Westpac
5.92%
+0.14%
ANZ vs CBA, NAB & Westpac: Who Actually Wins Each Round?
ANZ advertises the cheapest Big 4 variable rate in the country right now. But "cheapest rate" is one metric — if it were the only one that mattered, everyone would already be with ANZ. This review runs ANZ head-to-head against its three Big 4 peers across 12 criteria that determine whether you actually end up better off.
Round 1 of 12
Cheapest advertised variable rate ANZ WINS
ANZ
5.78%
OO P&I <60% LVR
NAB
5.97%
+0.19%
CBA
5.99%
+0.21%
ANZ's 5.78% has held the Big 4 rate leadership since early 2026. On a $600k loan, the 0.21% gap to CBA is about $75/month — not life-changing, but sustained over 30 years it compounds to roughly $27,000 in interest saved. Important caveat: this rate sits on the Simplicity PLUS product via the broker channel at sub-60% LVR. Retail branch pricing is typically 0.15–0.20% higher.
Round 2 of 12
Average rate across full product range NAB WINS
ANZ
7.07%
139 products
Westpac
6.89%
237 products
NAB
6.85%
128 products
CBA
7.00%
150 products
ANZ is the most expensive Big 4 on average. The headline 5.78% rate is sharp, but the bulk of ANZ's 139 products sit above it. The modal ANZ customer — on a Breakfree package or Standard Variable — is paying 6.80–7.25%. If you're on ANZ already and haven't reviewed your rate, you're most likely the customer these numbers describe.
Round 3 of 12
Broker-channel turnaround NAB WINS
ANZ
10 days
Slowest Big 4
Westpac
8 days
NAB
7 days
Fastest
CBA
9 days
ANZ is the slowest Big 4 on turnaround. Q1 2026 settlement data — 10-business-day average is 3 days behind NAB and 1–2 days behind CBA and Westpac. Doesn't matter on a 30-day settlement; matters a lot on anything under 21 days. Bottleneck is typically valuer allocation and the secondary credit-assessor step ANZ runs on above-80% LVR files.
Round 4 of 12
Investment lending LVR cap TIE: ANZ / CBA
ANZ
95%
Max inv. LVR
Westpac
90%
NAB
90%
CBA
95%
Max inv. LVR
ANZ and CBA are the only Big 4 that will write 95% LVR investment with LMI. Westpac and NAB cap investment at 90% LVR. For an investor building a portfolio with thin equity, ANZ and CBA are the only Big 4 doors open. ANZ's investment product pricing is typically 0.18–0.25% above its owner-occupier rate.
Round 5 of 12
Assessment rate (lower = more you borrow) WESTPAC WINS
ANZ
8.76%
Westpac
8.74%
Lowest
NAB
8.99%
CBA
8.99%
Highest
Westpac and ANZ have the lowest assessment rates of the Big 4. Westpac assesses at 8.74% and ANZ at 8.76% (about 0.25% lower than CBA and NAB). On a $150K income with no dependents, that translates to $20–25K of additional borrowing capacity with Westpac/ANZ vs CBA/NAB. For first home buyers tight on servicing, this matters — try the borrowing capacity calculator to see your own panel-wide spread.
Round 6 of 12
DTI cap ALL TIED AT 7.0×
All four Big 4 banks use a 7.0× gross income DTI cap. What differs is how each interprets specific income streams. ANZ is relatively generous on bonus averaging (12-month average rather than 2-year lower); Westpac is stricter. NAB is the most pragmatic on rental income shading (85% vs the industry 80%). CBA is the most conservative on variable income (casual, overtime).
Round 7 of 12
Self-employed trading history minimum ALL TIED — 24 MONTHS
All Big 4 require 2 full years of lodged tax returns for self-employed applicants. None accept the 1-year position that ING and Pepper Money Multi-Product offer. ANZ is slightly more flexible on complex company structures (multiple entities, trusts) than NAB or Westpac. Self-employed and unsure how each lender will read your numbers? The self-employed calculator applies the panel's actual policies to your specific income profile.
