Big Four banks home loans

Big four bank home loan rate comparison

Change the way you approach the big four banks through comparison.

The big four banks in Australia, the Commonwealth Bank, Westpac, ANZ and NAB play a key role in the Australian economy and have the financial stability to keep your home loan safe. They are well managed, regulated and hold nearly 85% of the home loan market share between them.

Below are the most up-to-date standard variable rates for the big four. If you scroll down further you can see more of the rates on offer from the big four and also other competitive rates offered by other lenders.

Big four standard variable rates comparison

LoanInterest rate (p.a.)Comparison rate (p.a.)
ANZ Standard Variable Home Loan5.2% p.a.5.3% p.a.
CBA Standard Variable Home Loan (Owner Occupier P&I)5.22% p.a.5.36% p.a.
NAB Tailored Home Loan Variable Rate (Owner Occupier P&I)5.24% p.a.5.37% p.a.
Westpac Rocket Repay Home Loan - Principal and Interest5.24% p.a.5.38% p.a.

Compare home loans from the big four banks and others to find the right deal for you

Rates last updated August 21st, 2018
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
4.52%
4.52%
$0
$0 p.a.
90%
A home loan with no establishment fees or monthly fees.
$600
$8 monthly ($96 p.a.)
95%
An option to link a 100% offset account to save on interest.
3.89%
4.90%
$0
$395 p.a.
95%
Lock in a discounted rate for 3 years and have the option for interest only repayments.
4.29%
4.78%
$600
$8 monthly ($96 p.a.)
95%
Option to make extra repayments and redraw with no fees.
4.04%
5.05%
$600
$8 monthly ($96 p.a.)
95%
Lock in a competitive fixed rate for 3 years with one of the big 4 banks.

Compare up to 4 providers

Rates last updated August 21st, 2018
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.64%
3.66%
$0
$0 p.a.
80%
Competitive interest rate and limited fees
A simple mortgage with a competitive interest rate and no application or monthly fees. Borrow up to $2 million from a convenient online lender.
3.59%
3.59%
$0
$0 p.a.
80%
Special discounted interest rate
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
3.64%
3.65%
$0
$0 p.a.
80%
Get approved faster with a speedy online application
Low interest rate and limited fees. Add a 100% offset account for $10 a month.
3.69%
4.11%
$0
$395 p.a.
80%
Save on interest with a 100% offset account
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
3.70%
3.90%
$0
$0 p.a.
70%
Requires a 30% deposit
Enjoy all the benefits of the Basic Home Loan and take advantage of an offset account.

Compare up to 4 providers

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What we've learned from the Global Financial Crisis

The issue of financial stability has been a hot topic since the Global Financial Crisis (GFC). Bear Stearns was purchased by JPMorgan Chase for just $10 per share in March 2008. In September later that year, two government-chartered lenders Freddie Mac and Fannie Mae were placed in the care of the US government. The Lehman Brothers collapsed not long after and Merrill Lynch soon sold itself to Bank of America. In Australia the impacts were felt too, the Commonwealth Bank acquired Bankwest and Westpac acquired St.George.

Since then, Australians have been more aware about the financial security of their loans and products, looking for some sort of guarantee or protection should their bank go bust.

However, it could be wise to borrow outside the safety of the big four banks. Many smaller lenders have competitive interest rates and more flexible terms than the major banks. With the Gillard Government banning exit fees, it provides you with more leverage and choice to refinance to a better home loan.

During the GFC, the introduction of the Government guarantee of bank deposits also prompted the myth that lenders beside the big four were unsafe, however, the guarantee only extends to deposits and not loans.

All registered financial institutions are regulated to absorb financial shocks

All registered financial institutions including credit unions, second tier lenders, online lenders and building societies are regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

APRA is responsible for the prudential supervision of authorised deposit-taking institutions, such as implementing the Basel reforms to ensure that financial institutions are more resilient to economic shocks. Financial institutions are required to hold a certain portion of capital, as they provide a permanent commitment of funds and are available to absorb losses.

Pros and considerations of the big four banks

Pros
  • Large ATM network and more branches
  • Competition between the big four is very high, so if one reduces their rates, the other three will likely do it too
  • Biggest market share (also a consideration)
  • Tend to be more financially stable
  • Have migrant banking services for non-residents
Cons
  • Tend to have higher interest rates
  • Tend to lack in customer service
  • Don't really specialise in offering non-conforming loans for those with special circumstances

Frequently asked questions

Photo: Sydney Morning Herald

Shirley Liu

Shirley Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 3.59% p.a. and a 3.59% p.a. comparison rate.

loans.com.au Essentials - Variable (Owner Occupier, P&I)

A competitive interest rate home loan with interest only options. Interest rate 3.64% p.a.
comp rate of 3.66% p.a.

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)

Loans over $150k get a discount off an already low fixed rate. Available for NSW, QLD and ACT residents only.

Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150k+ Owner Occupier, P&I) Discount 1

New borrowers or refinancers can get a discounted rate with this package loan. Bonus $1,500 cashback for refinancers.

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