Rate Comparisons
Big Four Bank Home Loan Rates Compared - July 2026
With the RBA cash rate sitting at 4.35% after hikes in February, March and May 2026 (and a hold in June), the big four banks have all repriced their home loan books - and each of the majors passed the May increase on in full. If you are shopping for a loan or wondering whether your current rate is still competitive, here is how the headline offers from CBA, Westpac, NAB and ANZ stack up right now, with Macquarie included as a challenger benchmark.
All rates below are for principal-and-interest repayments and were retrieved on 4 July 2026 from the banks' published rate pages. One caveat up front: ANZ publishes its rates on JavaScript-rendered pages that can't be captured directly, so the ANZ figures here were verified against two independent trackers - Stay or Go (updated 3 July 2026) and Money.com.au (updated 1 July 2026). Everything else comes straight from the lender.
Variable rates: owner-occupier and investor
| Lender | Product | Owner-occ (advertised / comparison) | Investor (advertised / comparison) | Key conditions |
|---|---|---|---|---|
| Westpac | Flexi First Option | 5.99% / 6.00% | 6.14% / 6.15% | Online offer, LVR of 70% or less (6.00% up to 80% LVR) |
| CBA | Digi Home Loan | 6.09% / 6.22% | 6.19% / 6.32% | Digital-only application, LVR of 60% or less; as at 15 May 2026 |
| Macquarie | Basic | 6.09% / 6.11% | 6.40% / 6.42% | Owner-occ tier is LVR of 70% or less, investor 60% or less; as at 5 June 2026 |
| ANZ | Simplicity PLUS | 6.39% / 6.39% | 6.64% / 6.64% | LVR of 60% or less including special offer; verified via secondary sources |
| NAB | Base Variable | 6.44% / 6.44% | 6.96% / 6.96% | Available up to 95% LVR, no monthly fees; as at 29 June 2026 |
Fixed rates: two and three years (owner-occupier)
| Lender | 2-yr fixed (advertised / comparison) | 3-yr fixed (advertised / comparison) | Notes |
|---|---|---|---|
| Macquarie Basic | 6.14% / 6.12% | 6.09% / 6.11% | No package fee |
| ANZ | 6.29% / 7.06% | 6.49% / 7.02% | 80% LVR |
| CBA (Wealth Package) | 6.34% / 8.09% | 6.59% / 8.00% | $395/yr package fee |
| Westpac (Premier Advantage) | 6.44% / 6.76% | 6.54% / 6.81% | $395/yr package fee |
| NAB Tailored | 6.54% / 6.82% | 6.49% / 6.79% | 2-yr rate requires LVR of 60% or less |
Rates correct as at 4 July 2026 - sources: linked bank rate pages. Rates change frequently and without notice.
The headline numbers are closer than they look - and further apart than they look
Across the majors, advertised variable rates for owner-occupiers span roughly half a percentage point, from Westpac's 5.99% to NAB's 6.44%. That sounds like Westpac wins comfortably. But the conditions attached to each rate differ so much that the ranking can flip entirely depending on your situation.
Westpac's 5.99% is an online-only offer that requires a deposit (or equity) of at least 30%. CBA's Digi Home Loan demands a fully digital application and a 60% LVR - a threshold many buyers simply won't meet. NAB's 6.44% looks expensive by comparison, but it's available up to 95% LVR with no monthly fees, which makes it a genuinely different product aimed at a different borrower. Comparing these rates side by side without reading the fine print is a bit like comparing airfares without checking the baggage allowance.
Watch the comparison rate - especially on fixed loans
A comparison rate bundles the interest rate with most fees over a standardised loan, and the fixed-rate table above shows why it matters. CBA's two-year fixed rate advertises at 6.34%, yet its comparison rate is a startling 8.09%. Part of that gap reflects the $395 annual Wealth Package fee and the revert rate after the fixed term ends, and part of it is amplified by CBA calculating comparison rates on a $150,000 loan over 25 years - a basis that makes flat fees loom much larger than they would on a typical loan size. It doesn't mean you'll actually pay 8%, but it does mean the sticker price understates the true cost.
Macquarie is the outlier in the other direction: its fixed comparison rates sit at or below the advertised rate, because there's no package fee inflating the calculation. On fixed lending, the challenger bank is currently undercutting every one of the majors on both measures.
Front book versus back book: the loyalty tax is alive and well
Every rate in the tables above is a "front book" rate - the price banks offer to win new customers. Existing borrowers on the "back book" are routinely paying meaningfully more, often without realising it, because rate cuts and special offers rarely flow through to loans written years ago. RBA research has repeatedly found that older loans carry higher average rates than new ones.
If you haven't reviewed your rate since before the 2026 hikes began, there's a fair chance you're paying a loyalty tax. A quick way to sanity-check: compare your current rate against our live rate comparison table, then run the difference through our repayment calculator to see what it's costing you each month.
Why the cheapest advertised rate isn't always the cheapest loan
Choosing a loan on the advertised rate alone can go wrong in several ways:
- LVR tiers. The sharpest rates almost all require 60-70% LVR. If your deposit is smaller, your actual rate may be far higher than the headline.
- Package and account fees. A $395 annual fee adds the equivalent of several basis points on a mid-sized loan - more on a small one.
- Distribution restrictions. Digital-only products like CBA's Digi loan trade convenience and branch support for price.
- Revert rates. A sharp fixed rate that rolls onto an uncompetitive variable rate can cost you more over five years than a slightly higher rate that stays honest.
- Features. Offset accounts, redraw and repayment flexibility carry real value that a basic no-frills rate doesn't capture.
Where a broker fits in
Two things the tables above can't show you. First, banks frequently approve pricing below their advertised rates when a broker asks - discretionary discounts are negotiated deal by deal, and the majors compete hardest when they know another lender is at the table. Second, the big four are only part of the market: we compare loans from more than 40 lenders, and the sharpest deal for your circumstances often comes from outside the majors entirely, as Macquarie's fixed rates this month demonstrate.
If your rate starts with a number you don't like, our refinancing service will map out whether switching stacks up after fees. Or start with a free loan assessment and we'll tell you plainly whether staying put is the better move.
This article is general information only and does not take into account your objectives, financial situation or needs. It is not personal financial or credit advice. Consider whether the information is appropriate for your circumstances and seek professional advice before acting. Rates and product details change frequently - verify current figures with the lender. Emerald Financial, Australian Credit Licence 000 000.