ANZ vs Westpac: which home loan suits you?
Last reviewed
ANZ and Westpac are both big four banks with broad branch networks and near-identical packaged offset products on the surface. The differences worth knowing sit in each bank's serviceability calculator, its current promotional calendar and, for Westpac, the option of its second brands.
| Attribute | ANZ | Westpac |
|---|---|---|
| Rate positioning | Tiered basic-vs-package pricing; competitive across owner-occupier and investor loans. | Similar tiered structure; Westpac has, at times, run more aggressive refinance-focused campaigns. |
| Offset & redraw | Full offset on the packaged product; redraw generally available. | Full offset on Premier Advantage Package; redraw generally available. |
| Fees | Annual package fee for full features. | Comparable annual package fee structure. |
| Cashback / promotions | Periodic refinance cashback, LVR and loan-size capped. | Also runs refinance cashback campaigns, timing set independently of ANZ's. |
| Turnaround / service | Broad branch and broker channel; can slow in high-volume periods. | Comparable scale and channel mix. |
| Borrowing power quirks | Own serviceability model; conservative on some existing debt treatment. | Own model; Westpac group's second brands (St.George, Bank of Melbourne, BankSA) offer an alternative path if the flagship declines. |
| Best suited to | Borrowers wanting a straightforward, nationally consistent big four experience. | Borrowers who might benefit from testing a Westpac-group second brand alongside the flagship product. |
Two banks, one core question
With near-identical feature sets, the honest comparison between ANZ and Westpac usually comes down to which bank's current promotional rate and serviceability settings suit your file better on the day you apply — not a permanent structural advantage on either side.
Westpac's extra lever: second brands
- Westpac owns St.George, Bank of Melbourne and BankSA, each running independent pricing and policy — effectively three shots on goal within the one banking group.
- ANZ doesn't operate an equivalent second-brand structure in the Australian retail mortgage market, so its offer is simpler but narrower.
- A broker will often check a Westpac-group second brand before ruling out the group entirely on a declined or unfavourable Westpac assessment.
Who should pick which
If you want simplicity and a single well-known brand, either works — compare live rate and cashback at the time you apply.
If your file is borderline on serviceability, ask a broker to check Westpac's second brands as well as the flagship, since the underlying calculators can differ.
A note on pricing
Indicative only — check current pricing. Rates, fees and cashback offers change frequently and vary by loan purpose, LVR and lender promotion. Nothing on this page is a quote; speak to an XLOANS broker for live pricing from both lenders.
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Frequently asked questions
Indicative only — check current pricing. This page is general information, not financial advice, and does not quote live rates. Lender policy, pricing and cashback offers change frequently. Speak to an XLOANS broker for advice tailored to your situation.
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