Big four bank home loan rate comparison

Find the most up-to-date rates from the Big Four and competitive rates from other lenders.

Last updated:

Australia's biggest lenders are the Commonwealth Bank, NAB, ANZ and Westpac. On this page you can compare mortgage rates from the big lenders or find more information about these institutions and get helpful advice if you're unsure about sticking with a big bank or trying a smaller lender.

Big four standard variable rates comparison

LoanInterest rate (p.a.)Comparison rate (p.a.)
ANZ Standard Variable Home Loan4.93% p.a.5.03% p.a.
CBA Standard Variable Home Loan (Owner Occupier P&I)4.93% p.a.5.08% p.a.
NAB Tailored Home Loan Variable Rate (Owner Occupier P&I)4.92% p.a.5.05% p.a.
Westpac Rocket Repay Home Loan - Principal and Interest4.98% p.a.5.12% p.a.

Compare home loans from the Big Four banks and others to find the right deal for you

Standard variable rates are rarely very competitive. In the table below you can find some of the lowest interest rate offers from the big banks. Click on the products in the table and you can get in touch with either a lending specialist from the bank or a mortgage broker who has the lender on their panel.

Rates last updated August 18th, 2019
$
Loan purpose
Offset account
Loan type
Repayment 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
3.18%
4.61%
$0
$395 p.a.
95%
Get discounts on a range of Commonwealth Bank products and enjoy the option of fee-free extra repayments during the fixed term. $2,000 cashback offer for eligible refinancers.
3.58%
3.59%
$600
$0 p.a.
95%
Get a 1% discount for the first two years of your loan and pay ongoing fees.
3.40%
3.95%
$0
$0 p.a.
95%
Get a sharp introductory rate to help you ease into home ownership. Refinance to this loan and you could get a $2,000 cashback.
3.18%
4.60%
$0
$395 p.a.
95%
This 2 year fixed ANZ Breakfree Package rate comes with package discount and product bundle. Terms and conditions, package fee and fees, charges & eligibility criteria apply.

Compare up to 4 providers

Rates last updated August 18th, 2019
$
Loan purpose
Offset account
Loan type
Repayment 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
3.09%
3.09%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
2.99%
4.09%
$300
$10 monthly ($120 p.a.)
80%
Get a very low fixed rate for three years and lock in low repayments. Available with a low deposit.
3.09%
3.05%
$0
$0 p.a.
80%
Low variable rate mortgage for owner occupiers looking to switch. Refinancers only.
2.79%
3.95%
$0
$0 p.a.
90%
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.
3.09%
3.12%
$600
$10 monthly ($120 p.a.)
80%
A competitive variable rate for home buyers with a 20% deposit. This product has a 100% offset account.

Compare up to 4 providers

Aussie Home Loans Logo

Enter your details below to receive an obligation-free quote from an Aussie mortgage broker today

By submitting this form, you agree to the Finder Privacy and Cookies Policy and Terms of Use

Applications are subject to approval. Conditions, fees and charges apply. Please note that you need to be an Australian citizen or permanent resident to apply.

Credit services for Aussie Select products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, Australian Credit Licence 246786. Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. © 2019 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945.

Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. ©2018 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786.

By submitting this form, you agree to the finder.com.au Privacy and Cookies Policy, Terms of Use, Disclaimer & Privacy Policy and the Aussie privacy policy.

Aussie is both a lender and a mortgage broker, and offers a range of services.

  • FREE Suburb and Property Report with every appointment.
  • Access 3,000+ loans from over 20 lenders.
  • Get expert help with your loan application, including paperwork and eligibility.

Aussie Home Loans Lender Logos

The Adviser’s number 1 placed mortgage broker 5 years running (2013-2017)

What are the benefits of getting a mortgage with a big bank?

Australia's four largest lenders dominate the market. Most people have an account with them, and many home buyers stick with their bank when getting a loan.

There are plenty of reasons borrowers stick with NAB, ANZ, Westpac or the Commonwealth Bank:

  • Convenience and service. The Big Four have the largest networks of ATMs and physical branches. For many people, face-to-face service and brick and mortar branches are very important.
  • Product range. The big lenders have products for most Australian borrowers and a greater range than many smaller lenders.
  • Stability. Even small Australian lenders are heavily regulated, so this shouldn't be a big concern. But the Big Four are the oldest and biggest lenders for a reason.
  • Service. The Big Four have large customer service departments. They are also the most likely to have dedicated migrant banking services for non-residents.

