How much does it cost to buy a house?
The deposit needed to buy a house is just the beginning. Here’s a complete breakdown of th...
CommBank, Westpac, NAB, & ANZ Variable Home Loans
| 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. | 6.66% p.a. | $3,141 | Principal & Interest | Variable | $0 | $0 | 97% | |||||||||||||
6.44% p.a. | 6.44% p.a. | $3,141 | Principal & Interest | Variable | $0 | $160 | 70% | |||||||||||||
6.79% p.a. | 6.87% p.a. | $3,256 | Principal & Interest | Variable | $8 | $350 | 60% | |||||||||||||
6.98% p.a. | 7.05% p.a. | $2,908 | Interest-only | Variable | $0 | $0 | 80% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
Commonwealth Bank home loan rates
The table below displays a snapshot of CommBank's variable rate home loan products for both investors and owner-occupiers. We've also outlined some of its fixed rate products in our guide on CBA home loans.
| 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. | 6.66% p.a. | $3,141 | Principal & Interest | Variable | $0 | $0 | 97% | |||||||||||||
6.44% p.a. | 6.44% p.a. | $3,141 | Principal & Interest | Variable | $0 | $160 | 70% | |||||||||||||
6.79% p.a. | 6.87% p.a. | $3,256 | Principal & Interest | Variable | $8 | $350 | 60% | |||||||||||||
6.98% p.a. | 7.05% p.a. | $2,908 | Interest-only | Variable | $0 | $0 | 80% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
NAB home loan rates
The table below displays a snapshot of NAB's variable-rate home loans for both investors and owner-occupiers. We've also outlined some of its fixed rate products in our guide on NAB's home loans.
| 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. | 6.66% p.a. | $3,141 | Principal & Interest | Variable | $0 | $0 | 97% | |||||||||||||
6.44% p.a. | 6.44% p.a. | $3,141 | Principal & Interest | Variable | $0 | $160 | 70% | |||||||||||||
6.79% p.a. | 6.87% p.a. | $3,256 | Principal & Interest | Variable | $8 | $350 | 60% | |||||||||||||
6.98% p.a. | 7.05% p.a. | $2,908 | Interest-only | Variable | $0 | $0 | 80% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
Westpac home loan rates
The table below displays a snapshot of Westpac's variable-rate home loans for both investors and owner-occupiers. We've also outlined some of its fixed rate products in our guide on Westpac's home loans.
| 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. | 6.66% p.a. | $3,141 | Principal & Interest | Variable | $0 | $0 | 97% | |||||||||||||
6.44% p.a. | 6.44% p.a. | $3,141 | Principal & Interest | Variable | $0 | $160 | 70% | |||||||||||||
6.79% p.a. | 6.87% p.a. | $3,256 | Principal & Interest | Variable | $8 | $350 | 60% | |||||||||||||
6.98% p.a. | 7.05% p.a. | $2,908 | Interest-only | Variable | $0 | $0 | 80% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
ANZ home loan rates
The table below displays a snapshot of ANZ's variable rate home loans for investors and owner-occupiers. We've also outlined some of its fixed rate products in our guide on ANZ home loans.
| 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. | 6.66% p.a. | $3,141 | Principal & Interest | Variable | $0 | $0 | 97% | |||||||||||||
6.44% p.a. | 6.44% p.a. | $3,141 | Principal & Interest | Variable | $0 | $160 | 70% | |||||||||||||
6.79% p.a. | 6.87% p.a. | $3,256 | Principal & Interest | Variable | $8 | $350 | 60% | |||||||||||||
6.98% p.a. | 7.05% p.a. | $2,908 | Interest-only | Variable | $0 | $0 | 80% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
Who are the big four banks in Australia?
Australia's big four banks are Commonwealth Bank, NAB, Westpac, and ANZ.
They collectively held approximately three quarters of all home loans written by Australian banks in mid-2024, according to APRA data.
Here's a breakdown of each of the big four and how they came to be Australian banking Goliaths.
Commonwealth Bank
Commonwealth Bank, also known as CommBank or CBA, is Australia's largest bank and a leading provider of financial services.
It was created by the Australian Government in 1911 and, for a long while, took charge of the nation's central banking duties alongside its retail banking needs. Safe to say, it has a long and significant presence in the country's banking industry.
In 2022, CommBank launched Unloan. Bankwest is also a subsidiary of CommBank.
NAB
NAB, short for National Australia Bank, is another of the largest banks in Australia.
It was born in 1982 on the back of a major merger and has since grown to become one of the nation's most recognisable banking brands.
NAB is the brawn behind digital lender ubank.
Westpac
Westpac begun life in 1817 under the name Bank of New South Wales and has grown to be one of Australia's largest financial companies.
Westpac owns a number of smaller lenders including RAMS, St. George, BankSA, and Bank of Melbourne.
ANZ
ANZ Bank, also known as Australia and New Zealand Bank, is the oldest of the big four banks and the smallest by market capitalisation.
It was founded in 1835 as the Bank of Australasia and has been known by many names since. It came to be the bank we know today in 1970.
