NAB
5.97%
+0.19%
NAB vs ANZ, CBA & Westpac: The Quiet Operator's Pitch
NAB doesn't lead the Big 4 on headline rate — that's ANZ. What NAB does lead on is the operationally important stuff: cheapest full-range average pricing, fastest broker-channel turnaround, the most flexible construction structure, and the most generous rental shading rule for investors. The Big 4 round most borrowers don't think to compare on is usually the one NAB is winning.
Round 1 of 12
Cheapest advertised variable rate ANZ WINS
ANZ
5.78%
OO P&I <60% LVR
Westpac
5.92%
+0.14%
CBA
5.99%
+0.21%
NAB's headline 5.97% sits third of the Big 4 on cheapest advertised rate. Below ANZ's 5.78% leadership and Westpac's 5.92%, just edging out CBA. On a $600k loan the gap from NAB to ANZ is about $70/month — meaningful over 30 years (roughly $25,000) but rarely the deciding factor on its own. NAB's pitch is that the headline rate is the wrong metric to optimise for; rounds 2 and 3 below explain why.
Round 2 of 12
Average rate across full product range NAB WINS
NAB
6.85%
128 products
ANZ
7.07%
139 products
Westpac
6.89%
237 products
CBA
7.00%
150 products
NAB has the cheapest full-range average pricing of the Big 4 at 6.85%. That's the rate the modal NAB customer is actually paying — not the sub-60% LVR teaser. ANZ's 5.78% headline is sharp, but the average ANZ customer is paying 7.07% — a full 0.22% above NAB's average. If you're shopping the Big 4 on average competitiveness rather than the marketing-friendly cheapest rate, NAB is the value play.
Round 3 of 12
Broker-channel turnaround NAB WINS
NAB
7 days
Fastest Big 4
ANZ
10 days
Slowest
Westpac
8 days
CBA
9 days
NAB is the fastest Big 4 on broker-channel turnaround — 7 business days submission to unconditional on Q1 2026 data. Three days ahead of ANZ. Doesn't matter on a 30-day settlement; matters a lot on tight contracts (21-day, 14-day) and FHBG-time-limited deals. NAB's edge is a more streamlined assessor pipeline and faster valuer turnaround on metro postcodes — they're not faster on rural valuations.
Round 4 of 12
Investment lending LVR cap TIE: ANZ / CBA WIN
NAB
90%
Inv. LVR cap
ANZ
95%
Max
Westpac
90%
CBA
95%
Max
NAB caps investment lending at 90% LVR — same as Westpac, behind ANZ and CBA at 95%. For investors with thin equity stacking a portfolio, NAB and Westpac are the two Big 4 doors that close at 90%. NAB's offset to this is the next round below — which is where NAB earns most of its investor pitches.
Broker insight · Round 4½
The 85% rental shading rule that NAB doesn't market
NAB shades rental income at 85% — the most generous of the Big 4. Most other lenders use 80%. It sounds small. Run the maths on a real investment property and it isn't.
$1.0M investment · $850/week rent · $44,200/yr gross
NAB at 85% = $37,570 allowable income
Industry at 80% = $35,360 allowable income
Delta: $2,210/yr → ~$15,000 extra borrowing capacity at 7× DTI
NAB at 85% = $37,570 allowable income
Industry at 80% = $35,360 allowable income
Delta: $2,210/yr → ~$15,000 extra borrowing capacity at 7× DTI
On the second or third investment property — where you're stacking borrowing capacity with marginal rent — that $15,000 difference is often what turns an "almost serviceable" deal into a confirmed approval. NAB's 90% LVR cap (Round 4 above) loses headline space; the 85% shading earns it back on real files. This is the most important Big 4 policy line that nobody compares on rate-comparison websites.
Round 5 of 12
Assessment rate (lower = more you borrow) WESTPAC WINS
NAB
8.99%
Tied highest
ANZ
8.76%
Westpac
8.74%
Lowest
CBA
8.99%
Tied highest
NAB ties with CBA at the highest Big 4 assessment rate of 8.99%. Westpac and ANZ assess at about 0.25% lower, which on a $150K income with no dependents translates to $20–25K of additional borrowing capacity vs NAB/CBA. If you're tight on serviceability and want to know whether NAB or one of its peers gives you more headroom, the borrowing capacity calculator applies each lender's actual buffer to your specific income profile.
Round 6 of 12
DTI cap ALL TIED AT 7.0×
All four Big 4 use a 7.0× gross income DTI cap. What differs is income interpretation. NAB is the most pragmatic on rental shading (the 85% rule above) and on bonus averaging — they'll take 80% of a 2-year average where stricter peers take 65%. CBA is the most conservative on variable income (casual, overtime, commission); ANZ sits in the middle.
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, Pepper Money Multi-Product or some of the regional banks offer. NAB is slightly more flexible than CBA on add-back items (depreciation, interest, one-off expenses) when the accountant's letter is well-prepared. The self-employed calculator applies each Big 4's actual policy to your tax-return profile.
