Your Guide to the Biggest Australian Banks
Did you know there are 97 different banks in Australia, servicing more than 18 million clients? With so much variety and competition, who should you choose for your home loan? In this guide, you will find the top 6 biggest Australian banks.
Best Australian Banks for Home Loans
We’ve summaries some of the largest Australian banks and some of the special offers they are currently offering (as of 12 February 2021):
National Australian Bank
The National Australian Bank (NAB) was established in 1982 and today employs 30,000 people who serve 9 million clients at over 900 locations across the world. The majority of NAB’s financial services operate in Australia and New Zealand, but the bank also has a presence in Asia, the UK, and the US.
NAB’s Special Mortgage Offer: $2k Refinance Bonus
Offering a $2k cash bonus when you refinance your existing home loan to NAB. An eligible NAB transaction account is required at the time of drawdown. The cash bonus is available on new refinances of $250,000 or more and drawdown must occur between 7 September 2020 and the 30 April 2021.
Commonwealth Bank
The Commonwealth Bank of Australia is one of the largest banks in the country. It is a multinational bank with a presence in Asia, Europe, New Zealand, and North America. It was founded in 1911 and employs more than 52,000 employees and 1,100 offices globally.
CommBank’s Special Mortgage Offer: 1.99% 4-Year Fixed Rate Home Loan
Commonwealth Bank has been offering it’s “lowest-ever-rate” offer since 11 November 2020 with 1.99 percent per annum for 4 year fixed rate home loans (owner occupied) on a wealth package.
Westpac
Westpac is known for being the first and oldest bank in Australia, having been established in 1817 initially as the Bank of New South Wales, and was renamed in 1982. It now has branches in Australia and New Zealand but also in the UK and in several parts of Asia with more than 13 million customers.
Westpac’s Special Mortgage Offer: $3K refinance cashback
Get $3000 cashback when you refinance to Westpac ($2000 for each property plus a bonus $1000 for your first refinance application). This only applies to owner occupier loans with a minimum $250,000 loan. You need to apply by 31 March.
ANZ
ANZ first opened as the Bank of Australasia in Sydney in 1835. ANZ stands for Australia and New Zealand Bank. ANZ currently operates across 33 markets globally — it has established its footprint not just in Australia and New Zealand but also in Asia Pacific, Europe, America, and the Middle East.
ANZ’s Special Mortgage Offer: First Home Buyer Conveyancing Rebate
ANZ provides its first-home buyer clients with a conveyancing fee rebate of up to $1,000. To be eligible, borrowers must have a minimum loan value of $250,000. The offer is available until the end of July 2021. Current interest rate offers are around 2.09 percent on a two year fixed loan.
Suncorp Bank
Suncorp Bank was established in 1902 and now employs more than 13,000 people across its offices in Australia and New Zealand. Suncorp also operates several brands including AAMI, GIO, Bingle, APIA, Shannons, Teri Scheer, CIL Insurance, and Vero.
Suncorp’s Special Mortgage Offer: Back to basics
Suncorp Bank’s Back to Basics Home Loan is offering 2.54 percent variable interest rates. It also offers no monthly account-keeping feed, no annual fee, or loan establishment fee.
Bank of Queensland
Known as one of Australia’s leading regional banks, the Bank of Queensland has over 160 branches across Australia. BOQ was established in 1874, and now operates a number of brands including Virgin Money, BOQ Finance, BOQ Specialist, and St. Andrew’s Insurance.
BOQ’s Special Mortgage Offer: $3k Refinancing cashback
If you apply by 26 February 2021 you can get $3000 cashback when you refinance an existing home loan from another bank in Australia.
Patrick Cranshaw, a Certified Mortgage Professional for over 21 years, founded North Brisbane Home Loans in 2002. His career began with ANZ Bank in New Zealand, where he progressed over 16 years to a Business Banking role in Virginia. After moving to Brisbane in 2000, Patrick led the QLD market for a home loan agency, helped set up the REMAX Real Estate Finance division, and practiced as a broker.
