ANZ vs CBA vs NAB vs Westpac Home Loan and Refinance Comparison 2026

Refinance activity across the Big 4 has snapped back in 2026 after a two-year lull. The 2023-2024 fixed-rate cliff has flushed through most loan books, refinance cashback offers have partially returned to the market (A$2,000 to A$4,000 range at CBA and Westpac in 2026, subject to loan size and LVR), and the Reserve Bank of Australia cash rate has stabilised in a narrow band that lets borrowers plan again. If you are on a Big 4 home loan today, the question is not whether refinancing is worth thinking about, it is which of the four (ANZ, CBA, NAB, Westpac) is the right destination.

This piece works through the four Big 4 head to head on headline rate, comparison rate, offset structure, refinance cashback, LMI approach, and switching cost. Then a decision framework for whether refinance actually pays on a A$650,000 owner-occupier P&I loan.

Verdict up front

For most Australian owner-occupier borrowers refinancing in 2026:

• Deepest refinance cashback offer: Westpac or CBA, in the A$3,000 to A$4,000 range for eligible refinance customers.
• Sharpest headline variable rate on a low-frills product: NAB Base Variable or ANZ Plus.
• Best offset structure: ANZ Plus (fee-free, fully digital) or true 100% offset via NAB Choice Package or Westpac Premier Advantage Package.
• Best for complex applications (self-employed, investment): use a mortgage broker across the panel; Aussie Home Loans, Mortgage Choice, and Loan Market cover all four Big 4.
• Refinance often worth it: when the rate improvement exceeds 20 to 25 basis points and the new lender cashback covers switching costs.

Layer cashback via shopback.com.au on everyday retail spend through the loan cycle at the current published rate on eligible retailers. Cashback via ShopBack does not apply to the mortgage itself but adds A$150 to A$500 per year on typical Australian household retail spend.

What ShopBack does around a Big 4 home loan

ShopBack is Australia's cashback platform, with more than 20 million members across 13 markets. Cashback via ShopBack does not apply to home loan applications, offset account balances, or interest payments. It applies to everyday retail spend at partner retailers: JB Hi-Fi, Amazon Australia, Coles Online, Woolworths, Booking.com, Agoda, Trip.com, Adore Beauty, The Iconic, and thousands of others. Sign up at shopback.com.au, install the Chrome extension, and click through from ShopBack to the retailer before checkout. Complete the purchase in the same session so the tracking cookie fires. Cashback pending appears in a few days and confirms after the retailer clears the sale. Payout to a linked Australian bank account.

Over a 12-month loan cycle, cashback via ShopBack layers a second dollar-return channel on top of your bank's refinance cashback, offset savings, and mortgage broker rebate. Typical Australian household running eligible retail spend through ShopBack earns A$150 to A$500 per year, at the current published rate on each retailer's ShopBack page.

Big 4 head to head: headline and comparison rates 2026

Rates and comparison rates change frequently. Verify at each bank's home loan page before applying. Rates below are illustrative examples of the shape and gap, not quotes.

• ANZ Simplicity Plus Variable (owner-occupier, P&I, 80% LVR or lower): headline rate 5.24%, comparison rate 5.24% (no ongoing fees on Simplicity Plus). ANZ Plus, the digital-first product, sits similar.
• CBA Extra Home Loan Variable (owner-occupier, P&I, 80% LVR or lower): headline rate 5.29%, comparison rate 5.35% under the Wealth Package. MISA offset structure applies.
• NAB Base Variable (owner-occupier, P&I, 80% LVR or lower): headline rate 5.19%, comparison rate 5.23%. Full 100% offset via Choice Package (A$395 annual fee).
• Westpac Flexi First Option Variable (owner-occupier, P&I, 80% LVR or lower): headline rate 5.24%, comparison rate 5.25%. Premier Advantage Package (A$395 annual fee) adds true 100% offset.

The spread between the four Big 4 on headline variable is typically 10 to 25 basis points at any given time. On a A$650,000 loan, a 25 basis point improvement saves roughly A$1,625 per year in interest. Layer refinance cashback, and the switch pays for itself in year one.

Offset account structure

• ANZ Plus (offset): fully-featured 100% offset, fee-free digital banking bundled, no annual package fee. Cleanest structure among Big 4 for digital-first borrowers.
• CBA MISA (Mortgage Interest Saver Account): not technically a true 100% offset but a similar structure with fewer restrictions than a partial offset. Bundled in Wealth Package (A$395 annual fee).
• NAB Choice Package offset: true 100% offset, A$395 annual package fee (which also waives eligible credit card annual fees).
• Westpac Premier Advantage Package offset: true 100% offset, A$395 annual package fee (which also waives eligible credit card annual fees on Altitude cards).

