Fact Checked
Our tables below display a range of home loans available from each of the big four:
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.08% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% | Rate drops by 0.25% on 4th March |
| Promoted | Disclosure | |||||||||
5.74% p.a. | 5.65% p.a. | $2,915 | Principal & Interest | Variable | $0 | $0 | 80% | Apply in minutes |
| Promoted | Disclosure | |||||||||
6.09% p.a. | 6.11% p.a. | $3,027 | Principal & Interest | Variable | $0 | $250 | 60% |
| Promoted | Disclosure |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
Big 4 Variable Home Loan Rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.44% p.a. | 6.44% p.a. | $3,141 | Principal & Interest | Variable | $0 | $160 | 70% | |||||||||||||
6.44% p.a. | 6.45% p.a. | $3,141 | Principal & Interest | Variable | $0 | $0 | 97% | |||||||||||||
6.49% p.a. | 6.50% p.a. | $3,157 | Principal & Interest | Variable | $null | $400 | 70% | |||||||||||||
6.79% p.a. | 6.87% p.a. | $3,256 | Principal & Interest | Variable | $8 | $350 | 60% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
ANZ home loans
The table below displays a snapshot of ANZ’s variable home loans for both investors and owner-occupiers. See our page on ANZ home loans for a look at some of its fixed-rate products too.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.74% p.a. | 6.81% p.a. | $2,915 | Principal & Interest | Fixed | $null | $null | 80% | |||||||||||||
5.74% p.a. | 6.94% p.a. | $2,915 | Principal & Interest | Fixed | $null | $null | 80% | |||||||||||||
5.89% p.a. | 6.75% p.a. | $2,962 | Principal & Interest | Fixed | $null | $null | 80% | |||||||||||||
6.44% p.a. | 6.44% p.a. | $3,141 | Principal & Interest | Variable | $0 | $160 | 70% | |||||||||||||
7.24% p.a. | 7.24% p.a. | $3,407 | Principal & Interest | Variable | $0 | $160 | 95% | |||||||||||||
7.64% p.a. | 7.64% p.a. | $3,544 | Principal & Interest | Variable | $0 | $160 | 95% | |||||||||||||
8.04% p.a. | 8.04% p.a. | $3,683 | Principal & Interest | Variable | $null | $160 | 95% | |||||||||||||
6.09% p.a. | 7.06% p.a. | $3,027 | Principal & Interest | Fixed | $0 | $160 | 80% | |||||||||||||
6.09% p.a. | 7.06% p.a. | $3,027 | Principal & Interest | Fixed | $0 | $160 | 80% | |||||||||||||
6.14% p.a. | 7.13% p.a. | $3,043 | Principal & Interest | Fixed | $null | $null | 80% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
Commonwealth Bank home loans
The table below displays a snapshot of CBA’s variable home loans for both investors and owner-occupiers. See our page on CBA home loans for a look at some of its fixed-rate products too.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.59% p.a. | 8.29% p.a. | $2,746 | Interest-only | Fixed | $0 | $0 | 95% | |||||||||||||
5.89% p.a. | 7.80% p.a. | $2,962 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
6.39% p.a. | 8.27% p.a. | $3,124 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
6.64% p.a. | 8.80% p.a. | $2,767 | Interest-only | Fixed | $0 | $0 | 95% | |||||||||||||
6.59% p.a. | 8.79% p.a. | $3,190 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
6.09% p.a. | 8.25% p.a. | $3,027 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
6.69% p.a. | 7.82% p.a. | $3,223 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
6.19% p.a. | 7.88% p.a. | $2,579 | Interest-only | Fixed | $0 | $0 | 95% | |||||||||||||
6.29% p.a. | 7.77% p.a. | $3,092 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
6.24% p.a. | 8.29% p.a. | $2,600 | Interest-only | Fixed | $0 | $0 | 95% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
NAB home loans
The table below displays a snapshot of NAB’s variable home loans for both investors and owner-occupiers. See our page on NAB home loans for a look at some of its fixed-rate products too.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.84% p.a. | 6.60% p.a. | $2,947 | Principal & Interest | Fixed | $8 | $350 | 70% | |||||||||||||
5.84% p.a. | 6.60% p.a. | $2,947 | Principal & Interest | Fixed | $8 | $350 | 80% | |||||||||||||
5.84% p.a. | 6.60% p.a. | $2,947 | Principal & Interest | Fixed | $8 | $350 | 60% | |||||||||||||
5.94% p.a. | 6.77% p.a. | $2,978 | Principal & Interest | Fixed | $8 | $350 | 90% | |||||||||||||
5.84% p.a. | 6.74% p.a. | $2,947 | Principal & Interest | Fixed | $8 | $350 | 80% | |||||||||||||
5.89% p.a. | 6.69% p.a. | $2,962 | Principal & Interest | Fixed | $8 | $350 | 80% | |||||||||||||
5.89% p.a. | 6.69% p.a. | $2,962 | Principal & Interest | Fixed | $8 | $350 | 70% | |||||||||||||
5.89% p.a. | 6.69% p.a. | $2,962 | Principal & Interest | Fixed | $8 | $350 | 60% | |||||||||||||
5.99% p.a. | 6.87% p.a. | $2,995 | Principal & Interest | Fixed | $8 | $350 | 90% | |||||||||||||