Round 8 of 12
Construction loan flexibility NAB WINS
ANZ
5 draws
95% LVR
Westpac
5 draws
95% LVR
NAB
6 draws
95% LVR
CBA
5 draws
95% LVR
On LVR caps the Big 4 are identical at 95% with LMI. NAB is the pick for complex builds because they allow 6 progress payments instead of the 5 everyone else uses — gives the builder more flexibility on staged drawdowns.
Round 9 of 12
Annual package fee & offset flexibility ANZ WINS
ANZ
$395
Breakfree · 10 offset accts
Westpac
$395
Premier
NAB
$395
Choice · 5 offsets
CBA
$395
Wealth · unlimited at $150k+
All four majors charge $395/year for their package. Where it differs is inclusions: ANZ's Breakfree allows up to 10 sub-accounts for offset splitting; NAB Choice caps at 5; CBA Wealth is unlimited but requires $150k+ loan. ANZ's package is the most flexible for investors running multi-entity offset structures.
Round 10 of 12
First Home Guarantee (FHBG) accreditation ALL TIED
All four Big 4 are FHBG-accredited. No differentiation on government scheme participation. Turnaround differences show up here — NAB's 7-day turn is a genuine advantage when FHBG scheme places are time-limited. ANZ's turnaround lag is sometimes the deciding factor on which major actually settles a FHBG deal.
Round 11 of 12
App & digital banking experience CBA WINS
Subjective but consistent client feedback: CBA's app is the best of the Big 4 by a comfortable margin. Better offset visualisation, better repayment history views, better equity tracking. NAB is second. Westpac third. ANZ's app — while functional — is the oldest-feeling of the four and is ANZ's most-cited customer-service complaint. If you live in the app, consider this.
Round 12 of 12
AU housing lending market share (Dec Q 2025) CBA DOMINANT
ANZ
~14%
Smallest Big 4
Westpac
~18%
NAB
~16%
CBA
~25%
Largest
ABS Lending Indicators. ANZ is the smallest Big 4 by home lending book — a position that has shifted over the past 5 years as ANZ has leaned into institutional banking and let residential market share drift. For borrowers this means nothing in terms of safety (identical APRA status) but it does mean ANZ's retail/mortgage arm has less internal weight than, say, CBA's.
Final scorecard: 12-round head-to-head
ANZ
3
wins / 12
Rounds 1, 4, 9
Westpac
1
win / 12
Round 5
NAB
3
wins / 12
Rounds 2, 3, 8
CBA
2
wins / 12
Rounds 11, 12
Three rounds were ties. ANZ ties with NAB on count but wins on the rounds most borrowers care most about (rate, fees, investment LVR). The right way to read this: no Big 4 dominates. Your best major depends on which 2–3 rounds matter most to your deal.
Bottom line
When ANZ is actually the right Big 4 to pick
- Sub-60% LVR on a $500k+ loan — ANZ's 5.78% is the cheapest Big 4 rate available
- 95% LVR investor — ANZ or CBA are the only Big 4 options open
- Multi-entity offset structures — Breakfree's 10 sub-account allowance is the most flexible
- Income heavy on bonuses — ANZ's 12-month bonus averaging is more generous than peers
- Not in a 21-day settlement rush — ANZ's 10-day turnaround is fine for standard contracts, tight for fast ones
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Run the comparison →Quick FAQs
Does ANZ have the cheapest Big 4 home loan rate?
Yes, as of April 2026. ANZ's cheapest variable is 5.78% for OO P&I below 60% LVR, versus Westpac 5.92%, NAB 5.97% and CBA 5.99%.
How does ANZ's DTI cap compare?
All four Big 4 use a 7.0× DTI cap. The differentiator is how each interprets specific income streams, not the policy number.
Which Big 4 is fastest for home loan approval?
NAB leads at 7 days on Q1 2026 data, followed by Westpac (8), CBA (9) and ANZ (10).
Is ANZ good for investment property loans?
Yes. Along with CBA, ANZ is one of only two Big 4 that lends to 95% LVR on investment (Westpac and NAB cap at 90%). Investor P&I rates start around 5.96%.
Can I get SMSF lending through ANZ?
No. Like CBA, ANZ exited SMSF residential lending in 2018. Specialist SMSF lenders fill this space.
Is ANZ safe compared to other Big 4?
Yes. All Big 4 operate under identical APRA prudential status with the same capital ratios and FCS deposit guarantee coverage.