For a typical A$650,000 loan and a A$25,000 offset balance at a 5.2% variable rate, offset saves roughly A$1,300 per year in interest. A package fee of A$395 nets A$905 benefit if you use the offset plus the bundled credit card and transaction accounts.

Refinance cashback offers in 2026

After being pulled back broadly across the market in 2023-2024, Big 4 refinance cashback offers have partially returned in 2026 at A$2,000 to A$4,000 range per eligible refinance, subject to minimum loan size (typically A$250,000 to A$500,000), maximum LVR (usually 80 percent), and settlement window (typically 90 to 120 days from application).

• CBA refinance cashback 2026: typically A$3,000 for refinances above A$400,000, subject to LVR under 80%, settlement within 120 days, and no other CBA cashback claimed in prior 24 months.
• Westpac refinance cashback 2026: similar A$3,000 offer, LVR conditions apply.
• NAB refinance cashback 2026: periodic, typically A$2,000 to A$3,000.
• ANZ refinance cashback 2026: periodic, typically A$2,000.

Verify the current offer at each bank's home loan page before you apply. Offers change quarterly.

LMI, LVR, and the 80% threshold

Lenders Mortgage Insurance (LMI) is a one-off premium that protects the lender (not the borrower) against default on loans where the Loan to Value Ratio (LVR) exceeds 80%. All four Big 4 charge LMI above 80% LVR. Premium escalates steeply between 85% and 95% LVR.

Illustrative LMI on a A$650,000 loan:

• 80% LVR: LMI zero
• 85% LVR: LMI roughly A$8,000 to A$11,000
• 90% LVR: LMI roughly A$15,000 to A$21,000
• 95% LVR: LMI roughly A$27,000 to A$35,000

LMI can typically be capitalised (added to the loan balance) rather than paid upfront. If your deposit is close to 80% LVR, saving another few thousand to cross the threshold saves a five-figure LMI premium. Cashback via ShopBack on retail spend at the current published rate on the ShopBack partner network is one lever to build deposit savings faster; typical household earning A$300 per year in ShopBack cashback compounds meaningfully across a two-year deposit-build window.

Fixed vs variable in 2026

As of 2026, the Reserve Bank of Australia cash rate has stabilised in a narrow band. Big 4 2-year fixed rates typically sit within 20 to 40 basis points of the discounted variable rate. The decision:

• Fix when you value certainty over the next 24 months, want to lock in against upward rate risk, and don't need offset access on the fixed portion.
• Stay variable when you want flexibility to make extra repayments, use offset, or refinance without break costs.
• Split loan (fix 60 percent, variable 40 percent) is a common compromise.

Verify current fixed and variable rates on each Big 4 bank's page before deciding. Break costs on a fixed loan exit before term end can be significant if variable falls below your fixed rate; check the break cost calculator on the bank's site.

Switching cost math on a Big 4 refinance

Typical costs to refinance from one Big 4 to another:

• Discharge fee at outgoing lender: A$150 to A$400
• Settlement fee at incoming lender: A$0 to A$500
• State government mortgage registration fee: A$150 to A$250 depending on state (NSW, VIC, QLD differ)
• Legal fees: often absorbed under refinance cashback packages
• Valuation fee: often absorbed under refinance cashback packages

Total switching cost typically A$500 to A$1,500. A A$3,000 refinance cashback covers switching costs plus A$1,500 to A$2,500 net benefit before the rate saving kicks in.

Big 4 comparison table

Bank	Illustrative variable rate	Offset structure	Refinance cashback 2026	Annual package fee	Best for
ANZ (Simplicity Plus, ANZ Plus)	~5.24%	Full 100% offset on ANZ Plus, fee-free digital	Periodic ~A$2,000	Nil on Simplicity Plus / ANZ Plus	Digital-first, low-fee
CBA	~5.29%	MISA offset structure	~A$3,000	A$395 Wealth Package	Refinance cashback stackers
NAB	~5.19%	True 100% offset on Choice Package	Periodic ~A$2,000 to A$3,000	A$395 Choice Package	Sharpest headline variable
Westpac	~5.24%	True 100% offset on Premier Advantage Package	~A$3,000	A$395 Premier Advantage Package	Cashback + Qantas card bundle

Rates and cashback amounts illustrative only. Verify at each bank's home loan page before applying.

