What are Australia’s big four banks?
There are dozens of banks and lenders in Australia, but four major players dominate the financial landscape. They’re referred to as the ‘big four banks’:
- Australia and New Zealand Banking Group (ANZ)
- Commonwealth Bank or CommBank (CBA)
- National Australia Bank (NAB)
- Westpac Banking Corporation (Westpac)
These ‘big four’ command the majority of Australia’s consumer finance market, collectively holding about 70% of owner-occupied home loans and household deposits.
How are the big four banks different from each other?
All the big four banks offer a comprehensive range of financial products, from transaction and savings accounts to credit cards, car and personal loans. Each also has extensive networks of ATMs and branches nationwide, giving customers access to cash and everyday banking services.
Despite offering such similar products and services, there are some notable differences. These include:
ANZ
ANZ is a market leader in the digital banking realm in Australia, and was the first of the big four banks to offer Apple Pay. It launched A$DC, Australia’s first bank-backed ‘stablecoin’, a cryptocurrency with its value pegged to that of the Australian dollar, in 2022. ANZ also has a large customer base in New Zealand and the Asia-Pacific region.
CommBank
CommBank is the largest bank in Australia for both deposits held and the size of its home lending business. Canstar has recognised CommBank for its online banking, awarding it Canstar’s Digital Banking – Bank of the Year Award for 16 consecutive years. It also took out an Innovation Excellence Award – Financial Services in 2026 for its micro-investing feature, Everyday Investing.
NAB
NAB is the only big four bank that offers an everyday transaction account without monthly account-keeping fees, no strings attached. While the other big banks also have fee-free account options, some offer these only through a digital app, or require customers to meet certain conditions such as a minimum monthly deposit or age requirements.
Westpac
Westpac is a part of the Global ATM Alliance, a joint venture between several major international institutions that allows customers to make ATM withdrawals across a global network. Westpac says customers can access these ATMs without withdrawal fees, but a 3% foreign transaction fee will still apply. Westpac also usually offers its existing customers a bonus rate when opening or renewing a term deposit online.
How do the big four banks differ when it comes to home loans?
The home lending market can be quite competitive, and while the big four banks often rely on their size and brand recognition, they also compete by having slightly different home loan offerings.
ANZ home loans
ANZ is the only big four bank currently targeting eligible first home buyers through a cashback deal, at the time of writing. It also says its new eligible home loans and refinances come with no home loan package, set up, or ongoing fees. ANZ leverages its digital banking platform, ANZ Plus, to help speed up online turnaround times for digital refinances.
CommBank home loans
Commbank leans heavily on its online Digi Home Loan offering, which often comes with its lowest rate, an offset account, and special deals like a certain amount of Qantas Points. It also boasts that eligible customers can receive conditional approval in as little as 10 minutes when applying online. Commbank also owns the digital-only lender, Unloan, which often has some of the most competitive rates in the market.
NAB home loans
NAB offers up to 10 offset accounts with eligible owner-occupier and investor loans, while also giving borrowers the ability to choose their desired repayment frequency, be it weekly, fortnightly, or monthly. NAB also uses its digital-only subsidiary, uBank, in a similar way to Commbank’s Unloan.
Westpac home loans
Westpac offers up to 99 offset accounts on Choice transaction accounts linked to eligible variable home loans, and saves its best rates for online customers. It also boasts a multi-brand lending panel in the form of its subsidiaries, Bank of Melbourne, BankSA, and St.George Bank. This gives Westpac the ability to target specific customers like offering LMI waivers for select professions (like doctors, teachers, or accountants).
Which of the big four banks is biggest for home loans?
CommBank leads the market for owner-occupier home loans in Australia, followed by Westpac, NAB, and then ANZ. Here’s how their owner-occupier mortgage books stack up:
- CommBank: $417.1 billion
- Westpac: $332.9 billion
- NAB: $236.3 billion
- ANZ: $219.2 billion
Source: APRA’s monthly Authorised Deposit-taking Institution (ADI) statistics (August 2026).
