Big Four banks home loans

Big four bank home loan rate comparison

Rates and fees last updated on

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 September 25th, 2017
$
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
3.88%
4.89%
$0
$395 p.a.
95%
A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.85%
4.95%
$0
$395 p.a.
95%
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cashback available for refinancers. Conditions apply.
4.03%
5.04%
$600
$10 monthly ($120 p.a.)
95%
Get a 2-year fixed rate with flexible repayment options to help you save.
3.99%
4.99%
$0
$395 p.a.
95%
A package home loan with fee free extra repayments available during the fixed term.
4.44%
5.55%
$600
$8 monthly ($96 p.a.)
95%
4.52%
4.52%
$0
$0 p.a.
95%
A home loan with no establishment fees or monthly fees.
3.99%
4.90%
$0
$395 p.a.
95%
Lock in a discounted fixed rate with a low service fee.
4.55%
4.59%
$0
$0 p.a.
95%
Make extra repayments and then access them through the fee free redraw facility.
4.08%
5.16%
$600
$8 monthly ($96 p.a.)
95%
Get the stability of a 2-year fixed rate with the flexibility of great features.
5.20%
5.30%
$600
$5 monthly ($60 p.a.)
90%
Make additional repayments and use your 100% offset to pay off your loan sooner.
$600
$8 monthly ($96 p.a.)
95%
An option to link a 100% offset account to save on interest.
3.99%
4.93%
$0
$395 p.a.
95%
Lock in a discounted rate for 3 years and have the option for interest only repayments.
4.39%
4.78%
$0
$395 p.a.
95%
Package your home loan to get discounts on your interest rate and other financial products.
4.19%
5.27%
$600
$8 monthly ($96 p.a.)
95%
Fix in a rate for one year and enjoy a range of features such as interest only repayments.
6.42%
$600
$10 monthly ($120 p.a.)
95%
Tap into your equity with a line of credit home loan from Westpac.
4.64%
5.02%
$0
$395 p.a.
95%
Package Westpac's standard variable home loan with all the additional features available with the Premier Advantage Package.
4.17%
4.21%
$600
$0 p.a.
95%
A competitive no frills home loan. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.29%
4.78%
$600
$8 monthly ($96 p.a.)
95%
Option to make extra repayments and redraw with no fees.
3.99%
4.90%
$0
$395 p.a.
95%
Pay no application fee and fix your interest for 3 years with this ANZ package home loan.
4.14%
4.98%
$600
$10 monthly ($120 p.a.)
95%
A fixed rate loan that has the option to make additional repayments up to 5% of the loan.
4.14%
5.07%
$600
$8 monthly ($96 p.a.)
95%
Lock in a competitive fixed rate for 3 years with one of the big 4 banks.
4.50%
4.90%
$0
$395 p.a.
95%
No application fee and discounts on other ANZ banking products.
5.24%
5.37%
$600
$8 monthly ($96 p.a.)
95%
Tailor your home loan to suit your needs and pay a competitive rate.
4.60%
4.99%
$0
$395 p.a.
95%
With a 100% offset account and a discounted interest rate package your loan with ANZ.

