7.7 / 10

based on 535 reviews as rated by Mozo community

Bank Australia home loans

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 the 2020 Mozo Experts Choice Award for best Clean Energy Home Loan!

What home loans do Bank Australia offer?

Rates and fees verified as correct at 30 October, 2020. Other information correct at the time of writing. Advertiser disclosure.

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 ‡

2.29% p.a.

3.02% p.a.

$0.00

$595

2.39% p.a.

3.67% p.a.

$0.00

$595

2.64% p.a.

3.48% p.a.

$0.00

$595

2.44% p.a.

3.21% p.a.

$0.00

$595

2.74% p.a.

4.17% p.a.

$0.00

$595

2.54% p.a.

3.97% p.a.

$0.00

$595

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 ‡

3.20% p.a.

3.24% p.a.

$0.00

$595

2.94% p.a.

2.98% p.a.

$0.00

$595

2.59% p.a.

2.63% p.a.

$0.00

$595

4.06% p.a.

4.10% p.a.

$0.00

$595

3.71% p.a.

3.75% p.a.

$0.00

$595

3.41% p.a.

3.45% p.a.

$0.00

$595

3.05% p.a.

3.09% p.a.

$0.00

$595

2.85% p.a.

2.89% p.a.

$0.00

$595

4.61% p.a.

4.65% p.a.

$0.00

$595

4.41% p.a.

4.45% p.a.

$0.00

$595

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 ‡

1.84% p.a.

3.15% p.a.

$350.00 yearly

$0

1.84% p.a.

3.15% p.a.

$350.00 yearly

$0

1.84% p.a.

3.18% p.a.

$350.00 yearly

$0

2.09% p.a.

3.46% p.a.

$350.00 yearly

$0

2.09% p.a.

3.50% p.a.

$350.00 yearly

$0

2.09% p.a.

3.46% p.a.

$350.00 yearly

$0

1.79% p.a.

3.10% p.a.

$350.00 yearly

$0

1.79% p.a.

3.03% p.a.

$350.00 yearly

$0

1.79% p.a.

3.03% p.a.

$350.00 yearly

$0

2.24% p.a.

3.25% p.a.

$350.00 yearly

$0

2.24% p.a.

3.25% p.a.

$350.00 yearly

$0

2.24% p.a.

3.28% p.a.

$350.00 yearly

$0

2.49% p.a.

3.60% p.a.

$350.00 yearly

$0

2.49% p.a.

3.56% p.a.

$350.00 yearly

$0

2.49% p.a.

3.56% p.a.

$350.00 yearly

$0

2.19% p.a.

3.20% p.a.

$350.00 yearly

$0

2.19% p.a.

3.13% p.a.

$350.00 yearly

$0

2.19% p.a.

3.13% p.a.

$350.00 yearly

$0

2.19% p.a.

3.61% p.a.

$350.00 yearly

$0

2.19% p.a.

3.76% p.a.

$350.00 yearly

$0

2.19% p.a.

3.69% p.a.

$350.00 yearly

$0

1.99% p.a.

3.57% p.a.

$350.00 yearly

$0

1.99% p.a.

3.42% p.a.

$350.00 yearly

$0

1.99% p.a.

3.49% p.a.

$350.00 yearly

$0

2.59% p.a.

3.86% p.a.

$350.00 yearly

$0

2.59% p.a.

3.79% p.a.

$350.00 yearly

$0

2.59% p.a.

3.71% p.a.

$350.00 yearly

$0

2.39% p.a.

3.66% p.a.

$350.00 yearly

$0

2.39% p.a.

3.59% p.a.

$350.00 yearly

$0

2.39% p.a.

3.52% p.a.

$350.00 yearly

$0

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 ‡

2.73% p.a.variable for 60 months and then 3.13% p.a.

3.35% p.a.

$350.00 yearly

$0

2.68% p.a.variable for 60 months and then 3.08% p.a.

3.30% p.a.

$350.00 yearly

$0

2.68% p.a.variable for 60 months and then 3.08% p.a.

3.30% p.a.

$350.00 yearly

$0

3.08% p.a.variable for 60 months and then 3.48% p.a.

3.69% p.a.

$350.00 yearly

$0

3.03% p.a.variable for 60 months and then 3.43% p.a.

3.64% p.a.

$350.00 yearly

$0

3.03% p.a.variable for 60 months and then 3.43% p.a.

3.64% p.a.

$350.00 yearly

$0

2.63% p.a.variable for 60 months and then 3.03% p.a.

3.25% p.a.

$350.00 yearly

$0

2.53% p.a.variable for 60 months and then 2.93% p.a.

3.15% p.a.

$350.00 yearly

$0

2.53% p.a.variable for 60 months and then 2.93% p.a.

3.15% p.a.

$350.00 yearly

$0

3.08% p.a.

3.45% p.a.

$350.00 yearly

$0

3.13% p.a.

3.50% p.a.

$350.00 yearly

$0

3.08% p.a.

3.45% p.a.

$350.00 yearly

$0

3.48% p.a.

3.85% p.a.

$350.00 yearly

$0

3.43% p.a.

