important in regional areas and for customers who prefer in-person banking.

The big four generally have limited options for borrowers with low credit scores and non-conforming borrowers (e.g. self-employed). This is where a smaller specialist lender may be more suitable.

Big four banks have strong brand recognition and established reputations, which may provide reassurance to borrowers, especially during economic downturns.

Due to their size, big banks may provide less personalised service than smaller lenders.

FAQs about big four banks home loans

The big four banks are ANZ, Commonwealth Bank, NAB, and Westpac. They’re referred to as the ‘big four’ because they’re the four largest banks by market share. They collectively hold about 80% of all residential home loans in Australia, according to Statista.

Besides the sheer number of customers on their books and their perceived stability in the market, what sets the big four banks apart from other lenders is that they must abide by the 'four pillars’ policy. This policy essentially bans any acquisition or merger between the big four banks. It’s aimed at maintaining the separation of the four largest banks and to create a competitive banking market.

The big four banks generally offer a wide range of home loan products suited to different types of borrowers and financial situations, including (but not limited to):

If you’re looking to explore your options beyond the big four, there are plenty of alternatives worth considering, such as:

Other retail banks: There are 95 banks in Australia, according to the Australian Banking Association (ABA). Aside from the big four, dozens of other retail banks offer home loans and other banking products across all states in Australia. Some prominent ones include Macquarie Bank, ING, Bendigo Bank, HSBC, Suncorp, etc.

Credit unions and customer-owned banks: Credit unions or building societies are another alternative to major banks. They’re member-owned and non-profit, allowing them to potentially offer lower interest rates on loans to their customers. Heritage Bank and Greater Bank are examples of customer-owned banks.

Online lenders: There are also online lenders that offer digital home loans and banking services (offered entirely online). Due to their lower overheads, these lenders may have cheaper interest rates. Popular online lenders in Australia include Unloan (owned by Commonwealth Bank), UBank (owned by NAB), and loans.com.au.

Fintechs & neobanks: Fintechs (financial technology) start-ups and neo-banks have become incumbents in the home lending market. Some may not be registered ADIs, so they can’t offer deposit products such as savings accounts and term deposits, but can provide home loans (sometimes with pretty competitive rates). Popular fintechs in Australia include Tiimely Home (formerly Tic:Toc) and Up.

Shopping around for the right loan can save you thousands of dollars in interest and fees.

Home Loans guides and resources

What's the next step on your property journey? Our home loan guides will help you navigate the road ahead, whether you're buying, building or looking to save on an existing loan.

Written by

Megan Birot Money.com.au writer

Senior Finance Writer

Megan Birot

Reviewed by

Mansour Soltani home loan expert

Home Loans Expert

Mansour Soltani

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