ANZ acquired Suncorp Bank in 2024.
How do the big four banks compare to other lenders?
While the big four banks hold a majority slice of the Australian banking market, they're not necessarily known for offering the most competitive interest rates or products.
This is why it's always important to shop around and compare lenders.
If you're looking for a lender outside of the big four banks, alternatives include:
Customer-owned banks
Customer-owned banks, also known as mutual banks, operate to provide banking services to their customers and are less focused on generating a profit. Credit unions also fall under the customer-owned-bank-umbrella.
Many customer-owned banks tailor their banking services specifically (and sometimes offer services exclusively) to residents of a local area or people who work in a specific profession.
Other retail banks
The big four and their subsidiaries control most of the home loan market, but there are other banks with large amounts of loans under management, such as Bendigo Bank, AMP, Macquarie, and Bank of Queensland.
Some of these retail banks are listed on the stock market and, so, are publicly owned, while others are privately-owned companies or backed by other firms.
Non-bank lenders
Non-bank lenders are relatively new players in the banking space, and a few offer some of the most competitive deals on the market.
This may be because they often don't have physical branches, meaning they have fewer overhead costs and can pass savings on to consumers.
Non-bank lenders are not Authorised Deposit-taking Institutions (ADIs) and so can't offer deposit products like savings accounts, term deposits, or traditional offset accounts.
Pros and cons of a big four bank home loan
There are plenty of reasons to borrow though one of the country's big four banks.
Many Australians already do much of their banking with one of the big four, so might simply end up taking out a home loan with their current bank.
The big four banks also have a long, solid history and many would-be borrowers may feel more comfortable placing their trust in these institutions.
However, the big four don't necessarily offer the most competitive deals. Depending on what you're looking for, you may be better off with another lender.
Here are some more benefits and drawbacks of borrowing through a big four bank.
Pros
Product range
The big four banks often have a wider range of products than other, smaller lenders.
If you're the type of person who likes to do all your banking with one institution, a big four bank might be a better fit for you than, say, a small specialty lender. You might find yourself with savings accounts, transaction accounts, credit cards, and various loan products all with the bank that also holds your mortgage.
The big four may also package products together, providing discounts and potentially convenience for those who already bank with them.
Lending requirements
The big four banks can have more lenient lending requirements than other, smaller banks. Thus, they might have borrowing options for those who could struggle to get a loan elsewhere.
On the other hand, the big four banks must abide by strict lending laws that other institutions, such as non-bank lenders, might not need to. If your financial situation is nuanced, you might have a better chance of explaining it to a specialty or non-bank lender than to a big four bank.
Service
The big four banks tend to have hundreds of branches and thousands of ATMs dotted all around the country, which could be a drawcard for those who prefer to go into a physical bank to deposit or withdraw money.
If you prefer in-person banking, a big four bank may be for you.
Stability
Because the big four banks have been around for decades (even centuries) and are the country's largest lenders, they've built up a strong, reliable reputation.
However, it's important to keep in mind that all Australian lenders are very heavily regulated, so potential events such as a collapse shouldn't be a large concern for borrowers.
Cons
Less competitive
Because the big four dominate the market, they might have less incentive to offer competitive products.
They also have tend to have higher overhead costs, which could force them to advertise higher rates or charge more fees than other lenders with lower overheads.
Typically, the interest rates advertised by the big four banks are higher than the most competitive available on the market for similar mortgage products.
Technology and customer service
The big four tend to have decent banking apps with plenty of features.
However, some neobanks and other online lenders are known for having excellent apps and online tools.
The bigger banks tend to be slower to innovate in this space, though the gap is narrowing.
Customer service can also be less personalised with the bigger banks, but this can vary between institutions.
Are the big four banks safer than other banks?
In short, yes, the big four banks are safe, but smaller banks and non-bank lenders are equally as safe due to heavy regulation in the banking sector.
All banks, credit unions, and building societies licensed in Australia are ADIs and are regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).
Non-bank lenders, meanwhile, must operate under the National Consumer Credit Protection Act and are overseen by the Australian Securities and Investments Commission (ASIC).
See also: Are non-bank lenders safe?
If you're borrowing money from any Australian lender, whether that be the largest of the big four or the smallest non-bank, you're equally safe and protected by the law.
If you're depositing money, you'll need to go through an ADI and all ADIs in Australia are covered by the Financial Claims Scheme (FCS).
Under the FCS, in the unlikely occurrence that a bank were to collapse, the Australian Government will ensure the return of up to $250,000 of an individual customer's deposits.
Beyond the FCS, there is another layer of protection known as depositor preference. This means that, if a bank were to collapse and be liquidated (meaning, if its assets were to be sold off), APRA gets first pick of the cash that's left over. It will first ensure that each depositor receives their money back, up to $250,000 per customer, with any leftover funds going towards repaying depositors who held more than that amount. Only after APRA is done will other interested parties, including creditors and shareholders, potentially be repaid.
So, in that sense, a big four bank isn't any safer than a smaller bank or a non-bank lender.
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