Are there any downsides to banking with the Big Four?

This all depends on what you're looking for. The big banks are convenient and you may already have an account with one. But it's worth keeping in mind the following:

  • Low rates. If you want the absolute lowest interest rates on the market (and this will save you money) there are lower options than the Big Four. It's not always a huge difference, but shaving 20-30 basis points off your mortgage can make a noticeable difference to your repayments.
  • Few options for non-conforming borrowers. If you have bad credit or are self-employed you might have a harder time getting approved for a mortgage from the big banks.
  • Technology. The Big Four have strong online banking and well-designed apps, but there are smaller fintech lenders and neobanks offering faster service, better apps and more tools to help you manage your mortgage.

What are my alternatives to a home loan from the Big Four?

Mortgage lending in Australia is a thriving, crowded industry, with lenders big and small looking to lend you money. Alternatives to the major lenders include:

  • Online lenders. If you're comfortable with applying online or over the phone an online lender could be convenient and save you money. These lenders often have the lowest rates.
  • Non-banks. Credit unions, building societies and other non-bank institutions offer mortgages and are also very competitive.
  • Smaller banks. Many local banks can serve customers in cities, states or large portions of the country. There are also newer bank brands, often operating online, which offer cheaper rates. Some of these brands are owned by one of the Big Four.
  • Fintechs and neobanks. Smaller, high-tech startups are beginning to enter the mortgage market. They can be very competitive and convenient if you're comfortable with banking via an app.

Lenders in the categories above often overlap. A small bank could be entirely online, while credit unions may have limited physical branches and a strong online service. And some banks are starting to use the technology of the fintechs.

What about trust, stability and regulations? Are the big banks safer?

Australian lenders are relatively stable.

All registered financial institutions, big or small, are regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

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.

The lender takes on the risk, not the borrower

A mortgage might be the biggest financial commitment you ever make. Understandably, going with an established lender with billions of dollars behind them makes sense. But the lender is the one taking the big risk: on you.

It's your ability to repay the loan and the value of the property (which is the lender's security) that really matters.

If your lender went bankrupt tomorrow you would still owe money to whoever took control over your old lender. This is quite rare, and wouldn't actually affect your mortgage contract.

Some smaller lenders are actually backed by the Big Four

You might not know this, but the nation's biggest institutions own or are associated with the following financial brands:

  • NAB. UBank is a digital bank owned by NAB, although it operates by its own brand philosophy and strategy.
  • Westpac. This bank actually owns St.George, Bank of Melbourne, BankSA and RAMS.
  • Commonwealth Bank. BankWest is fully owned by Commbank. They also own Aussie Home Loans.
  • ANZ. Alone of the Big Four, ANZ really only lends mortgages under its own brand.

Photo: Sydney Morning Herald

Was this content helpful to you? No  Yes

Related Posts

Home Loan Offers

Important Information*
Logo for UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
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 3.09% p.a. and a 3.09% p.a. comparison rate.

Logo for Athena Variable Home Loan - Refinance (Owner Occupier, P&I)
Athena Variable Home Loan - Refinance (Owner Occupier, P&I)

Low variable rate mortgage for owner occupiers looking to switch. Refinancers only.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

2 Responses

  1. Default Gravatar
    KathyApril 23, 2019

    Hi Sir,
    Me and my husband are both Australian citizen but now both working in overseas with overseas income. We have an existing mortgage loan with Westpac and now want to refinance the loan with cash out (for personal use). I have talked to Commonwealth bank but they require both my husband and myself to sign the documents in the branch in Australia. However, we are unable to come back to AU in the short period of time.
    It seems that not many bank will accept application with overseas income.
    Is there any other bank/financial institution will accept application for my case?
    Looking forward to hearing from you.

    Best Regards,
    Kathy

    • Avatarfinder Customer Care
      NikkiMay 1, 2019Staff

      Hi Kathy,

      Thanks for getting in touch with Finder! Yes, and there are options to refinance your home even while you are overseas and you can go to this page to get started. Kindly note that each lender has its own approach to foreign income. Most Australian lenders will only accept a certain percentage of your foreign income, which allows a lender to protect itself against factors such as fluctuating exchange rates. Also, lenders accept major currencies such as British Pound Sterling, US Dollar, Euro and etc. (PLEASE see part of the page saying “How is foreign income treated?”)

      As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Hope this helps!

      Best,
      Nikki

Ask a question
Go to site