Private Banking in Australia: Everything You Need to Know
Private banking gets mentioned a lot in expat circles — usually by someone who assumes it’s the obvious move once you’re earning well overseas. It isn’t automatic, and it isn’t always the right tool.
If you’re an Australian expat or foreign investor trying to finance property back home, the real question isn’t “what is private banking.” It’s whether you need it at all, or whether a broker who specialises in expat lending gets you there faster, with less overhead.
This guide covers both: what private banking actually is, who qualifies, and where a specialist mortgage broker fits when private banking doesn’t.
What Is Private Banking in Australia?
Private banking is a personalised banking service that is designed to cater to the unique financial needs of HNWIs. It provides a wide range of financial solutions, including investment management, estate planning, tax planning, retirement planning, and more. It offers customised solutions that are tailored to the individual needs and goals of each customer.
This is distinct from retail banking in that it is typically reserved for customers with a minimum net worth of several million dollars. It provides customers with a dedicated relationship manager who provides personalised service and access to exclusive financial products and services.
Wealth management is another financial service that is often confused with private banking. While both services provide investment advice, wealth management typically refers to the management of a portfolio of assets rather than the provision of specialised financial solutions.
Private Banking vs. a Mortgage Broker — What Each Actually Does
Private banking and mortgage broking solve different problems. Confusing the two costs expats time and, in some cases, unnecessary fees.
Private banking is built for wealth management. It bundles a dedicated relationship manager, investment advice, estate planning, and in-house lending — but the lending sits inside a broader wealth relationship. You’re a private banking client first, a borrower second.
A specialist mortgage broker is built for one thing: getting you financed. No net worth minimum, no wealth management relationship required. Access to a panel of lenders instead of one bank’s in-house products — including lenders who specifically work with expat and foreign income.
| Private Banking | Specialist Mortgage Broker | |
|---|---|---|
| Entry requirement | $2M–$5M net worth or account balance | None |
| What you get | Wealth management + in-house lending | Financing only, across a panel of lenders |
| Best for | Managing significant assets long-term | Financing a property purchase |
| Relationship | Ongoing wealth advisory | Transactional, per-loan |
If you’re not sitting on several million in investable assets — or you are, but you just need a loan, not a wealth manager — the next section shows what private banking requires, and the section after that shows the alternative.
Best Australian Private Banks
Australia is home to some of the best private banks in the world, each offering a unique set of services and benefits. The following are some of the best private banks in Australia.
6 Best Private Banks in Australia
If you meet the entry thresholds below, these are the main options. If you don’t — or you’d rather not bundle a mortgage into a full wealth management relationship — skip to how ODIN Mortgage handles expat financing directly.
- Commonwealth Private
- ANZ Private Bank
- Westpac Private Bank
- National Australia Bank Private Wealth
- Macquarie Private Bank
- HSBC Global Private Banking
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Commonwealth Private
Commonwealth Private is the private banking arm of Commonwealth Bank, one of the largest banks in Australia. Commonwealth Private offers customised wealth management services, including investment management, estate planning, tax planning, and philanthropic services. Commonwealth Private has a minimum account balance requirement of $2 million.
ANZ Private Bank
ANZ Private is the private banking arm of ANZ Bank, one of the largest banks in Australia. ANZ Private offers a wide range of financial solutions, including wealth management, investment management, and estate planning. It has a minimum account balance requirement of $2 million.
Westpac Private Bank
Westpac Private Bank is the private banking arm of Westpac Banking Corporation, one of the oldest and largest banks in Australia. Westpac Private Bank offers customised investment solutions, wealth management services, and estate planning services. Westpac Private Bank has a minimum account balance requirement of $5 million.
National Australia Bank (NAB) Private Wealth
NAB Private Wealth is the private banking division of National Australia Bank, one of the major banks in Australia.
It provides wealth management, investment management, and banking services tailored for high-net-worth individuals and families. NAB Private Wealth has a minimum account balance requirement of $3 million.
Macquarie Private Bank
Macquarie Private Bank is part of the Macquarie Group, a global financial services provider.
It offers personalised private banking, wealth management, and advisory services to affluent customers. Macquarie Private Bank has a minimum account balance requirement of $5 million.
HSBC Global Private Banking
HSBC Global Private Banking is the private banking arm of HSBC, one of the largest banking and financial services organisations in the world.
It provides comprehensive wealth management services, including investment management, trust and estate planning, and tailored banking solutions to high-net-worth and ultra-high-net-worth individuals and families globally.
HSBC Global Private Banking has a minimum account balance requirement of $5 million.
Minimum Requirements for Private Banking in Australia
The minimum requirements for private banking in Australia vary depending on the bank and the services provided. Typically, private banks require a minimum net worth of several million dollars and a minimum account balance of $2 million to $5 million. Private banks may also require customers to meet certain income or investment criteria.
To qualify, customers will typically need to provide documentation to prove their net worth and income, such as tax returns, bank statements, and investment statements. Customers may also need to undergo a background check to ensure they meet the bank’s eligibility requirements.
While this offers a general idea of private banking minimum requirements in Australia, individual banks may have different rules. Be sure to check with those you’re interested in for precise details.
Invest in Australia as an Expat
As a high-net-worth expat, Australia provides attractive investment options. Our mortgage brokers can provide you with exclusive home loan products and personalised advice tailored to your goals as an expat property investor.