5.89% p.a. | 6.85% p.a. | $2,962 | Principal & Interest | Fixed | $8 | $350 | 80% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
Westpac home loans
The table below displays a snapshot of Westpac’s variable home loans for both investors and owner-occupiers. See our page on Westpac home loans for a look at some of its fixed-rate products too.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.44% p.a. | 6.45% p.a. | $3,141 | Principal & Interest | Variable | $0 | $0 | 97% | |||||||||||||
5.59% p.a. | 7.42% p.a. | $2,867 | Principal & Interest | Fixed | $395 | $150 | 70% | |||||||||||||
5.79% p.a. | 7.88% p.a. | $2,931 | Principal & Interest | Fixed | $395 | $150 | 70% | |||||||||||||
6.54% p.a. | 6.54% p.a. | $3,174 | Principal & Interest | Variable | $null | $null | 80% | |||||||||||||
5.99% p.a. | 7.91% p.a. | $2,496 | Interest-only | Fixed | $395 | $150 | 70% | |||||||||||||
5.89% p.a. | 7.22% p.a. | $2,962 | Principal & Interest | Fixed | $395 | $150 | 70% | |||||||||||||
5.89% p.a. | 7.34% p.a. | $2,962 | Principal & Interest | Fixed | $395 | $150 | 70% | |||||||||||||
5.69% p.a. | 7.51% p.a. | $2,899 | Principal & Interest | Fixed | $395 | $150 | 80% | |||||||||||||
5.69% p.a. | 7.60% p.a. | $2,899 | Principal & Interest | Fixed | $395 | $150 | 70% | |||||||||||||
5.89% p.a. | 7.98% p.a. | $2,962 | Principal & Interest | Fixed | $395 | $null | 80% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
Who are the big four banks in Australia?
The so-called big four account for the lion's share of Australia's financial ecosystem, including around three-quarters of the lucrative home loan market.
The big four (in alphabetical order) are: Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), and Westpac Banking Corporation (WBC). Collectively, they hold assets worth up to $3.7 trillion (as at November 2024).
But to ensure competition in the banking sector, the big four are bound by the 'four pillars policy', a federal government policy that essentially prevents them from merging with each other.
According to APRA (Australian Prudential Regulation Authority) data published in January 2025, the individual holdings of the big four were as follows:
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CBA - $1.10 trillion
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Westpac - $1.05 trillion
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NAB - $901.15 billion
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ANZ - $743.76 billion
Source: APRA Monthly Authorised Deposit-taking Institution Statistics, January 2025
Commonwealth Bank
Total residents' assets held (November 2024): $1.097 trillion
Home loans under management to owner occupiers (November 2024): $380 billion
Home loans under management to investors (November 2024): $193 billion
In terms of home lending, the biggest of the big four banks Commonwealth Bank of Australia has around $574 billion on its home loan book. Established by the federal government in 1911, CBA opened its first branch in Melbourne in 1912. The bank also operated as the nation's central bank from 1920 up until the Reserve Bank of Australia was created in 1960.
Amid the deregulation of Australia's banking sector in the 1980s, Commonwealth Bank was converted from a government-owned entity to a public company, eventually becoming fully privatised in 1996. Today, it has around 700 branches across the country, as well as international branches in Asia, New Zealand, North America, Europe, and India.
Several prominent brands operate under the CommBank umbrella including digital lender Unloan, online stockbroker Commonwealth Securities (CommSec), wealth manager Colonial First State, and ASB Bank in New Zealand.
Westpac
Total residents' assets held (November 2024): $1.05 trillion
Home loans under management to owner occupiers (November 2024): $318 billion
Home loans under management to investors (November 2024): $161 billion
Westpac is Australia's second-largest home lender with $479 billion in combined owner occupier and investor housing loans.
It is also Australia's first and oldest bank, beginning trading as the Bank of New South Wales in 1817. Today, it has more than 13 million customers worldwide.
Westpac operates a number of brands including St George Bank, Bank of Melbourne, Bank SA, and its wealth management and insurance arm BT.
NAB
Total residents' assets held (November 2024): $901 billion
Home loans under management to owner occupiers (November 2024): $215 billion
Home loans under management to investors (November 2024): $109 billion
National Australia Bank, or simply NAB, is the third biggest home loan lender in Australia with around $325 billion on its housing loan book.
