Compare Big Four home loan interest rates: How do ANZ, CBA, NAB and Westpac stack up?

By Evlin DuBose and Jack Dona
Fact Checked
Advertiser disclosure

Key Points:

  • The Big Four Banks in Australia (Commonwealth Bank, NAB, ANZ, and Westpac) lend most home loans in Australia.
  • Smaller lenders often have lower home loan interest rates than the Big Four.
Big 4 - Compare Big Four home loan interest rates How do ANZ, CBA, NAB and Westpac stack up

If you have a home loan, odds are it’s with one of the Big Four: ANZ, Commonwealth Bank, NAB, or Westpac.

While these banks are household names, they don't always offer the lowest interest rates. 

In fact, all four have hiked variable interest rates in response to decisions made by the Reserve Bank of Australia, totalling 4.25% p.a. worth of rises since May 2022.

So if you’re with one of the Big Four, is there an opportunity to save? Here’s how their home loan rates for owner-occupied properties compare to other Australian lenders.

Big Four variable rates compared (ANZ, CBA, NAB and Westpac)

The Reserve Bank aims to curtail inflation by hiking the cash rate. The Big Four have followed suit with every rate movement, lifting their standard variable rates for owner-occupiers by 4.25% p.a. since May 2022.

Some of the main trends for early 2024 include:

  • Raising or eliminating introductory interest rate discounts for new customers.
  • Making small “out-of-cycle” rate adjustments.
  • Removing special offers like refinancing cashback.

At the time of writing, these are now the lowest rates on offer from the Big Four.

Lowest variable rates Big Four banks (LVR < 80%) – 23 July 2024^^

Bank
Loan
Variable rate
CBA
Digi Home Loan (LVR 70-80%, Owner Occupier, Principal and Interest)
6.19% p.a. (6.32% p.a. comparison rate*)
ANZ
Simplicity PLUS Special Offer
6.64% p.a. (6.64% p.a. comparison rate*)
NAB
Base Variable Rate Home Loan
6.84% p.a. (6.88% p.a. comparison rate*)
Westpac
Flexi First Option Home Loan Special Offer
6.54% p.a. (6.86% p.a. comparison rate*) introductory variable rate for 24 months and then 6.94% p.a. (6.86% p.a. comparison rate*)

While some of these offers from the major banks are undoubtedly competitive, there are currently over 45 lenders in our database with lower rates on comparable loans. 

The table below provides an overview of the cheapest variable rates among lenders we track.

Lowest variable rates Mozo database (LVR < 80%)  – 23 July 2024^^

Lender
Loan
Variable rate
G&C Mutual
Essential Worker Home Loan
5.80% p.a. (5.83% p.a. comparison rate*)
Homeloans360
Owner Variable Home Loan
5.89% p.a. (5.89% p.a. comparison rate*)
Pacific Mortgage Group
Standard Variable Home Loan
5.89% p.a. (5.89% p.a. comparison rate*)
The Mutual Bank
Special Budget Home Loan (Owner Occupier, LVR <80%)
5.89% p.a. (5.90% p.a. comparison rate*)
Community First Bank
Basic Variable Home Loan (Owner Occupier, Principal & Interest)
5.94% p.a. (5.99% p.a. comparison rate*)

The average variable rate in the Mozo database (OO, P&I, LVR < 80%) currently sits at 6.80% p.a. – 51 basis points below the average variable rate offered by the four major banks (7.31% p.a.).

So, what does this difference mean for your budget? As the table below shows, by refinancing from a variable rate of 7.31% p.a. to a lower rate of 6.80% p.a., borrowers could save $131 on their monthly repayments — and $39,125 over the life of their loan.

Variable rates for a $400,000 loan over 25 years — OO, P&I, (LVR < 80%)

Category
Variable rate
Monthly repayments
Total interest paid
Mozo database lowest
5.80% p.a.
$2,529
$358,558
Big Four lowest
6.19% p.a.
$2,624
$387,159
Mozo database average
6.80% p.a.
$2,776
$432,887
Big Four average
7.31% p.a.
$2,907
$472,012

Of course, the figures in the table are based on the specific scenario outlined above. You can crunch your own numbers using our mortgage repayments calculator and even brace for rate hikes with our new rate change calculator.

When will rates come down?

Big Four fixed rates compared (ANZ, CBA, NAB and Westpac)

As for fixed rate loans, lenders have slowly begun pricing down longer terms while shorter terms have risen.

This ‘lender forecasting’ has again reshuffled the top lenders, with the Big Four averages still ranking noticeably higher than smaller lenders for shorter terms.

Mozo fixed rate averages vs Big Four averages (LVR < 80%)  – 23 July 2024^^

Term
Mozo database average
Big Four average
1-year
6.48% p.a.
6.72% p.a.
2-year
6.37% p.a.
6.73% p.a.
3-year
6.29% p.a.
6.59% p.a.
4-year
6.53% p.a.
6.77% p.a.
5-year
6.56% p.a.
6.83% p.a.

However, there are still fixed-rate home loans on the lower end of the spectrum. Here are some of the sharpest in the Mozo database.

Lowest fixed rates in the Mozo database, OO and P&I (LVR < 80%)  – 23 July 2024^^

Term
Rate leader
Fixed rate
1-year
Queensland Country Bank
5.89% p.a. (6.55% p.a. comparison rate*)
2-year
Australian Mutual Bank
5.64% p.a. (6.32% p.a. comparison rate*)
3-year
South West Slopes Bank
5.69% p.a. (6.34% p.a. comparison rate*)
4-year
Up
5.80% p.a. (5.90% p.a. comparison rate*)
5-year
RACQ Bank
5.74% p.a. (6.31% p.a. comparison rate*)

Interested in saving money? Start your search for a lower interest rate today by checking out the many loans and lenders featured in our handy refinance comparison table, or cast your eyes over some of the hot offers listed below!

^^Interest rates are based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR.

Check out our dedicated Australian home loan statistics page for more information on average mortgage rates.

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 27 July 2024 Important disclosures and comparison rate warning*

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.38 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

Calculators

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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