We currently don't have that product, but here are others to consider:
How we picked theseAustralia has 4 main banking giants and they account for roughly 75% of all mortgages in the country.
The interest rate you are offered will depend on your circumstances and won't necessarily be the cheapest. But the cheapest rates are still a good indication of where the big 4 sit compared to the rest of the market.
Their rates have become much more competitive over the last few months as other lenders have begun dropping rates in preparation for a cut in the RBA cash rate.
| Bank | Cheapest Fixed Rate | Cheapest Variable Rate |
|---|---|---|
| ANZ | 5.39% | 5.59% |
| CBA | 5.64% | 5.59% |
| NAB | 5.39% | 5.94% |
| Westpac | 5.69% | 5.89% |
Although the Big Four banks have the largest reputation in Australia, they don't necessarily have the most competitive rates. Here's how the compare with the lowest rates and average rates.
| Australian interest rates January 2025 | Data |
|---|---|
| Average variable mortgage interest rate | 7.02% |
| Lowest variable rate on Finder's database | 5.69% |
| Average fixed mortgage interest rate | 6.38% |
| Lowest fixed rate on Finder's database | 4.99% |
*Lowest rates listed above are based on owner occupier products in Finder's database with LVRs of at least 80%.
The Big Four are the largest players in Australia's home loan market by far. To understand just how large their share of the market is, here's a snapshot of the latest APRA data showing the value of owner occupier and investor loans held by the Big Four and some of their closest competitors.
This table shows the value of home loans "on the books" at each lender. Even the smallest of the Big Four holds well over double the value than the next smallest competitor.
"I bought my first home several months ago. I used a mortgage broker to find my home loan and one of the lenders they recommended was ANZ. ANZ was offering a pretty good variable rate as well as a 100% offset account and a $3,000 cashback, so I went with them.
The application process was really simple and ANZ provided me with all the information I needed so I was never left in the dark. Honestly, no complaints about the loan itself, but I have some issues with the app. There are some improvements that could be made, like real-time notifications when I transfer my money into my offset account."
A home loan from one of the Big Four doesn't necessarily offer anything different to any other home loan lender. Features such as extra repayments, redraw facilities and offset accounts are common.
But there are a couple of areas where the bigger banks might have more of a focus.
While by no means exclusive to the largest banks, the Big Four often advertise their premium package loans. These products let you bundle a home loan with a credit card, bank account (which functions as an offset account) and other products. These days, the big banks often have the most competitive offers on their package loans and may offer a cashback if you switch to them from another lender.
And that's a big part of why banks do package loans. They want all your business, not just your mortgage.
Again, not exclusive to the Big Four, but these banks frequently offer these two types of products. Basic home loans have low variable rates (usually) but don't have offset accounts. Introductory rate loans offer a very low (usually variable) rate for an initial period, but increase later.
Mortgage lending in Australia is a thriving, crowded industry, with lenders big and small looking to lend you money. So it's always worth comparing a wide range of home loans. Alternatives to the major lenders include:
Lenders in the categories above often overlap. A small bank could be entirely online, while credit unions may have limited physical branches and a strong online service. And some banks are starting to use the technology of the fintechs.
You might not know this, but the nation's biggest institutions own or are associated with the following financial brands:
There are plenty of reasons borrowers stick with NAB, ANZ, Westpac or the Commonwealth Bank:
In most respects the Big Four are as good as any other lender. But depending on what you're looking for, you might be better served with one of their smaller competitors. Here are a few reasons why:
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Read the full Finder Score breakdown
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Work out how much you need to earn to buy a house in any Australian suburb.
Our comprehensive guide to home loan statistics.
We compile the average home loan interest rates in the market and update them monthly.
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Find a great deal on a variable interest rate home loan from lenders large and small. Start comparing and saving today.