CommBank is also the market leader for investor loans. Here’s a breakdown of the big four’s investment home loan lending books:
- CommBank: $223 billion
- Westpac: $171 billion
- NAB: $115.3 billion
- ANZ: $114 billion
Source: APRA’s monthly Authorised Deposit-taking Institution (ADI) statistics (August 2026).
Which of the big four banks holds the most deposits?
At the time of writing, CommBank also holds the largest share of household deposits in Australia:
- CommBank: $469.6 billion
- Westpac: $364.2 billion
- NAB: $244.1 billion
- ANZ: $199 billion
Source: APRA’s monthly Authorised Deposit-taking Institution (ADI) statistics (August 2026).
What are the pros and cons of banking with the big four?
Pros
- Extensive network: The big four have large networks of physical branches and ATMs across Australia, making everyday banking more accessible. This is especially useful for residents in regional areas, if you regularly deal with cash, or simply prefer face-to-face service. Smaller banks or online-only providers may not be able to offer the same physical presence.
- A suite of financial products: The big four banks offer a full suite of financial products, making it easier to manage all your banking and insurance needs in one place. However, it doesn’t necessarily mean they offer the most competitive rates or features. It’s worth comparing your options to find the best possible deals for you.
- Legacy and longstanding history: All ADIs in Australia, including the big four banks, smaller banks, mutual banks, credit unions, and building societies, are covered by the Financial Claims Scheme (FCS) in cases of bankruptcy. While this protection applies to all ADIs, the big four’s size, financial strength, and long-standing presence in the market may offer additional peace of mind for some customers.
Cons
- Potentially less competitive rates: As the big four have larger overheads and extensive branch networks, their interest rates on savings accounts and home loans can sometimes be less competitive than those offered by mutual banks or digital lenders.
- Extra costs may apply: Some big four transaction accounts charge monthly fees unless you meet certain deposit, spending, or balance requirements. They may also have higher fees for services such as international transfers, foreign currency transactions, or card replacements. In contrast, many smaller banks offer fee-free everyday transaction accounts with fewer conditions and lower overall fees.
- Customer experience may feel less personalised: Due to their large customer base, service at the big four can feel more process-driven rather than personalised. Customer-owned banks typically focus more on member service, offering more direct support and community engagement, particularly for long-term customers.
Is it safer to bank with one of the big four?
The size and history of the big four banks may give some customers added confidence when choosing to use their banking services. It’s worth keeping in mind, though, that every bank, lender, credit union, and general insurance provider in Australia is regulated by the Federal Government. All authorised banks must be licensed to carry out banking business, such as accepting deposits from the public, and all are covered under the FCS.
The FCS was established in the wake of the global financial crisis to protect consumers in the unlikely event that their financial institution should fail. For banking customers, it means that up to $250,000 of your money deposited with a single bank, credit union, or building society is protected if the institution holding the funds collapsed. The scheme also covers claims of up to $5,000 from policyholders and claimants against general insurance providers.
This means that you have a level of protection against your bank failing, whether you choose to bank with the big four or a smaller institution.
Should I bank with the big four?
Whether you choose to bank with one or more of the big four or with a smaller institution will come down to your own needs and priorities.
You may find a big four bank has more physical infrastructure, such as branches and ATMs. Likewise, a big four bank could be a ‘one-stop shop’, providing access to a suite of different financial products.
While convenience is a drawcard, the reputation of some of Australia’s big four banks took a significant hit during the 2017 Banking Royal Commission, with instances of misconduct brought to public attention. In the years since, the big four banks have been ordered to pay combined penalties in excess of $2 billion.
While the big four have since undergone extensive remediation programs, upgraded their compliance, and, in some instances, refunded affected customers, this history may lead some consumers to look elsewhere, like to a mutual bank.
Unlike traditional banks, where profits are paid to shareholders, mutual banks are run to benefit customers, whether through community-minded lending practices or by offering competitive rates and lower fees.
Whether you’re considering a big four bank, a smaller bank, or a customer-owned institution, it’s important to do thorough research about the business, its history, and reputation. A good place to start is to see which products, services, and providers have been recognised in Canstar’s Star Ratings and Awards.
