Firefighters completely extinguished the fire by 7:30pm.
A crew will remain on scene overnight.
ACT Fire Brigade fire investigators will begin examining the scene tomorrow to determine the cause.
The initial estimated damage bill has been increased to $600,000.
Firefighters are expected to work well into tonight to ensure the fire is fully extinguished.
The house has been completely destroyed. The initial damage estimate is $400,000.
The cause will be investigated.
The ACT Fire Brigade was originally alerted to the fire around 5pm by multiple emergency triple zero calls.
The roof has collapsed as firefighters continue to completely extinguish the fire.
The ACT Ambulance Service has transported one male patient to the Canberra Hospital in a stable condition with smoke inhalation.
ACT Fire Brigade are battling a house fire in Banks.
A male occupant and three children safely evacuated the single level brick veneer home in Brittlebank Circuit as the flames engulfed the property.
Multiple units are on scene.
The ACT Ambulance Service has taken a man to the Canberra Hospital after a trail bike accident at Lyons tonight.
The rider came off his bike in bushland off Quamby Place and was located by firefighters from the nearby Phillip Fire Station.
Intensive care paramedics treated the 22 year old on scene for a broken leg then transported him to hospital in a stable condition.