Big Four bank home loans – current rates and offers

See how the Big Four banks compare with other lenders

^{This table contains some of the most competitive fixed and variable rates from banks outside the Big Four, including non-bank lenders and online lenders. While some of the products listed here are not currently available through Finder you can still research the loans and then contact lenders directly.}

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Name	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
Ubank Neat Variable Home Loan Principal & Interest20% min. depositOwner-occupier	Interest Rate 6.14%	Comparison Rate 6.16%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $914	Go to siteMore Info Compare
Unloan Variable Home Loan Principal & Interest20% min. depositOwner-occupierRefinance	Interest Rate 5.99%	Comparison Rate 5.90%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Go to siteMore Info Compare
Ubank Flex Fixed Home Loan Principal & Interest 2Y Fixed20% min. depositOwner-occupier	Interest Rate 6.64%	Comparison Rate 6.52%	Fees Application: $0 Ongoing: $250 p.a.	Monthly Payment $963	Go to siteMore Info Compare
loans.com.au Variable Home Loan Principal & Interest10% min. depositOwner-occupier	Interest Rate 6.04%	Comparison Rate 6.06%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $905	Go to siteMore Info Compare
Macquarie Bank Basic Home Loan Principal & Interest40% min. depositInvestment	Interest Rate 6.34%	Comparison Rate 6.36%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $934	Go to siteMore Info Compare
Macquarie Bank Basic Fixed Home Loan Principal & Interest 3Y Fixed20% min. depositInvestment	Interest Rate 6.39%	Comparison Rate 6.46%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $939	Go to siteMore Info Compare
St.George Fixed Rate Home Loan with Advantage Package Principal & Interest 2Y Fixed20% min. depositInvestment	Interest Rate 6.59%	Comparison Rate 8.07%	Fees Application: $0 Ongoing: $395 p.a.	Monthly Payment $958	More Info Compare	$2,000 cashback Refinancers borrowing $250,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
Tiimely Own Variable Rate Home Loan Finder AwardPrincipal & Interest10% min. depositOwner-occupierOffset accountwith offset	Interest Rate 5.94%	Comparison Rate 6.05%	Fees Application: $0 Ongoing: $10 p.a.	Monthly Payment $895	More Info Compare
Bank of Melbourne Basic Variable Rate Home Loan Principal & Interest20% min. depositInvestment	Interest Rate 6.64%	Comparison Rate 6.65%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $963	More Info Compare

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Tell me more about the Big Four

Australia's four banking giants are all unique in their own way and together, they account for roughly 75% of all mortgages in Australia.

• The Commonwealth Bank. Australia's largest bank, CBA is a massive institution with a strong market share and over 15 million customers. The bank has an extensive branch network and a popular banking app.
• Westpac. Australia's second biggest bank, Westpac started life as the Bank of New South Wales in 1817. Westpac owns many well-known finance brands, including St.George, Bank of Melbourne and BankSA.
• NAB. The National Australia Bank has been around for almost 160 years and has 9 million customers, mainly in Australia and New Zealand but also across the globe. Digital lender UBank is owned by NAB.
• ANZ. This bank has a strong presence in both Australian and New Zealand. ANZ now operates in 33 markets around the world.

How much of the mortgage market belongs to the Big Four?

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 several of their nearest competitors.

This table shows the value of home loans "on the books" at each lender. Even the smallest of the Big Four holds more than three times more mortgages in dollar terms than the next smallest competitor.

Big Four bank home loan features

A home loan from one of the Big Four offers the same features as other lenders. Features such as extra repayments, redraw facilities and offset accounts are common.

Package loans

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.

Basic home loans and introductory discount rates

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.

What are my alternatives to a home loan from the Big Four?

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:

• Online lenders. If you're comfortable with applying online or over the phone an online lender could be convenient and save you money. These lenders often have the cheapest interest rates.
• Non-banks. Credit unions, building societies and other non-bank institutions offer mortgages and are also very competitive. Some of these institutions limit their lending to states, cities or geographic regions.
• Smaller banks. Many local banks can serve customers in cities, states or large portions of the country. There are also newer bank brands, often operating online, which offer cheaper rates. Some of these brands are owned by one of the Big Four.
• Fintechs and neobanks. Smaller, high-tech startups are beginning to enter the mortgage market. They can be very competitive and convenient if you're comfortable with banking via an app.

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.

What are the benefits of getting a mortgage with a big bank?

There are plenty of reasons borrowers stick with NAB, ANZ, Westpac or the Commonwealth Bank:

• Convenience and service. The Big Four have the largest networks of ATMs and physical branches. For many people, face-to-face service and brick and mortar branches are very important.
• Product range. The big lenders have products for most Australian borrowers and a greater range than many smaller lenders.
• Stability. Even small Australian lenders are heavily regulated, so this shouldn't be a big concern. But the Big Four are the oldest and biggest lenders for a reason.
• Service. The Big Four have large customer service departments. They are also the most likely to have dedicated migrant banking services for non-residents.

Are there any downsides to banking with the Big Four?

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:

Lowest interest rates

Most of the time, the Big Four banks don't offer the absolute lowest interest rates on the market. Smaller lenders, especially online lenders, could offer more competitive deals, with their reduced overheads and online infrastructure. In the current market, each of the Big Four offer very low fixed rate home loans that are among the lowest on the market (you can compare some of them in the table above). The Big Four banks also offer quite competitive variable rate loans too.

Options for non-conforming borrowers

The Big Four don't specialise in loans for borrowers who have unique needs, such as borrowers who are self-employed, have a complex financial situation, have poor credit histories or are discharged bankrupts. This is where mortgage brokers and smaller, specialist lenders can help, as their loan policies and lending criteria may be more flexible.

Technology and customer service

The Big Four have strong online banking and well-designed apps, but there are smaller fintech lenders and neobanks who offer faster service, better apps and more tools to help you manage your mortgage. Although the gap in technology between new players and the old banks is shrinking all the time.

What about trust, stability and regulations? Are the big banks safer?

Australian lenders are relatively stable. As mentioned earlier, all registered financial institutions, regardless of their size, are regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities & Investments Commission (ASIC).

Financial institutions are required to hold a certain portion of capital, as they provide a permanent commitment of funds and are available to absorb losses.

The lender takes on the risk, not the borrower

If your lender went bankrupt tomorrow you would still owe money to whoever took control over your old lender. This is quite rare, and wouldn't actually affect your mortgage contract.