Bank Australia home loans

Bank Australia
Bank Australia's overall rating for home loans

(as rated by the Mozo community)

7.7 / 10

based on 35 reviews

Bank Australia is Australia’s first customer owned responsible bank with origins dating back to 1957. Today Bank Australia boasts more than 127,000 personal customers, 24 service centres throughout Australia and a 90% customer satisfaction rating. What makes Bank Australia different from other banks is a genuine commitment to uphold social and environmental responsibility in the various operations of the bank. But it’s not just for greenies, anyone looking for an extensive range of competitive home loans should consider this bank.

In fact, this year, Bank Australia bagged two 2016 Mozo Experts Choice Awards, one in the Best Variable Home Loans category, and the other in Best Value First Home Loans.

Rates and fees verified as correct at 06 December, 2016. Other information correct at the time of writing.

What home loans do Bank Australia offer?

Fixed Rate Home Loans Fixed Rate Home Loans

Bank Australia’s fixed rate home loan is available for loans starting from $10,000 and allows you to borrow up to 95% LVR. There are a number of fixed terms which you can choose from starting from 1 year up to a 3 year fixed period, and you can opt for weekly, fortnightly or monthly repayments. With Bank Australia’s fixed rate loan, you can make extra repayments up to $20,000 without breakout costs and there is a complimentary redraw facility should you ever need to free up funds later on. If you want save in interest over the term of your loan, an offset savings account is available but you’ll have to pay a monthly fee to use it.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡  

4.84% p.a.

4.66% p.a.

$0.00

$595

3.74% p.a.

4.12% p.a.

$0.00

$0

Go to site

4.94% p.a.

4.91% p.a.

$0.00

$595

3.84% p.a.

4.55% p.a.

$0.00

$595


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Variable Rate Home Loans Variable Rate Home Loans

From a no-frills, basic home loan starting at $10,000 to a full featured home loan for environmentally friendly homes, Bank Australia’s variable loans give you the most in terms of variety. Designed to save you money and the environment, Bank Australia’s variable rate loans have a range of quality features including additional repayment flexibility, free redraw facility (not available for Basic Home Loan) and a biodiversity offset feature whereby Bank Australia pledges to buy and conserve land equalling the amount financed by the loan. With the First Home Buyers Home Loan and the goGreen home loan options, you can use a mortgage offset facility which can help you save on interest over the life of your loan, but there is a monthly fee to consider. If you have a home built to a 7 star NatTHERS (Nationwide House Energy Rating Scheme) rating, you’ll be eligible for the goGreen Home Loan.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡  

4.54% p.a.

4.58% p.a.

$0.00

$595

3.59% p.a.

3.60% p.a.

$0.00

$0

Go to site

4.84% p.a.

4.88% p.a.

$0.00

$595

4.74% p.a.

4.78% p.a.

$0.00

$595


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Fixed Package Home Loan Fixed Package Home Loan

If you want to combine all of your banking to get better rates and pay lower fees, a home loan package from Bank Australia could be a good choice. For first home buyers, there’s a fixed rate first home buyer’s package for loans from $10,000 or a Premium Package if you’re looking to borrow more than $250,000. You’ll have to pay an annual fee for the home loan package option but you’ll receive heaps of money saving features including discounted interest rates, free building insurance during settlement (3 months) and waived annual fees if you have a low rate VISA credit card.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.79% p.a.

5.02% p.a.

$350.00 yearly

$0

4.79% p.a.

4.95% p.a.

$350.00 yearly

$0

4.79% p.a.

4.88% p.a.

$350.00 yearly

$0

3.84% p.a.

4.45% p.a.

$350.00 yearly

$0

3.84% p.a.

4.38% p.a.

$350.00 yearly

$0

3.84% p.a.

4.31% p.a.

$350.00 yearly

$0

3.69% p.a.

4.16% p.a.

$350.00 yearly

$0

3.69% p.a.

4.09% p.a.

$350.00 yearly

$0

3.69% p.a.

4.23% p.a.

$350.00 yearly

$0


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Variable Package Home Loan Variable Package Home Loan

For a little more flexibility with your repayment options, you could opt for a variable home loan from Bank Australia. The same options as the fixed rate alternative are available - for loans from $10,000 a first home buyers package and for more than $250,000 a Premium Package. The same annual fee and great features apply, but you’ll have more choice in regards to when you make repayments (weekly, fortnightly and monthly options) and how much you’d like to put into extra repayments. You’ll also receive a 100% offset account, and the option of a split loan facility if you want to split your loan between a fixed and variable rate portion.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.64% p.a.

4.98% p.a.

$350.00 yearly

$0

4.54% p.a.

4.88% p.a.

$350.00 yearly

$0

4.44% p.a.

4.79% p.a.

$350.00 yearly

$0

4.19% p.a.

4.54% p.a.

$350.00 yearly

$0

4.09% p.a.

4.44% p.a.

$350.00 yearly

$0

3.99% p.a.

4.34% p.a.

$350.00 yearly

$0

3.84% p.a.

4.20% p.a.

$350.00 yearly

$0

3.94% p.a.

4.30% p.a.

$350.00 yearly

$0

3.74% p.a.

4.10% p.a.

