Rates and fees verified as correct at 1 July 2022. Other information correct at the time of writing. Advertiser disclosure.
Bank Australia’s fixed rate home loans are available for loans starting from $10,000, with the basic option allowing customers to borrow up to 95% LVR and the premium option available for LVRs up to 80%. There are a number of fixed terms which you can choose from starting from 1 year up to a 5 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.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
4.70% p.a. |
3.29% p.a. |
$0.00 |
$595 |
||
|
4.75% p.a. |
3.38% p.a. |
$0.00 |
$595 |
||
|
4.85% p.a. |
3.48% p.a. |
$0.00 |
$595 |
||
|
5.05% p.a. |
3.65% p.a. |
$0.00 |
$595 |
||
|
5.35% p.a. |
4.18% p.a. |
$0.00 |
$595 |
||
|
4.55% p.a. |
3.73% p.a. |
$350.00 yearly |
$0 |
||
|
4.65% p.a. |
3.76% p.a. |
$350.00 yearly |
$0 |
||
|
5.15% p.a. |
3.47% p.a. |
$0.00 |
$595 |
||
|
5.25% p.a. |
3.57% p.a. |
$0.00 |
$595 |
||
|
5.35% p.a. |
3.67% p.a. |
$0.00 |
$595 |
||
|
4.95% p.a. |
3.43% p.a. |
$0.00 |
$595 |
||
|
5.05% p.a. |
3.53% p.a. |
$0.00 |
$595 |
||
|
5.15% p.a. |
3.64% p.a. |
$0.00 |
$595 |
From a no-frills, basic home loan starting at $10,000 to a full featured home loan starting from $100,000, Bank Australia’s variable loans give you the most in terms of variety. Designed to save you money and benefit the environment, Bank Australia’s variable rate loans have a range of quality features including additional repayment flexibility, a free redraw facility and a construction offset feature whereby Bank Australia pledges to protect an equivalent amount of land to what's being constructed, in order to offset the environmental impact of land clearing.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
2.75% p.a. |
2.79% p.a. |
$0.00 |
$595 |
||
|
2.85% p.a. |
2.89% p.a. |
$0.00 |
$595 |
||
|
2.95% p.a. |
2.99% p.a. |
$0.00 |
$595 |
||
|
3.10% p.a. |
3.14% p.a. |
$0.00 |
$595 |
||
|
3.70% p.a. |
3.74% p.a. |
$0.00 |
$595 |
||
|
2.65% p.a.variable for 60 months and then 2.95% p.a. |
3.21% p.a. |
$350.00 yearly |
$0 |
||
|
2.75% p.a.variable for 60 months and then 2.95% p.a. |
3.25% p.a. |
$350.00 yearly |
$0 |
||
|
3.15% p.a. |
3.19% p.a. |
$0.00 |
$595 |
||
|
2.85% p.a. |
2.89% p.a. |
$0.00 |
$595 |
||
|
3.25% p.a. |
3.29% p.a. |
$0.00 |
$595 |
||
|
2.95% p.a. |
2.99% p.a. |
$0.00 |
$595 |
||
|
3.05% p.a. |
3.09% p.a. |
$0.00 |
$595 |
||
|
3.05% p.a. |
3.09% p.a. |
$0.00 |
$595 |
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 instance, the Premium Package offers heaps of money saving features including 10% off your general insurance premiums, as well as waived annual fees and a 0% balance transfer rate for 12 months if you have a Platinum Rewards VISA credit card. Alternatively, if you're looking for an option that rewards conscious consumers, there's the Clean Energy Fixed Home Loan which gives customers a 0.40% p.a. discount off their interest rate for up to five years, if they buy or build a NatTHERS (Nationwide House Energy Rating Scheme) rate 7 Star or higher home.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
5.05% p.a. |
4.23% p.a. |
$350.00 yearly |
$0 |
||
|
5.35% p.a. |
4.53% p.a. |
$350.00 yearly |
$0 |
||
|
4.70% p.a. |
3.66% p.a. |
$350.00 yearly |
$0 |
||
|
4.75% p.a. |
3.75% p.a. |
$350.00 yearly |
$0 |
||
|
4.85% p.a. |
3.81% p.a. |
$350.00 yearly |
$0 |
||
|
5.15% p.a. |
3.86% p.a. |
$350.00 yearly |
$0 |
||
|
5.25% p.a. |
3.93% p.a. |
$350.00 yearly |
$0 |
||
|
5.35% p.a. |
4.03% p.a. |
$350.00 yearly |
$0 |
||
|
4.95% p.a. |
3.84% p.a. |
$350.00 yearly |
$0 |
||
|
5.05% p.a. |
3.90% p.a. |
$350.00 yearly |
$0 |
||
|
5.15% p.a. |
4.00% p.a. |
$350.00 yearly |
$0 |
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 - the Premium Home Loan and the Clean Energy Home Loan. The same annual fee and great features apply, but you’ll have more choice in regards to 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.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
3.45% p.a. |
3.82% p.a. |
$350.00 yearly |
$0 |
||
|
3.75% p.a. |
4.11% p.a. |
$350.00 yearly |
$0 |
||
|
2.80% p.a. |
3.18% p.a. |
$350.00 yearly |
$0 |
||
|
2.90% p.a. |
3.28% p.a. |
$350.00 yearly |
$0 |
||
|
2.95% p.a. |
3.33% p.a. |
$350.00 yearly |
$0 |
||
|
3.15% p.a. |
3.52% p.a. |
$350.00 yearly |
$0 |
||
|
3.20% p.a. |
3.57% p.a. |
$350.00 yearly |
$0 |
||
|
3.30% p.a. |
3.67% p.a. |
$350.00 yearly |
$0 |
||
|
2.95% p.a. |
3.33% p.a. |
$350.00 yearly |
$0 |
||
|
3.00% p.a. |
3.38% p.a. |
$350.00 yearly |
$0 |
||
|
3.10% p.a. |
3.47% p.a. |
$350.00 yearly |
$0 |
You won’t pay any monthly service fees with Bank Australia’s fixed and variable home loans.