3.80% p.a.

$350.00 yearly

$0

3.43% p.a.

3.80% p.a.

$350.00 yearly

$0

3.03% p.a.

3.41% p.a.

$350.00 yearly

$0

2.93% p.a.

3.31% p.a.

$350.00 yearly

$0

2.93% p.a.

3.31% p.a.

$350.00 yearly

$0

2.83% p.a.

3.21% p.a.

$350.00 yearly

$0

2.78% p.a.

3.16% p.a.

$350.00 yearly

$0

2.73% p.a.

3.11% p.a.

$350.00 yearly

$0

2.63% p.a.

3.02% p.a.

$350.00 yearly

$0

3.41% p.a.variable for 60 months and then 3.81% p.a.

4.01% p.a.

$350.00 yearly

$0

3.31% p.a.variable for 60 months and then 3.71% p.a.

3.91% p.a.

$350.00 yearly

$0

3.21% p.a.variable for 60 months and then 3.61% p.a.

3.81% p.a.

$350.00 yearly

$0

3.21% p.a.variable for 60 months and then 3.61% p.a.

3.81% p.a.

$350.00 yearly

$0

3.11% p.a.variable for 60 months and then 3.51% p.a.

3.72% p.a.

$350.00 yearly

$0

3.01% p.a.variable for 60 months and then 3.41% p.a.

3.62% p.a.

$350.00 yearly

$0

3.81% p.a.

4.17% p.a.

$350.00 yearly

$0

3.71% p.a.

4.07% p.a.

$350.00 yearly

$0

3.61% p.a.

3.97% p.a.

$350.00 yearly

$0

3.61% p.a.

3.97% p.a.

$350.00 yearly

$0

3.51% p.a.

3.87% p.a.

$350.00 yearly

$0

3.41% p.a.

3.78% p.a.

$350.00 yearly

$0

3.51% p.a.

3.87% p.a.

$350.00 yearly

$0

3.41% p.a.

3.78% p.a.

$350.00 yearly

$0

3.31% p.a.

3.68% p.a.

$350.00 yearly

$0

3.31% p.a.

3.68% p.a.

$350.00 yearly

$0

3.21% p.a.

3.58% p.a.

$350.00 yearly

$0

3.11% p.a.

3.48% p.a.

$350.00 yearly

$0

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

4.16% p.a.

n/a

$12.50 monthly

$595

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

‡ 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.

Bank Australia home loan features in a glance

Image of coins

No service fees

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

Repayment Icon

Additional 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.

Image of coins

Biodiversity 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.

Image of coins

Repayment 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?

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.

Icon of home-loans
Bank Australia home loans
Overall
7.9/10
Price
Features
Customer service
Convenience
Trust

83 Reviews

Recent Bank Australia home loan reviews

Bank Australia Basic Home Loan review
Overall 6/10
Local manager that can make decisions. “Green “

Local branch with manager authorised to ok loans quickly. Green conscious with money sourcing and investing. Members ie customers own bank. Little feed back review once loan is established.

Read full review

Local branch with manager authorised to ok loans quickly. Green conscious with money sourcing and investing. Members ie customers own bank. Little feed back review once loan is established.

Price
4/10
Features
7/10
Customer service
5/10
Convenience
9/10
Trust
6/10
Less
Rob, Victoria reviewed 3 months ago
Bank Australia Basic Home Loan review
Overall 10/10
Made the whole home loan process easy.

The experience I've had with Bank Australia has been exceptional. Both through my lender and teller at a branch. Professional, dedicated, and thorough, as well as being decent people they genuinely seem care about the work they do and providing great customer service. I wouldn't hesitate to recommend Bank Australia, nor the Home Loan team.

Read full review

The experience I've had with Bank Australia has been exceptional. Both through my lender and teller at a branch. Professional, dedicated, and thorough, as well as being decent people they genuinely seem care about the work they do and providing great customer service. I wouldn't hesitate to recommend Bank Australia, nor the Home Loan team.

Price
7/10
Features
9/10
Customer service
10/10
Convenience
9/10
Trust
10/10
Less
Gob, Victoria reviewed 8 months ago
Bank Australia Premium Home Loan (Package) review
Overall 10/10
Ethical bank and top customer service.

Competitive rates and low fees. Bank Australia does a good job at being ethical, unlike almost all the rest. Customer service is the best I have ever experienced.

Read full review

Competitive rates and low fees. Bank Australia does a good job at being ethical, unlike almost all the rest. Customer service is the best I have ever experienced.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Col, Northern Territory reviewed 12 months ago
Bank Australia Home Loan review
Overall 9/10
Competitive rates.

Competitive rates and usually good customer service.

Read full review

Competitive rates and usually good customer service.

Price
9/10
Features
9/10
Customer service
6/10
Convenience
6/10
Trust
5/10
Less
Lauren, Victoria reviewed 12 months ago
Bank Australia Home Loan review
Overall 10/10
Fast service

I love their services and features of my home loan.

Read full review

I love their services and features of my home loan.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Kevin, Western Australia reviewed almost 2 years ago

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

Home loan quick links