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

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.
  • All Big Four banks cut interest rates on select home loans in 2024. 
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 last year (2024) included:

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

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%) – 3 January 2025^^

Bank
Loan
Variable rate
CBA
Digi Home Loan 
6.19% p.a. (6.32% p.a. comparison rate*)
ANZ
Simplicity PLUS Special Offer
6.54% p.a. (6.54% p.a. comparison rate*)
NAB
Base Variable Rate Home Loan
6.44% p.a. (6.48% p.a. comparison rate*)
Westpac
Flexi First Option Home Loan Special Offer
6.54% p.a. introductory variable rate for 24 months and then 6.94% p.a. (6.86% p.a. comparison rate*) ongoing

While some of these offers from the major banks are undoubtedly competitive, there are currently lenders in our database with lower rates on comparable loans, highlighting why it's crucial to compare. 

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

Lowest variable rates Mozo database (LVR <80%)  – 3 January 2025^^

Lender
Loan
Variable rate
Gateway Bank
Green Plus Home Loan (Package)
5.85% p.a. (6.13% p.a. comparison rate*)
Homeloans360Owner Variable Home Loan5.89% p.a. (5.89% p.a. comparison rate*)
Pacific Mortgage GroupStandard Variable Home Loan5.89% p.a. (5.89% p.a. comparison rate*)
Police Credit Union
Low Rate Home Loan Special Offer5.89% p.a. (5.95% p.a. comparison rate*)
Queensland Country BankUltimate Home Loan Special5.89% p.a. (6.24% p.a. comparison rate*)

The average variable rate in the Mozo database (OO, P&I, LVR < 80%) currently sits at 6.73% p.a. – 42 basis points below the average variable rate offered by the four major banks (7.15% p.a.).

So, what does this difference mean for your budget? As the table below shows, by refinancing from a variable rate of 7.15% p.a. to the average variable rate of 6.73% p.a., borrowers with a $400,000 mortgage could save $127 on their monthly repayments — and $32,073 in total interest paid.

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
5.85% p.a.
$2,541$362,196
Big Four lowest
6.19% p.a.
$2,624
$387,159
Mozo database average
6.73% p.a.
$2,759
$427,579
Big Four average
7.15% p.a.
$2,866$459,652

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.

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

As for fixed rate loans, the Big Four banks made cuts to many of their terms over 2024.  

These cuts have brought the Big Four's average fixed rates largely into line with the averages in the Mozo database. 

Mozo fixed rate averages vs Big Four averages (LVR <80%)  – 3 January 2025^^

Term
Mozo database average
Big Four average
1-year
6.24% p.a.
6.33% p.a.
2-year
6.07% p.a.
6.12% p.a.
3-year
6.01% p.a.
5.97% p.a.
4-year
6.24% p.a.
6.18% p.a.
5-year
6.27% p.a.
6.34% p.a.

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

Lowest fixed rates in the Mozo database, OO and P&I (LVR <80%)  – 3 January 2025^^

  • 1 year: Community First Bank Accelerator Fixed Home Loan | 5.74% p.a. (6.39% p.a. comparison rate*) 
  • 2 years: BankVic Fixed Rate Home Loan | 5.49% p.a. (6.03% p.a. comparison rate*)
  • 3 years: Australian Mutual Bank Fixed Rate Home Loan | 5.49% p.a. (6.24% p.a. comparison rate*) 
  • 4 years: Newcastle Permanent Special Fixed Rate Home Loan | 5.59% p.a. (7.31% p.a. comparison rate*)
  • 5 years: Newcastle Permanent Special Fixed Rate Home Loan | 5.59% p.a. (7.15% 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.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 12 January 2025 Important disclosures and comparison rate warning*
What are your home loan needs?

Your loan-to-value ratio (LVR): 50%

Loan amount and LVR will affect interest rates.

  • Promoted

    Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Convenient offset account. 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.

  • 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.

  • Promoted

    Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,899
    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.

  • Promoted

    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.

  • Promoted

    Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Promoted

    Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.89 % p.a.
    Fixed 1 year
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,962
    Go to site

    Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Optimum Fixed Rate Home Loan.There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a speedy online application. Get the flexibility of loan split options and redraw facility. No offset account available for fixed rate proportion of loan. Other fees may be applicable. T&Cs apply.

  • Promoted

    Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Promoted

    Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.03 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Enjoy 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 eligibility criteria apply.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.89 % p.a.
    Fixed 1 year
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,962
    Go to site

    Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Optimum Fixed Rate Home Loan.There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a speedy online application. Get the flexibility of loan split options and redraw facility. No offset account available for fixed rate proportion of loan. Other fees may be applicable. T&Cs apply.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,899
    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.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Convenient offset account. 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.

  • 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.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.03 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Enjoy 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 eligibility criteria apply.

  • Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • 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.

  • 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.

Showing 10 results from 421 home loans. Use the filters to see more
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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.