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 July 24th, 2017
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Loan purpose
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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I)
A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.88% 4.89% $0 $395 p.a. 95% Go to site More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier, P&I)
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% 4.98% $0 $395 p.a. 95% Enquire now More info
ANZ Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier, P&I)
Flexible repayment options to help you save.
4.03% 5.08% $600 $10 monthly ($120 p.a.) 95% Enquire now More info
NAB Choice Package Home Loan - 1 Year Fixed (Owner Occupier P&I)
A low interest rate home loan with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.89% 4.96% $0 $395 p.a. 95% Go to site More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier) P&I
A package home loan with fee free extra repayments available during the fixed term.
3.99% 4.99% $0 $395 p.a. 95% Enquire now More info
4.49% 5.57% $600 $8 monthly ($96 p.a.) 95% Enquire now More info
Commonwealth Bank No Fee Variable Rate - (Owner Occupier, P&I)
A home loan with no establishment fees or monthly fees.
4.52% 4.52% $0 $0 p.a. 95% Enquire now More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years, P&I
Lock in a discounted fixed rate with a low service fee.
3.88% 4.88% $0 $395 p.a. 95% Enquire now More info
ANZ Simplicity PLUS Home Loan - (Variable, P&I)
Make extra repayments and then access them through the fee free redraw facility.
4.55% 4.59% $0 $0 p.a. 95% Enquire now More info
Westpac Fixed Options Home Loan - 2 Years, P&I
A fixed rate with redraw facility and portability options.
4.08% 5.16% $600 $8 monthly ($96 p.a.) 95% Enquire now More info
ANZ Standard Variable Home Loan  - (Owner Occupier, P&I)
Make additional repayments and use your 100% offset to pay off your loan sooner.
5.20% 5.30% $600 $5 monthly ($60 p.a.) 90% Enquire now More info
Westpac Rocket Repay Home Loan
An option to link a 100% offset account to save on interest.
$600 $8 monthly ($96 p.a.) 95% Enquire now More info
Commonwealth Bank Wealth Package Fixed Home Loan - 3 Year Fixed (Owner Occupier) P&I
Lock in a discounted rate for 3 years and have the option for interest only repayments.
4.09% 4.95% $0 $395 p.a. 95% Enquire now More info
NAB Choice Package Variable Rate - $250k to $749,999 P&I (Owner Occupier)
Package your home loan to get discounts on your interest rate and other financial products.
4.39% 4.78% $0 $395 p.a. 95% Go to site More info
Westpac Fixed Options Home Loan - 1 Year, P&I
Fix in a rate for one year and enjoy a range of features such as interest only repayments.
4.19% 5.27% $600 $8 monthly ($96 p.a.) 95% Enquire now More info
Westpac Equity Access
A loan with low minimum loan amount , low ongoing fee and borrow up to 95% LVR.
6.42% $600 $10 monthly ($120 p.a.) 95% Enquire now More info
Westpac Premier Advantage Package Variable Home Loan - Rocket Repay  ($150,000 to $249,999, P&I)
Package Westpac's standard variable home loan with all the additional features available with the Premier Advantage Package.
4.64% 5.02% $0 $395 p.a. 95% Enquire now More info
NAB Base Variable Rate Home Loan - Owner Occupier (P&I)
A competitive no frills home loan. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.17% 4.21% $600 $0 p.a. 95% Go to site More info
4.29% 4.78% $600 $8 monthly ($96 p.a.) 95% Enquire now More info
ANZ Breakfree Package Home Loan - 3 Year Fixed (Owner Occupier, P&I)
Pay no application fee and fix your interest for 3 years with this ANZ package home loan.
3.99% 4.94% $0 $395 p.a. 95% Enquire now More info
ANZ Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier, P&I)
A fixed rate loan that has the option to make additional repayments up to 5% of the loan.
4.14% 5.02% $600 $10 monthly ($120 p.a.) 95% Enquire now More info
Commonwealth Bank Fixed Rate Home - 3 Year Fixed Rate (Owner Occupier, P&I)
Lock in a competitive fixed rate for 3 years with one of the big 4 banks.
4.24% 5.10% $600 $8 monthly ($96 p.a.) 95% Enquire now More info
ANZ Breakfree Home Loan Package  - $700,000+ (Owner Occupier, P&I)
No application fee and discounts on other ANZ banking products.
4.50% 4.90% $0 $395 p.a. 95% Enquire now More info
NAB Tailored Home Loan - Owner Occupier (P&I)
You can link your home loan to a 100% offset to help reduce the interest rate on the loan. 350K NAB Rewards Points offer available. Terms and conditions apply.
5.24% 5.37% $600 $8 monthly ($96 p.a.) 95% Go to site More info
ANZ Breakfree Home Loan Package  - $250,000 to $699,999 (Owner Occupier, P&I)
With a 100% offset account and a discounted interest rate package your loan with ANZ.
4.60% 4.99% $0 $395 p.a. 95% Enquire now More info
Rates last updated July 24th, 2017
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Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
loans.com.au Essentials - Variable (Owner Occupier, P&I)
A basic home loan with a competitive rate and low fees.
3.64% 3.66% $0 $0 p.a. 80% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.59% 4.48% $0 $375 p.a. 85% Go to site More info
UBank UHomeLoan Variable Rate - Standard Variable Rate Value Offer (Owner Occupier P&I)
Combine a low variable interest rate and free redraw with no application or ongoing fees.
3.74% 3.74% $0 $0 p.a. 80% Go to site More info
3.69% 3.72% $0 $0 p.a. 80% Go to site More info
Reduce Home Loans Rate Buster 100% Offset Variable Home Loan - Up to $750k (LVR <=80%)
Borrow up to 80% LVR with no ongoing fees and a 100% offset account.
3.54% 3.54% $440 $0 p.a. 80% Enquire now More info
loans.com.au Offset Variable - Up to 80% LVR (Owner Occupier P&I)
Take advantage of a 100% offset account along with no annual or application fees.
3.72% 3.74% $0 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I) First Home Buyer Special
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% 4.86% $0 $395 p.a. 90% Go to site More info
ING DIRECT Orange Advantage Loan - $150,000+ (LVR <=80% Owner Occupier, P&I)
A fully featured home loan with an offset account and discounts available. $1000 cashback offer available for loans over $300k. Terms and conditions apply.
3.79% 4.11% $0 $299 p.a. 80% Go to site More info
Mortgage House Advantage Home Loan 80 - Special Owner Occupier ($500K+)
A low interest rate home loan that lets you borrow up to 80% of the property's value.
3.73% 3.88% $0 $10 monthly ($120 p.a.) 80% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier Special Rate, P&I)
Owner-occupiers can lock in a competitive rate with no ongoing fees. Conditions apply.
3.84% 4.86% $0 $0 p.a. 95% Go to site More info
SCU Basic Variable Rate Home Loan
A basic home loan with a low interest rate and a redraw facility available. Take out a new SCU loan and enjoy $500 cash back on loans above $150k, terms and conditions apply.
3.77% 3.81% $200 $0 p.a. 95% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I)
A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.88% 4.89% $0 $395 p.a. 95% Go to site More info

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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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NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I)

A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)

Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.

IMB Budget Home Loan - LVR <=90% (Owner Occupier)

Get a competitive rate without features you may not use.

HSBC Home Value Loan - Resident Owner Occupier only

Enjoy a low variable rate with no ongoing fees and borrow up to 90% of the value of the property.

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