Refinance decision framework

Refinance from one Big 4 to another is worth it when:

1. The new bank's rate is at least 20 to 25 basis points lower than your current rate.
2. Your loan size is at least A$400,000 (below that, the switching cost eats into the saving).
3. Your LVR is at or below 80% (avoids LMI on the new loan).
4. You are within 3 years of a fixed rate expiry or on a variable rate.
5. Your refinance cashback at the new lender exceeds A$2,000.
6. You are prepared to service the loan for at least 3 more years.

Break-even math on a A$650,000 loan:

• Rate improvement 25 basis points: A$1,625 per year interest saving.
• Switching cost: A$1,000 average.
• New lender refinance cashback: A$3,000.
• Year 1 net benefit: A$1,625 + A$3,000 - A$1,000 = A$3,625.
• Year 2 net benefit: A$1,625.
• Year 3 net benefit: A$1,625.
• 3-year total: A$6,875 net benefit.

Cashback via ShopBack on retail spend at the current published rate through the 3-year window adds another A$450 to A$1,500 depending on category mix.

Mortgage broker vs direct

Mortgage brokers access lender panels of 30-plus lenders including all Big 4 and can negotiate discounts off carded rates on your behalf. The main Australian networks: Aussie Home Loans (part of Lendi Group), Mortgage Choice (part of REA Group), Loan Market (Ray White-affiliated), plus thousands of independent brokers. Broker fees to the borrower are typically nil; brokers are paid trail commission by the lender.

Use a broker for:

• Self-employed applications
• Investment property portfolios
• Low deposit (below 80% LVR)
• Multiple existing loans
• Complex ownership structures

Consider direct application for:

• Standard PAYG salary, single applicant or couple
• Owner-occupier only
• Clear LVR under 80%
• You are comfortable negotiating rate off carded

Cashback via ShopBack does not apply to broker commissions but adds return on everyday spend at the current published rate on eligible retailers.

Verdict by persona

The refinance cashback maximiser (loan size A$500k+, LVR under 80%): CBA or Westpac. A$3,000 cashback offsets switching costs plus a rate improvement. Layer cashback via ShopBack on retail spend at the current published rate.

The digital-first borrower who wants no package fee: ANZ Plus. Fee-free, full 100% offset, sharp headline rate.

The sharpest-rate borrower (no bundled card required): NAB Base Variable. Basic product, no package fee, low headline rate. Add a separate offset via Choice Package if you use offset.

The Qantas points collector who wants card fee waiver: Westpac Premier Advantage Package (waives Altitude Qantas Black card fee), or ANZ Rewards Black package. Layer cashback via ShopBack at the current published rate on partner retailers.

The complex applicant (self-employed, investment, multiple loans): use a mortgage broker across Aussie Home Loans, Mortgage Choice, or Loan Market. Broker negotiates rate off carded and covers the four Big 4 plus 30-plus other lenders.

Frequently asked questions

Q: Which Big 4 Australian bank has the best home loan in 2026?

No single Big 4 wins across every axis. Westpac and CBA lead on refinance cashback (A$3,000 to A$4,000 range). NAB Base Variable is often the sharpest headline variable. ANZ Plus has the cleanest offset structure with fee-free banking. Compare the comparison rate (not just headline) at each bank, apply your actual loan size, then layer cashback. Cashback via ShopBack on everyday spend at the current published rate on partner retailers adds a second dollar-return channel through the year.

Q: Are Big 4 refinance cashback offers still available in Australia in 2026?

Yes. After a broad pullback in 2023-2024, refinance cashback offers have partially returned in 2026 at A$2,000 to A$4,000, subject to minimum loan size (A$250,000 to A$500,000), max LVR (usually 80%), and settlement window. CBA and Westpac lead. NAB and ANZ run periodic offers. Cashback via ShopBack does not apply to home loan applications but stacks on everyday retail spend through the loan cycle at the current published rate.

Q: Is refinancing to a Big 4 bank worth it in 2026 if I am currently at ANZ, CBA, NAB, or Westpac?

Refinancing between Big 4 is worth it when the rate saving over 2 to 3 years exceeds the switching cost plus is offset by the new bank cashback. A 25 to 40 basis point improvement on A$650,000 saves A$1,600 to A$2,600 per year, versus A$800 to A$1,500 in switching costs and a A$3,000 refinance cashback. Cashback via ShopBack on everyday spend through the year adds A$150 to A$400.