The forerunners of the bank were established in the 19th century, but the modern-day NAB was created through a merger in 1982. Today, the bank serves around 8.5 million customers globally with around 500 branches nationwide. It also badges itself as Australia's largest business bank.
NAB owns digital bank UBank and Bank of New Zealand. The NAB Group also encompasses healthcare banking through its HICAPS and Medfin businesses and in 2022, acquired Citigroup's consumer business in Australia.
ANZ
Total residents' assets held (November 2024): $744 billion
Home loans under management to owner occupiers (November 2024): $205 billion
Home loans under management to investors (November 2024): $102 billion
ANZ - Australia and New Zealand Banking Group - is one of the oldest banks in Australia, founded as the Bank of Australasia in 1835 in London and opening its first branch in Sydney the same year. In terms of home lending, its loan book is the smallest of the big four at around $307 billion.
ANZ also has a large global presence, operating in 30 markets and providing products and services to more than 8.5 million retail and business customers. ANZ most recently acquired the banking operations of Queensland-based Suncorp, and its brands include digital bank ANZ Plus and ANZ Bank New Zealand.
What home loans do the big four offer?
Between them, the big four banks offer almost the full gamut of home loans, including:
And more. They offer a huge number of loan types and products between them.
Big four banks' interest rates: how do they compare to other lenders?
Australia's big four banks are not generally known for offering the lowest interest rates on the market for home loans. If you're rate-focussed, you may well be able to find lower-rate home loans from other types of lenders, including:
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Other retail banks: Some of the biggest retail banks outside the big four have billions of dollars' worth in loans under management, including the likes of Macquarie Bank, Bendigo and Adelaide Bank, Bank of Queensland, ING, and more. (See also: What are the biggest banks in Australia?)
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Customer-owned banks: Also known as mutual banks, customer-owned banks are owned and operated with the sole purpose of providing banking services to customers rather than generating a profit. They say this allows them to offer better rates and lower fees to their customers.
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Non-bank lenders: Non-bank lenders are financial institutions that don't hold an ADI license, meaning they can't offer deposit products such as savings accounts, transaction accounts, term deposits, or offset accounts. However, they can offer some competitively priced home loans.
When weighing up loans across the different lenders, make sure you take into account more than just the interest rate. While it's an all-important factor, it should not be the only consideration.
Make use of the comparison rate, look closely at all the fees, and terms and conditions that can come with a home loan, and consider loan features, such as whether a loan comes with an offset account or redraw facility, to determine what loan will best suit your needs.
Are the big banks safer?
While Australia's big four banks are Authorised Deposit-Taking Institutions (ADIs), so too are smaller and digital banks.
In the unlikely event that a bank, building society, or credit union collapses, the financial claims scheme is a government guarantee that provides protection to people and other bank account holders with money in eligible accounts.
To find out if a financial institution is an ADI, you can view the full list of banks, building societies and credit unions covered under the scheme on APRA's website.
Further, all licensed banks and non-bank financial institutions are regulated by APRA and the Australian Securities & Investments Commission (ASIC).
What are the pros and cons of big four home loans?
There are many similarities between the big banks and smaller banks and lenders. All of them must adhere to consumer credit protection laws and responsible lending obligations, so generally they are all considered safe to borrow from.
Many Australians already bank with one of the big four, so it makes sense they would start with considering a home loan from their current bank.
But before making any big financial decision, it's always wise to weigh up the advantages and disadvantages. So, here are the pros and cons of big four home loans:
Pros
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The big four provide a huge range of home loan products to meet many different borrowing needs
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The big four offer stability and will likely be around for many years to come
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The big four may be more lenient with their lending requirements and offer borrowing options for people who might struggle to get a standard loan with other smaller banks
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The big four can offer package products which may provide discounts for people who bundle multiple banking products into one package with the same bank
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The big four have massive networks of ATMs and branches at a time when smaller banks are migrating to online services. If you prefer in-person banking, the big banks are a good option (but beware of fees that may be attached to some in-bank transactions)
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The big four have more resources and staff, which means they can be in a better position to provide service and ongoing innovation
Cons
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The big four generally tend to have higher rates on standard home loan products. If you're after the lowest rates on the market, you might have to look elsewhere
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Fees on big four home loans (and other banking products) can be higher on average
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You may not receive personalised service that may be offered by smaller players. Many newer operators base their entire business model around being fast, nimble, and efficient online
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The big four generally don't cater for borrowers with special or unique circumstances
Savings.com.au's two cents
Whether you should bank with one of the big four or with a smaller institution ultimately comes down to personal preference.
If you prefer to have access to face-to-face services, ATMs, and the back-up of a physical branch, then a big-four bank may suit you. However, if these considerations aren't a priority, you may find a better home loan deal with a smaller lender.
Before you make a final decision, do your homework in comparing loans from a range of lenders, both the big banks and other players on the mortgage market to see what loan will best suit your needs and financial goals.
