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

Key Points:

• The Big Four banks (ANZ, CBA, NAB and Westpac) lend most home loans in Australia.
• Smaller lenders often have lower home loan interest rates than the Big Four banks.
• All Big Four banks have recently cut interest rates on select home loans.

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.

Since the Reserve Bank of Australia (RBA) cut the cash rate for the first time in four years in February 2025, now could be a good time to look at cheap home loans to see if you can get a lower rate.

If you’re currently with one of the Big Four, or you’ve got them on your shortlist, it’s worth seeing how they stack up against smaller competitors. Here’s how these banks’ variable home loan rates for owner-occupied properties compare to other Aussie lenders.

Some of the key trends to look for in 2025 include:

• More RBA cash rate decisions – further cuts expected.
• Home loan rate reductions in line with any future RBA cuts.
• Political parties campaigning on cost-of-living and rate relief. 
• Regulatory shifts impacting lending criteria and rate structures.

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

Lowest variable rates Big Four banks (LVR <80%) ^^

There are lenders in our database with lower rates on comparable loans, highlighting why it’s crucial to compare.

Below are the lowest variable rates among lenders on Mozo’s database at the time of writing.

Lowest variable rates Mozo database (LVR <80%) ^^

The average variable rate in the Mozo database (OO, P&I, LVR < 80%) currently sits at 6.42% p.a. – 21 basis points below the average variable rate offered by the four major banks (6.63% p.a.).

So, what does this mean for your budget? By refinancing from the lowest Big Four variable rate of 5.84% p.a. to a the lowest rate in Mozo's database of 5.60% p.a., borrowers with a $500,000 mortgage could shave $73 off their monthly repayments – that's $21,724 in total interest paid.

Variable rate $500,000 loan over 25 years (OO, P&I, LVR <80%) ^^

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 rate change calculator.

As for fixed rate loans, numerous banks recently made cuts to many of their terms. In some cases, the Big Four's average fixed rates are slightly lower than Mozo's database averages.

Mozo fixed rate averages vs Big Four averages (LVR <80%) ^^

1 year: 5.39% p.a. (5.62% p.a. comparison rate*) | HomeLoans360 Fixed Home Loan

2 year: 5.29% p.a. (5.84% p.a. comparison rate*) | Macquarie Basic Home Loan

3 year: 4.94% p.a. (5.95% p.a. comparison rate*) | Bank Australia Clean Energy Home Loan – New Build

4 year: 5.49% p.a. (5.80% p.a. comparison rate*) | Macquarie Basic Home Loan

5 year: 5.49% p.a. (5.77% p.a. comparison rate*) | Macquarie Basic Home Loan

Interested in saving money? Search for a lower interest rate by checking out loans and lenders featured in our handy refinance comparison table, or cast your eyes over some of the offers below.

^^Owner occupier making principal and interest repayments on a $500,000 loan with an <80% LVR.

See our dedicated home loan statistics page for more information on average mortgage rates.