Big Four Bank Home Loans

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

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The Big Four – Commonwealth Bank, NAB, ANZ and Westpac – are the largest players in Australia's mortgage market. Each of the Big Four banks offers a range of home loans, strong customer service networks and local branches.

But by sticking with a big bank you could be missing out on a better interest rate from a smaller lender. Smaller Australian lenders are regulated by APRA and ASIC, just like the Big Four, and can be just as good as the banking giants.

Use this page to compare Big Four bank home loan rates and get more information about how to choose the right lender for you.

Compare home loans from the Big Four banks

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Rates last updated December 5th, 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
2.98%
4.45%
$0
$395 p.a.
90%
This 2 year fixed ANZ Breakfree Package rate comes with package discount and product bundle. Refinancers switching to this loan could get a cashback from $1,200 up to $3,500 depending on their loan amount (terms and conditions apply).
2.99%
4.37%
$0
$395 p.a.
95%
Lock in a discounted rate for 3 years and have the option for interest only repayments. $2,000 cashback offer for eligible refinancers.
3.28%
4.60%
$0
$395 p.a.
90%
A competitive package home loan with 100% offset account.
2.98%
3.80%
$0
$395 p.a.
95%
Fix your interest rate for 3 years and buy your home with just a 5% deposit.

Compare up to 4 providers

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Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, 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. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 (“Pepper”). Pepper Group Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. Credit services for Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 (“Aussie”) and its appointed credit representatives. Aussie is a trade mark of AHL Investments Pty Ltd ABN 27 105 265 861. Credit and any applicable offset accounts for Aussie Elevate are issued by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL / Australian Credit Licence 237879.

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.

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Tell me more about the Big Four

Australia's four banking giants are all unique in their own way and together hold roughly 75% of the market. We've listed them here by size, as measured in market capitalisation (according to KPMG's Major Australian Banks report).

  • The Commonwealth Bank. Australia's largest bank, CBA is a massive institution with a strong market share.
  • Westpac. Australia's second biggest bank, Westpac started life as the Bank of New South Wales in 1817. Westpac owns many well-known finance brands, including St.George.
  • ANZ. This bank has a strong presence in both Australian and New Zealand. ANZ now operates in 33 markets around the world.
  • NAB. The National Australia Bank has been around for almost 160 years and has 9 million customers, mainly in Australia and New Zealand but also across the globe.

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.

Compare home loan rates from other competitive lenders

Rates last updated December 5th, 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
2.84%
2.84%
$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.
2.90%
2.92%
$0
$0 p.a.
80%
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments.
3.15%
3.56%
$0
$395 p.a.
80%
A low rate variable mortgage for home buyers. Comes with a 100% offset account and has no application fee.
2.88%
3.68%
$0
$395 p.a.
80%
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.

Compare up to 4 providers

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?

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

Australian lenders are relatively stable.

As mentioned earlier, all registered financial institutions, regardless of their size, are regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities & 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

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.
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Online only cashback offer: Refinancers borrowing $250,000 or more can get a $4,000 cashback for their first application (Other terms, conditions and exclusions apply). Buyers and refinancers can get this competitive variable interest rate. Application fee waived for loans above $150,000.

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

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Logo for ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)
ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)

Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)

Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.

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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

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