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Rates last updated September 25th, 2017
$
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%
A basic home loan with a competitive rate and low fees.
3.54%
3.54%
$440
$0 p.a.
80%
Borrow up to 80% LVR with no ongoing fees and a 100% offset account.
3.74%
3.74%
$0
$0 p.a.
80%
Combine a low variable interest rate and free redraw with no application or ongoing fees.
3.64%
3.66%
$0
$0 p.a.
80%
A home loan with a competitive variable rate, limited fees and plenty of flexibility.
3.69%
3.72%
$0
$0 p.a.
80%
A low rate home loan with no ongoing fees.
3.49%
4.47%
$0
$375 p.a.
90%
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.72%
3.74%
$0
$0 p.a.
80%
Take advantage of a 100% offset account along with no annual or application fees.
3.79%
3.84%
$445
$0 p.a.
90%
A special limited time offer for owner occupiers. An IMB Transaction Account must be opened with this loan.
3.79%
3.92%
$0
$10 monthly ($120 p.a.)
80%
A competitive variable rate home loan with flexible features. You can earn 30,000 Velocity Points for every $100k you borrow (for a limited time, subject to eligibility requirements).
3.86%
3.87%
$0
$0 p.a.
80%
Pay no ongoing fees on a competitive variable rate home loan.
3.69%
4.86%
$0
$395 p.a.
90%
A special rate for first home buyers buying residential property and borrowing over $150K. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.69%
4.15%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
3.77%
3.81%
$200
$0 p.a.
95%
A basic home loan with a low interest rate and a redraw facility available.
3.84%
3.84%
$0
$0 p.a.
110%
Requires a family member to act as guarantor. Discounted rate available with family pledge loans. Family pledge loans require no LMI and no deposit. NSW, Qld and ACT only.
3.79%
4.00%
$0
$10 monthly ($120 p.a.)
90%
Get a competitive interest rate for 3 years and a discounted variable rate when the fixed period ends.
3.74%
4.06%
$0
$299 p.a.
95%
A loan with no application fee and borrow up to 95% LVR.
3.97%
4.02%
$445
$0 p.a.
90%
Get a competitive rate without features you may not use.
3.84%
3.84%
$0
$0 p.a.
90%
A competitive variable rate with a redraw facility. NSW, QLD and ACT residents only.
3.68%
3.69%
$0
$0 p.a.
80%
A competitive variable rate product with low fees offered by a 100% online lender.
3.74%
3.75%
$0
$0 p.a.
70%
A special variable rate home loan with no application or ongoing fees.
3.69%
4.00%
$0
$350 p.a.
95%
Fix your rate for 3 years and borrow up to 95% LVR.
3.85%
4.10%
$500
$0 p.a.
95%
Apply for Easy Street fixed rate home loans and get a competitive loan with a fixed interest rate.
3.69%
3.75%
$600
$0 p.a.
80%
A low interest rate variable home loan with no ongoing fees.
3.97%
3.99%
$0
$0 p.a.
90%
A low rate variable home loan offer with no monthly fees or application fee charge.
3.74%
4.81%
$0
$0 p.a.
95%
Get a competitive 2-year fixed rate with no application or ongoing fees.
3.72%
4.19%
$0
$0 p.a.
80%
Enjoy a variable 3 year introductory rate with the Bankwest Equaliser Home Loan.
3.88%
4.89%
$0
$395 p.a.
95%
A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.09%
4.12%
$0
$0 p.a.
80%
Access the equity in your home with a competitive interest rate and no application fee.
3.69%
4.45%
$0
$375 p.a.
90%
Discount off an already competitive 2 year fixed rate for loans over $150k. NSW,QLD and ACT residents only.
3.97%
3.97%
$0
$0 p.a.
80%
A competitive variable rate home loan with no ongoing fees.
3.83%
3.83%
$0
$0 p.a.
70%
A special low variable rate for owner occupiers with 100% offset account and no application or ongoing fees.
3.64%
3.64%
$0
$0 p.a.
70%
A basic low-rate home loan that still offers some useful features.
3.74%
4.85%
$0
$0 p.a.
95%
Enjoy a low interest rate and borrow up to 95% (with LMI) of your property's value.
4.19%
4.19%
$0
$0 p.a.
90%
Access to redraw facility and offset account without the annual fee.
3.64%
4.83%
$0
$0 p.a.
95%
Owner-occupiers can lock in a competitive rate with no ongoing fees. Conditions apply.
4.03%
4.07%
$0
$0 p.a.
95%
Enjoy a basic home loan with a high LVR and no application or ongoing fees.
3.85%
4.95%
$0
$395 p.a.
95%
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cashback available for refinancers. Conditions apply.
3.99%
4.99%
$0
$395 p.a.
95%
A package home loan with fee free extra repayments available during the fixed term.
4.39%
5.42%
$300
$10 monthly ($120 p.a.)
95%
Lock in a competitive fixed rate for 3 years.
3.69%
4.03%
$0
$299 p.a.
80%
Enjoy a low variable rate with no application fee.
3.88%
4.47%
$0
$0 p.a.
95%
This competitive introductory rate is a limited time offer for new owner-occupiers
3.68%
3.69%
$600
$0 p.a.
90%
Get a low variable rate along with some important basic features.
3.80%
3.81%
$0
$0 p.a.
95%
A no frills loan with a competitive rate and a maximum LVR of 95%.

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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

If borrowers start looking elsewhere for a better deal, the big four may have to change their game plan.

  • Westpac is associated with St.George, Bank of Melbourne, BankSA and RAMS.
  • Commonwealth Bank holds Bankwest
  • NAB is associated with UBank

You may want to consider international banks such as Citibank and HSBC. There is also ME, Bendigo Bank, Bank of Queensland, ING Direct, Bankmecu or Suncorp.

The big four can be seen in a negative light for some due to their high margins and profits. Some consumers argue that these banks only exist to reap in profits.

Photo: Sydney Morning Herald

Shirley Liu

Shirley is finder.com.au's publisher for banking and investments. She has completed a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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