Compare Big Four Home Loan Interest Rates in Australia: How Do CBA, NAB, ANZ and Westpac Stack Up?

Key Takeaway

Australia’s Big Four banks (Commonwealth Bank, NAB, ANZ and Westpac) dominate the home loan market but their rates and features vary. As of October 2026, variable rates across the four typically range from 6.09% to 6.89% for owner-occupiers paying principal and interest with a 20% deposit, while fixed rates sit between 5.79% and 6.49% depending on the term. The best choice depends on your borrowing profile, whether you value offset accounts and redraw flexibility, and how much you prioritise rate over service and branch access.

How the Big Four Compare: Summary Table

Lender	Variable Rate Range	Fixed Rate Range (1-3yr)	Offset Account	Redraw	Key Strength
Commonwealth Bank (CBA)	6.19% - 6.89%	5.99% - 6.49%	Yes (most products)	Yes	Largest branch network, digital tools
NAB	6.09% - 6.79%	5.79% - 6.39%	Yes (most products)	Yes	Competitive rates, strong serviceability
ANZ	6.24% - 6.84%	5.89% - 6.44%	Yes (select products)	Yes	Rate discounts for existing customers
Westpac	6.29% - 6.89%	5.94% - 6.49%	Yes (most products)	Yes	Flexible redraw, family guarantee options

Rates shown are indicative for owner-occupiers with a 20% deposit paying principal and interest, as of October 2026. Comparison rates differ and include most fees and charges. Rates change frequently and vary by loan-to-value ratio (LVR), loan size, repayment type and borrower circumstances. Verify current advertised and comparison rates directly with each lender before deciding.

Commonwealth Bank (CBA)

Australia’s largest lender by market share, CBA offers a wide product range from basic variable loans to package deals that bundle home and transaction accounts.

Pros:

• Extensive branch and ATM network across Australia
• Advanced mobile and online banking platform (the CommBank app is consistently rated highly for home loan management)
• Offset accounts available on most variable and some fixed products
• Fast conditional approval turnaround for straightforward applications

Cons:

• Advertised rates often sit at the higher end of the Big Four range
• Application and ongoing fees can add up, particularly on non-packaged loans
• Rate discounts typically require package products with annual fees (commonly A$350 to A$395 per year)

Best for: Borrowers who value digital convenience, want access to a full-service bank, and are comfortable paying for a premium product with strong support.

NAB

NAB has positioned itself as a competitive challenger within the Big Four, frequently offering sharper advertised rates and cashback incentives for refinancers.

Pros:

• Often the most competitive advertised rates among the Big Four
• Regular cashback offers for new borrowers and refinancers (commonly A$2,000 to A$4,000, subject to eligibility and minimum loan size)
• Offset accounts standard on many variable products
• Strong serviceability assessment can help borrowers with complex income structures

Cons:

• Smaller branch footprint than CBA or Westpac in regional areas
• Rate discounts may require a NAB transaction account and regular deposits
• Some borrowers report longer processing times during peak periods

Best for: Rate-focused borrowers, refinancers chasing cashback, and those comfortable with primarily digital servicing.

ANZ

ANZ targets existing customers with relationship discounts and offers solid all-round products, though it is not always the cheapest headline rate.

Pros:

• Rate discounts available for existing ANZ customers (savings accounts, credit cards, transaction accounts)
• Offset accounts on select variable products
• Flexible split-loan options (combine variable and fixed portions in one facility)
• Strong presence in both metro and regional markets

Cons:

• Advertised rates for new customers sit in the mid-to-high range
• Offset availability limited to certain product tiers
• Relationship discounts require maintaining other ANZ accounts and meeting minimum deposit thresholds

Best for: Existing ANZ customers who can unlock relationship pricing, borrowers wanting a split loan structure, and those who value an established branch network.

Read also: Home Loan Comparison Rate Explained in Australia: Why the Headline Rate Is Not the Full Story

Westpac

Westpac rounds out the Big Four with a broad product suite, family-friendly features and flexible redraw arrangements.

Pros:

• Redraw facility with relatively low minimum withdrawal thresholds
• Family guarantee and guarantor loan options well-established (useful for first home buyers with parental support)
• Offset accounts available across most variable products
• Premier Advantage package bundles home loan, transaction account and credit card fee waivers

Cons:

• Rates typically at the higher end of the Big Four spectrum
• Package fees apply for discounted rates (annual fees around A$395)
• Conditional approval times can be slower for non-standard applications

Best for: First home buyers using a family guarantee, borrowers who regularly redraw and want low barriers, and customers seeking a bundled banking relationship.

What the Comparison Rate Tells You

The comparison rate is mandatory in Australian home loan advertising and incorporates the interest rate plus most fees and charges over a standard A$150,000 loan term. According to ASIC MoneySmart, the comparison rate provides a clearer picture of the true cost than the advertised rate alone (MoneySmart, 2026). A lender advertising a 6.19% variable rate might have a comparison rate of 6.35%, reflecting application fees, annual package fees and ongoing account-keeping costs. Always compare like with like: check the comparison rate, the assumed loan amount and term, and confirm what fees are included.

How RBA Movements Affect the Big Four

The Reserve Bank of Australia sets the cash rate, which influences but does not directly determine home loan rates (Reserve Bank of Australia, 2026). When the RBA raises or lowers the cash rate, the Big Four typically move their variable rates in the same direction, though not always by the same margin. Fixed rates reflect wholesale funding costs and market expectations of future RBA moves, so they can shift independently of the cash rate. As foundational texts such as Principles of Finance explain, lenders balance funding costs, risk and competition when setting retail rates.

Choosing the Right Big Four Lender

For the lowest advertised rate: NAB and CBA package products (with annual fees) often compete closely. Compare the net benefit after fees.

For digital-first borrowers: CBA leads on app functionality and digital tools, with NAB a close second.

For relationship discounts: ANZ rewards existing customers, and Westpac offers bundled benefits through package accounts.

For first home buyers using a family guarantee: Westpac and CBA both have mature guarantor programs, though all Big Four offer the option.

For refinancers: Watch for NAB and CBA cashback campaigns, and compare break costs if leaving a fixed loan early.

Final Considerations

Eligibility, rates, fees and features vary by product, loan-to-value ratio, repayment structure (principal and interest versus interest-only), deposit size and your financial circumstances. Lenders mortgage insurance (LMI) applies when your deposit is under 20%, adding to upfront costs. Stamp duty, conveyancing and valuation fees apply regardless of lender and differ by state and territory.

All four banks adjust rates independently and advertised rates can change daily. Before committing, obtain a formal written quote with the current rate, comparison rate, all fees and any conditions attached to the advertised rate (such as package membership or minimum deposits). Consider speaking with a licensed mortgage broker who can compare the Big Four against smaller lenders and credit unions, which sometimes offer sharper rates or lower fees.

General advice warning: This comparison is general information only and does not consider your objectives, financial situation or needs. You should assess whether any product is appropriate for your circumstances and consider obtaining personal advice from a licensed mortgage broker or financial adviser before acting. This is not personalised financial, lending or legal advice.