Compare the Big 4 Banks: ANZ vs CBA vs Westpac vs NAB Home Loans

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Choosing between the Big 4 Banks — ANZ, Commonwealth Bank (CBA), Westpac and NAB — is one of the biggest decisions a borrower makes when applying for a home loan. While these banks all dominate the Australian mortgage market, they each offer different rates, different borrowing capacities, different calculators and different policy advantages, meaning the bank that approves you (and the bank that gives you the highest borrowing power) can vary dramatically.

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This guide compares the Big 4 Banks across pricing, borrowing power, income acceptance, LVRs, approval strength, digital experience, turnaround times and investment lending — giving borrowers across Sydney, Melbourne, Brisbane, Perth and Adelaide a clear, SEO-optimised breakdown of which bank is best for which type of borrower.

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Big 4 Bank Comparison Overview (2025)

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⭐ CBA – Strongest borrowing power overall

CBA has one of the most generous servicing calculators, making it the best option for borrowers needing maximum borrowing capacity.

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⭐ NAB – Often best for self-employed borrowers

Consistent policy, strong treatment of add-backs, and stable investment-loan acceptance.

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⭐ Westpac – Favourable for families & higher-expense households

Westpac’s calculator is relatively flexible with dependants and fixed household costs.

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⭐ ANZ – Competitive pricing + strong for higher incomes

ANZ’s rate specials and sharp variable pricing often make it appealing for refinancers.

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1. Interest Rates: ANZ vs CBA vs Westpac vs NAB

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Rates vary weekly, but trends remain consistent:

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ANZ

• Known for sharp variable rates

• Attractive refinance specials

• Competitive fixed options

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CBA

• Not always the lowest rate

• BUT widely trusted + high approval confidence

• Strong package loan options

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Westpac

• Competitive for interest-only

• Investor-friendly periods

• Discounting varies by LVR

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NAB

• Often matches ANZ on sharp pricing

• Strong promotional discounts

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SEO takeaway: The lowest advertised rate is rarely the lowest available rate for your profile. Real pricing depends on risk, LVR, credit score and borrowing power.

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2. Borrowing Power Comparison (One of the biggest differences)

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This is where differences become dramatic — often $50,000 to $180,000+ between banks.

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CBA – Highest borrowing power for most borrowers

• Strong servicing

• Favourable treatment of living expenses

• Lenient on certain income types
  Ideal for buyers who need to “stretch” their capacity.

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NAB – Strong for self-employed & complex borrowers

• Good add-backs

• Consistent calculator

• Strong for contractors

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Westpac – Strong for families & dependants

• More generous with family-expense modelling

• Often better for couples with children

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ANZ – Strong for higher-income earners

• Calculator benefits borrowers with lower discretionary expenses

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3. Income Type Acceptance (Who is best for what?)

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Self-Employed

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Best: NAB
Runner-up: CBA

NAB generally has the most flexible treatment of fluctuating income.

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Casual Employment

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Best: CBA
Runner-up: Westpac
CBA’s policy is favourable for casuals with stable hours.

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Bonus & Overtime Income

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Best: CBA or Westpac
Both banks accept high portions of variable income.

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Commission-Based Roles

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Best: ANZ or CBA

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4. LVR, Deposit & Equity Rules

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ANZ

• Strong 80% LVR lending

• High-density postcode restrictions apply

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CBA

• Strongest for low-deposit buyers

• Flexible parental-guarantee lending

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Westpac

• Competitive LMI pricing

• Good for construction loans

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NAB

• Consistent approvals at 80% LVR

• Simple policy = faster approvals

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5. Investment Lending Comparison (Sydney, Melbourne, Brisbane, Perth)

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Best for investors:

ANZ or NAB typically offer the best investment rates and IO terms.

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Best for high-yield suburbs:

Perth, Brisbane and Adelaide investors often get stronger serviceability with NAB.

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Best for stability suburbs:

Sydney Eastern Suburbs, North Shore, Inner West → CBA and ANZ perform well.

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Best for multi-property portfolios:

Westpac due to flexible treatment of commitments.

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6. Turnaround Times (Approval Speed)

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Fastest approvals:

NAB → CBA → ANZ → Westpac (average trend only)

Turnaround times change weekly but NAB and CBA consistently lead.

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7. Digital Experience & Banking Platforms

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CBA – Clear #1

Australia’s best mobile banking ecosystem.

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ANZ – Simple & clean

Strong online loan management.

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NAB – Upgraded experience

Modern, fast, intuitive.

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Westpac – Improving

More traditional platform but improving rapidly.

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How Matcheroo AI Compares the Big 4 for You

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Matcheroo AI analyses:

• Borrowing power differences

• Rate tiers by LVR

• Income acceptance

• Postcode risk

• Policy restrictions

• Investment strategy

• Loan purpose (purchase vs refinance)

• Deposit and equity levels

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Then identifies:

• The bank that will approve you fastest

• The bank giving the highest borrowing capacity

• The bank offering the lowest available rate for your profile

• The simplest approval pathway based on your income, deposit and strategy

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Banks differ massively — Matcheroo AI ensures you choose the right one, not the “biggest name.”

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Summary: Which Big 4 Bank Is Best?

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It depends on your situation:

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Best borrowing power:

CBA

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Best self-employed:

NAB

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Best interest-only investment lending:

ANZ or NAB

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Best for families:

Westpac

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Best overall approval certainty:

CBA

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Best refinance specials:

ANZ

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Matcheroo AI compares all four instantly, ensuring you get the strongest outcome