What Are the Benefits of Private Banking?
Private banking offers a range of benefits to HNWIs, including personalised service, access to exclusive financial products and services, customised wealth management, expert investment advice, and estate planning services.
- Personalised Service: It provides personalised service to each customer, with a dedicated relationship manager who offers tailored financial solutions and advice.
- Access to Exclusive Financial Products and Services: It provides access to a range of exclusive financial products and services, including private equity investments, hedge funds, and other alternative investments.
- Customised Wealth Management: It provides customised wealth management solutions that are tailored to each customer’s unique financial goals and needs.
- Estate Planning: It offers estate planning services to help customer plan for the transfer of their wealth to future generations.
You Don't Need $2M in Assets to Finance Australian Property
- If the numbers in the section above don't match your situation, you don't need private banking to buy or invest in Australian property. Our mortgage brokers work with expats and foreign investors directly — access to a panel of lenders, no net worth minimum, no wealth management commitment.
- Get tailored expat mortgage advice
What Are the Risks of Private Banking?
Like any financial service, there are also risks associated with private banking. Some of the risks of this type of home loan lender include:
- Concentration Risk: Since it often involves investing large sums of money in a relatively small number of investments, it can lead to concentration risk. If these investments underperform or suffer losses, it can have a significant impact on the customer’s overall portfolio.
- Lack of Transparency: Its services can involve complex investment products and strategies that the customer may not fully understand. This lack of transparency can make it difficult for customers to fully understand the risks they are taking on.
- Conflicts of Interest: Private bankers may have conflicts of interest if they receive commissions or other incentives for recommending certain investments or products to customers. This can lead to a bias towards certain investments or products that may not be in the best interests of the customer.
- Fraud and Scams: Customer may be targeted by fraudsters and scammers who pose as legitimate private bankers or financial advisors. These scams can lead to significant financial losses for customers.
- Regulatory Risks: It is subject to regulatory oversight, and customers may face risks if their private bank or advisor violates regulations or engages in illegal activities.
None of this applies if what you actually need is a mortgage. A specialist broker gives you lender access and expat-specific loan structuring without the wealth-management overhead — or the entry threshold.
How Do I Qualify For Private Banking Services in Australia?
Qualifying for private banking comes down to the thresholds covered above — net worth, account balance, and sometimes income. If you’re close to those numbers and want to explore private banking, Book a meeting and we’ll help you understand your options, including whether a mortgage broker gets you a better outcome for financing specifically.
If you’re not close to those numbers, you’re in the majority of expats we work with — and a specialist mortgage broker is the more direct path to financing.
Frequently Asked Questions
What is the difference between private banking and wealth management?
While both offer investment advice, private banking provides specialised financial solutions that are tailored to the individual needs of each customer, while wealth management typically refers to the management of a portfolio of assets.
What are the minimum requirements for private banking in Australia?
The minimum requirements for private banking in Australia vary depending on the bank and the services provided. Typically, private banks require a minimum net worth of several million dollars and a minimum account balance of $2 million to $5 million.
Why is private banking more expensive?
Private banking is pricier than traditional banking because it offers a bespoke and exclusive service with access to customised financial products and investment opportunities that are not available to the general public. Private banks may charge higher fees due to the extensive training and expertise required to manage large amounts of wealth.
Additionally, private banks have higher overhead costs, which they may pass on to clients through higher fees and charges. Despite the higher costs, it provides tailored solutions to high-net-worth individuals who require personalised and exclusive financial services.
How does private banking work?
Private banking involves offering bespoke financial services and investment advice to high-net-worth individuals. Private banks provide customised wealth management services tailored to the specific needs of each client. Clients can access a dedicated team of wealth management experts who offer personalised advice and recommendations on investment opportunities.
In addition, private banks offer a range of exclusive financial products and services, such as high-interest savings accounts and credit cards with rewards programs. Clients typically pay higher fees for these services, but they also receive a higher level of service and personalised attention.
What are the private banking minimum requirements in Australia?
Private banking minimum requirements in Australia vary depending on the bank and the services provided, but here’s a general overview.
Financial thresholds
- Net Worth: Most banks target individuals with a net worth of several million dollars, often ranging from $2 million to $5 million. However, some niche institutions cater to those with slightly lower levels, such as $1 million.
- Account Balance: Having a minimum account balance with a private bank is also common, typically in the range of $2 million to $5 million.
- Income: Some banks may have minimum income requirements, such as $250,000 or more per year.
Beyond financials
- Investment Activity: Banks often prefer clients with significant investment portfolios and a willingness to invest through their advisors.
- Relationship: Demonstrating a long-standing relationship with the bank can sometimes override strict financial requirements.
- Complexity of Financial Needs: Clients with complex financial needs and situations often attract private banks eager to offer their personalised services.
These are just guidelines for the private banking minimum requirements in Australia, and exceptions exist. Always check with specific banks you’re interested in about their exact requirements.
Do I need private banking to get an Australian mortgage as an expat?
No. Private banking is a wealth management service with a high net worth entry requirement — it’s not a prerequisite for financing property. Most Australian expats and foreign investors get financed through a specialist mortgage broker with access to a panel of lenders, no net worth minimum required. Private banking only makes sense if you’re also looking for ongoing wealth management alongside the loan.
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