Round 8 of 12
Construction loan flexibility NAB WINS
NAB
6 draws
95% LVR
ANZ
5 draws
95% LVR
Westpac
5 draws
95% LVR
CBA
5 draws
95% LVR
NAB allows 6 progress payment draws on construction; the other Big 4 cap at 5. On a typical $600k build that's the difference between roughly $100k and $120k staged drawdowns — meaningful interest saving during the construction period for the right project. NAB's construction valuer panel is also broader on inner-suburban and acreage builds where ANZ's panel can be patchy. For complex builds (custom design, tight site, non-standard materials), NAB is the conservative-banker pick that just gets it done.
Round 9 of 12
Annual package fee & offset flexibility ANZ WINS
NAB
$395
Choice · 5 offsets
ANZ
$395
Breakfree · 10 offsets
Westpac
$395
Premier
CBA
$395
Wealth · unlimited at $150k+
All four majors charge $395/year for their package. NAB's Choice Package caps at 5 offset sub-accounts; ANZ's Breakfree allows 10; CBA's Wealth Package is unlimited but requires a $150k+ loan. For multi-entity offset structures (running an investment portfolio + PPOR through separated buckets), ANZ's 10-offset allowance is the most flexible. NAB's 5 covers most owner-occupiers fine but starts to bite for active investors.
Round 10 of 12
First Home Guarantee (FHBG) accreditation ALL TIED
All four Big 4 are FHBG-accredited. No differentiation on government scheme participation. This is where NAB's 7-day turnaround (Round 3) becomes a genuine advantage — FHBG scheme places are time-limited and the broker who lodges first gets the available place. NAB's speed is sometimes the deciding factor on which Big 4 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. NAB sits second — better than Westpac and considerably better than ANZ. NAB's app handles offset visualisation cleanly and the repayment timeline view is a notch above ANZ's. If you live in the app and rotate between offset sub-accounts often, CBA still wins; for everyone else NAB is fine.
Round 12 of 12
AU housing lending market share (Dec Q 2025) CBA DOMINANT
NAB
~16%
3rd Big 4
ANZ
~14%
Smallest
Westpac
~18%
CBA
~25%
Largest
ABS Lending Indicators. NAB sits third of the Big 4 by home lending book — slightly behind Westpac, comfortably ahead of ANZ. NAB has historically tilted institutional/business banking but has grown its mortgage book steadily over the past 5 years. For borrowers, market share means nothing in terms of safety (identical APRA prudential status across all four) — but it does mean NAB's mortgage operations have meaningful internal weight, which translates to consistent service standards.
Final scorecard: 12-round head-to-head
NAB
3
wins / 12
Rounds 2, 3, 8
ANZ
3
wins / 12
Rounds 1, 4, 9
Westpac
1
win / 12
Round 5
CBA
2
wins / 12
Rounds 11, 12
Three rounds were ties. NAB ties ANZ for top win count — but NAB's 3 wins are on the rounds that matter most to busy borrowers: actual paid rate (not headline), settlement speed, and construction flexibility. ANZ's 3 wins skew toward sub-60% LVR cheapest-rate buyers and 95% LVR investors. The right way to read this: pick the major whose 3 wins line up with your specific deal.
Bottom line
When NAB is actually the right Big 4 to pick
- You're paying-real-rate-aware — NAB's 6.85% full-range average beats every other Big 4
- Settlement under 21 days — NAB's 7-day broker turnaround buys back the time other majors lose
- Investor stacking 2nd or 3rd property — the 85% rental shading rule is worth ~$15k of borrowing capacity per property at typical Gold Coast rents
- Complex construction project — 6-draw structure is the most flexible Big 4 option; valuer panel handles inner-suburban and acreage builds well
- FHBG buyer in a tight scheme-place window — NAB's speed is often the deciding factor on which major actually secures the place
- Bread-and-butter PAYG owner-occupier looking for the value-Big-4 rather than the cheapest-rate Big 4
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Run the comparison →Quick FAQs
Which Big 4 is fastest for home loan approval?
NAB. 7 business days submission-to-unconditional on Q1 2026 broker-channel data, ahead of Westpac (8), CBA (9) and ANZ (10).
Does NAB have the cheapest Big 4 rate?
Not the cheapest single advertised rate — that's ANZ at 5.78%. But NAB has the cheapest full-range average rate at 6.85%, ahead of Westpac (6.89%), CBA (7.00%) and ANZ (7.07%).
How does NAB shade rental income?
85% of gross rent — the most generous of the Big 4. Most lenders use 80%. On $44,200 gross annual rent, the 5% gap is $2,210 of additional allowable income, worth roughly $15k of borrowing capacity at a 7× DTI.
Why does NAB do 6 construction draws when others do 5?
It's a deliberate policy decision dating back to NAB's positioning around custom and acreage builds. The extra draw lets the borrower release smaller staged payments and reduces interest cost during construction.
Is NAB 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.
Can I get SMSF lending through NAB?
No. NAB exited SMSF residential lending in 2019. Like ANZ and CBA, NAB no longer writes new SMSF home loans — specialist SMSF lenders fill this space.