$350.00 yearly

$0


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Line of Credit Line of Credit

Line of Credit

For property investors wanting to add to their portfolio, Bank Australia’s Premium Investment loan is available for loans starting from $10,000. You are only required to make interest only repayments but the maximum you can borrow is up to 80% LVR. With Bank Australia’s investment loan, you’ll get all the features an investor needs such as the ability to make extra repayments and a free redraw facility. There is also a mortgage offset facility available, but a monthly fee is charged should you choose to use this feature.

Product Rate Comparison Rate* Service fee Upfront fee

4.84% p.a.

n/a

$12.50 monthly

$595

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Bank Australia home loan features in a glance

No service feesNo service fees

You won’t pay any monthly service fees with Bank Australia’s fixed and variable home loans.

Additional repaymentsAdditional repayments

Most of Bank Australia’s home loans including variable, package and investment allow you to make unlimited additional repayments without penalty. You can make additional repayments with the Bank Australia’s fixed rate loan but there is an annual limit of $20,000.

Biodiversity offsetBiodiversity offset

As part of Bank Australia’s commitment to sustainability and social responsibility, most of its home loans have a biodiversity offset feature whereby Bank Australia will buy and conserve land equal to the amount financed by the home loan.

Repayment pauseRepayment pause

With Bank Australia’s fixed, basic variable and package home loans, you can apply for a 3 month break in repayments, or a 6 month reduction (up to half) of your loan repayments if you ever need to free up funds (conditions apply). There are two types:Eco- pause: This feature allows you to take a break from your loan repayments to assist with the purchase of energy or water saving devices such as rainwater tanks (conditions apply).
Family pause: Available for loans up to 90% LVR, this feature allows you to take leave from your loan repayments while you’re starting a family (i.e. you’re on maternity leave).

How are Bank Australia home loans rated?

What’s important to you in a home loan - price, features, convenience or trustworthiness? Mozo has given thousands of Australians the opportunity to review their mortgage provider on the home loan essentials that matter to them. Check out how Bank Australia scores here.

Bank Australia home loans

Overall 7.7*

Price

Features

Customer service

Convenience

Trust

35 Reviews

* Overall rating based on reviews in the past 12 months.

Recent Bank Australia home loan reviews Recent Bank Australia home loan reviews

Bank Australia

Bank Australia Basic Home Loan - (LVR<80%, Owner Occupier) home loan review

Overall rating   10 / 10

Great customer service

Easy banking.

Full review

Easy banking.

    Price   8 / 10

    Features   5 / 10

    Customer service   7 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Tiffany (VIC), reviewed about 1 year ago

Bank Australia

Bank Australia home loan review

Overall rating   10 / 10

Excellent services with minimal fees

Excellent services with minimal fees and helpful staff.

Full review

Excellent services with minimal fees and helpful staff.

    Price   8 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   9 / 10

Less

John (VIC), reviewed about 1 year ago

Bank Australia

Bank Australia Basic Home Loan - (LVR<80%, Owner Occupier) home loan review

Overall rating   1 / 10

Worst bank of Australia

This bank overpaid (double ) to my builder. 90 k instead of 45k. Builder declared bankruptcy without completing my house. The best thing is they covered their money.....customer is in trouble now.

Full review

This bank overpaid (double ) to my builder. 90 k instead of 45k. Builder declared bankruptcy without completing my house. The best thing is they covered their money.....customer is in trouble now.

    Price   3 / 10

    Features   1 / 10

    Customer service   0 / 10

    Convenience   0 / 10

    Trust   0 / 10

Less

Varinder (ACT), reviewed over 1 year ago

Bank Australia

Bank Australia Basic Home Loan - (LVR<80%, Owner Occupier) home loan review

Overall rating   10 / 10

Great customer service

They were extremely helpful when I applied for this loan. They were helpful and were patient with all my questions.

Full review

They were extremely helpful when I applied for this loan. They were helpful and were patient with all my questions.

    Price   10 / 10

    Features   8 / 10

    Customer service   6 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Carole (VIC), reviewed over 1 year ago

Bank Australia

Bank Australia Basic Home Loan - (LVR<80%, Owner Occupier) home loan review

Overall rating   7 / 10

Competitive home loan rates and friendly service

Very competitive home loan rates. MECU interests are its members not shareholders. All profits are invested back into the bank to provide fairer fees and banking for members.

Full review

Very competitive home loan rates. MECU interests are its members not shareholders. All profits are invested back into the bank to provide fairer fees and banking for members.

    Price   7 / 10

    Features   7 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Belinda (VIC), reviewed over 1 year ago

Hide reviews

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What do you need to apply for a Bank Australia home loan? What do you need to apply for a Bank Australia home loan?

Applying for a home loan with Bank Australia is easy and can be done over the phone, online or in person at a branch. Whatever way you choose to apply, ensure you have the following details ready to get your application off to a good start:

  • Income including your salary, employment details and evidence of other income you may receive such as shares, rental property and government benefits
  • Details of any assets you own (i.e. property, vehicles and superannuation)
  • Details of any existing liabilities including loan balances, repayment amounts and credit card or overdraft limits

If you’re not a current Bank Australia customer, you may need to verify your identity online by providing either:

  • Your driver’s licence
  • Your medicare card
  • Your passport
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