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.
As part of Bank Australia’s commitment to sustainability and social responsibility, many of its home loans have a construction offset feature whereby Bank Australia will conserve land equal to the size being constructed.
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 solar panels, batteries and 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).
Mozo users have rated Bank Australia home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
92 Reviews
Terrible bank to be with. 1) lack of customer care in branch 2) lack of customer engagment on phone at times waiting 15 mins to call through to someone. 3) issue over limit or warning letters within an account being overdrawn in 1 hour. 4) cancel facilities and limit movement of money. 5) incorrect reporting to credit reporting bodies. 6) previously sold add on insurance prosciutto to loans incorrectly. Moved all banking away from them. I suggest anyone else do the same.
Read full reviewTerrible bank to be with. 1) lack of customer care in branch 2) lack of customer engagment on phone at times waiting 15 mins to call through to someone. 3) issue over limit or warning letters within an account being overdrawn in 1 hour. 4) cancel facilities and limit movement of money. 5) incorrect reporting to credit reporting bodies. 6) previously sold add on insurance prosciutto to loans incorrectly. Moved all banking away from them. I suggest anyone else do the same.
I'm a long-time customer (back when Bank Australia was just Ed Credit), and have always found them to be there for me. As a result my (now adult) children have converted their own savings accounts (from when they were kids), into their primary accounts in the case of the three still living in Australia, with the fourth maintaining his Bank Australia account even though he now lives and works in the US. Even my two grandchildren have Bank Australia accounts because their mother believes in it!
Read full reviewI'm a long-time customer (back when Bank Australia was just Ed Credit), and have always found them to be there for me. As a result my (now adult) children have converted their own savings accounts (from when they were kids), into their primary accounts in the case of the three still living in Australia, with the fourth maintaining his Bank Australia account even though he now lives and works in the US. Even my two grandchildren have Bank Australia accounts because their mother believes in it!
My son had his house loan with Bank Australia. He passed away suddenly a month ago at age 54, leaving behind a mortgage and two of his five children who were living with him (twenty two year old and seventeen year old daughters). I notified Bank Australia several days after his passing. There was very little sympathy as I was passed around from one Bank Australia staff member after another. Before we were able to even have him buried, they were after their money. And this chase after the money has persisted for the past month since my son's passing. We have now engaged a lawyer to deal with Bank Australia as it is to stressful for myself and my daughter acting as executives for his estate. I can't believe their thoughtless grab for money. I thought the Banking Royal Commission was going to stop this sort of behaviour by the banks. pparently not so for Bank Australia. So here we are desperately looking for alternative homes for the children and their dog, trying to sell off all my sons possessions to raise some money to keep Bank Australia at bay. My daughter looks like having to take out a loan against her house to meet the payments being demanded. We are under so much pressure due to Bank Australia's behaviour and lack of empathy. Sadly, I was a member of one of the fore-runners of this bank back from the 1970's, to around 2000, when they were the Education Department Credit Union (EDCU). EDCU even occupied the same building that is now Bank Australia's Head Office in Kew, Victoria. So it really hurts to go back to where a very decent and caring bank once stood, and deal with the indecent and uncaring bank that stands there today. If you are looking for a bank with moral ethics, Bank Australia is not for you. I will keep this site updated on my dealings with Bank Australia as the situation progresses. It could well finish up with the Banking Ombudsman.
Read full reviewMy son had his house loan with Bank Australia. He passed away suddenly a month ago at age 54, leaving behind a mortgage and two of his five children who were living with him (twenty two year old and seventeen year old daughters). I notified Bank Australia several days after his passing. There was very little sympathy as I was passed around from one Bank Australia staff member after another. Before we were able to even have him buried, they were after their money. And this chase after the money has persisted for the past month since my son's passing. We have now engaged a lawyer to deal with Bank Australia as it is to stressful for myself and my daughter acting as executives for his estate. I can't believe their thoughtless grab for money. I thought the Banking Royal Commission was going to stop this sort of behaviour by the banks. pparently not so for Bank Australia. So here we are desperately looking for alternative homes for the children and their dog, trying to sell off all my sons possessions to raise some money to keep Bank Australia at bay. My daughter looks like having to take out a loan against her house to meet the payments being demanded. We are under so much pressure due to Bank Australia's behaviour and lack of empathy. Sadly, I was a member of one of the fore-runners of this bank back from the 1970's, to around 2000, when they were the Education Department Credit Union (EDCU). EDCU even occupied the same building that is now Bank Australia's Head Office in Kew, Victoria. So it really hurts to go back to where a very decent and caring bank once stood, and deal with the indecent and uncaring bank that stands there today. If you are looking for a bank with moral ethics, Bank Australia is not for you. I will keep this site updated on my dealings with Bank Australia as the situation progresses. It could well finish up with the Banking Ombudsman.
Great experience with Bank Australia. From the first step everything was very well organised and clear. They did a great job answering all questions that I had and aways made herself available when I had a question. Would highly recommend to anyone wanting a home loan.
Read full reviewGreat experience with Bank Australia. From the first step everything was very well organised and clear. They did a great job answering all questions that I had and aways made herself available when I had a question. Would highly recommend to anyone wanting a 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:
If you’re not a current Bank Australia customer, you may need to verify your identity online by providing either: