The short version
- The big four are Commonwealth Bank, Westpac, NAB and ANZ.
- Their rates aren't always the lowest, so compare smaller lenders too.
- Package loans can cut the rate for an annual fee.
The big four banks' home loans
The big four are Commonwealth Bank, Westpac, NAB and ANZ. This page lists products under those four brands only. Brands they own, such as Bankwest, St.George, Bank of Melbourne, BankSA and ubank, have their own rates and are listed with the other banks.
The big four lend more than half of all home loans in Australia. Their rates aren't always the lowest, so compare them with smaller banks, credit unions and online lenders.
Why people choose a big bank
- Branches and phone support across the country.
- Everyday banking, savings and an offset account in one place.
- Package loans that bundle a lower rate with a credit card and fee waivers for one annual fee.
Pros
- Branches and phone support across Australia.
- Banking, savings and an offset account in one place.
- Package discounts for larger loans.
Cons
- Rates can be higher than smaller lenders'.
- Annual package fees on many loans.
- Intro discounts can end and leave a higher rate.
Alternatives
- Smaller banks and credit unions, which often have lower rates.
- Online lenders with fewer fees.
- Asking your bank for a lower rate before you switch.
How to apply
Most people get pre-approval for a big four home loan before they make offers, then full approval once they've found a home.
- Get your documents together: payslips, bank statements showing your savings, and details of your debts and credit card limits.
- Get pre-approval. It tells you how much you can borrow and usually lasts three to six months.
- Find the home and sign the contract. The lender values the property before it gives full approval.
What to compare
- The comparison rate for your deposit, against loans from other lenders.
- Annual package fees against the discount and features you'll use.
- What the rate becomes after any introductory discount ends.