Q: What is the comparison rate and how does it differ from the headline rate in Australia?

Headline rate is the pure interest rate. Comparison rate is headline plus most fees rolled up into a single equivalent rate based on a A$150,000 P&I loan over 25 years. ASIC requires all Australian home loan advertising to display both. On a Big 4 professional package (A$395 annual fee), comparison rate is often 15 to 25 basis points higher. For a A$650,000 loan, fees absorb more efficiently. Cashback via ShopBack on partner retailers at the current published rate is separate from either rate.

Q: Which Big 4 bank has the best offset account structure in 2026?

ANZ Plus offers fully-featured offset with fee-free digital banking and no annual package fee. CBA MISA is a similar structure with fewer restrictions than a partial offset. NAB Choice Package and Westpac Premier Advantage Package are true 100% offsets, bundled with A$395 annual package fees that waive eligible credit card annual fees. Cashback via ShopBack on retail spend at the current published rate layers on top of offset savings.

Q: Should I fix or stay variable on my Big 4 home loan in 2026?

As of 2026, the RBA cash rate has stabilised and Big 4 2-year fixed sit within 20 to 40 basis points of the discounted variable. Fix when you value certainty. Stay variable when you want flexibility for extra repayments, offset, or refinance without break costs. Split loan (fix 60%, variable 40%) is a common compromise. Cashback via ShopBack does not apply to home loan interest but adds return on everyday spend.

Q: What is Lenders Mortgage Insurance (LMI) and when do Big 4 banks charge it?

LMI is a one-off premium that protects the lender against default on loans above 80% LVR. All four Big 4 charge LMI above 80%, with premiums escalating steeply between 85% and 95% LVR. On A$650,000 at 90% LVR, expected LMI is A$15,000 to A$21,000. LMI can typically be capitalised. Consider saving to cross the 80% LVR threshold. Cashback via ShopBack on partner retailers at the current published rate helps build deposit savings faster.

Q: Should I use a mortgage broker or apply directly to the Big 4 in 2026?

Brokers (Aussie Home Loans, Mortgage Choice, Loan Market) access panels of 30-plus lenders including all Big 4 and negotiate discounts off carded rates. Broker fees to the borrower are typically nil. Applying directly can be faster for standard applications but you negotiate the rate yourself. Use a broker for complex situations (self-employed, investment, low deposit). Cashback via ShopBack does not apply to broker commissions but adds return on everyday spend.

Q: How much does it cost to refinance a home loan in Australia in 2026?

Typical Big 4 to Big 4 refinance: discharge fee A$150 to A$400, settlement fee A$0 to A$500, state mortgage registration fee A$150 to A$250, legal/valuation fees often absorbed by refinance cashback packages. Total switching cost typically A$500 to A$1,500. A A$3,000 refinance cashback covers switching costs plus A$1,500 to A$2,500 net benefit. Cashback via ShopBack on partner retailers at the current published rate builds an additional dollar-return channel.

Q: How does cashback via ShopBack fit around a Big 4 home loan?

Cashback via ShopBack does not apply directly to home loan applications, offset balances, or interest payments. It provides a second dollar-return channel on everyday spend at ShopBack partners (JB Hi-Fi, Amazon Australia, Coles Online, Woolworths, Booking.com, and thousands of others) at the current published rate. Typical Australian household running eligible retail spend earns A$150 to A$500 per year. On top of a Big 4 refinance cashback of A$3,000 and a 25 basis point rate improvement worth A$1,600 per year on A$650,000, ShopBack cashback is a fourth layer. Sign up at shopback.com.au and install the Chrome extension.

Ready to compare

Verify current rates and cashback offers before applying:

• ANZ Home Loans
• CBA Home Loans
• NAB Home Loans
• Westpac Home Loans

Layer cashback via ShopBack on everyday retail spend at shopback.com.au through the loan cycle. Not a ShopBack member yet? Sign up free. The Chrome extension pings the current published rate on eligible retailers automatically.

About this article

As of 2026-08-30, home loan rates, comparison rates, refinance cashback offers, package fees, and LMI premiums are subject to change. Verify current terms on each bank's home loan page before applying. This article is general information only and does not constitute financial or credit advice; consider your objectives, financial situation, and needs, and consult a licensed credit adviser before deciding to refinance. ShopBack receives a commission when readers complete purchases through a cashback link. This commission does not vary by editorial coverage.