Rates and fees verified as correct at 30 October, 2020. Other information correct at the time of writing. Advertiser disclosure.
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.
| 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 |
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.
| 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 |
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.
| 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 |
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.
| 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 |
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.
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, 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.
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).
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.
83 Reviews
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 reviewLocal 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.
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 reviewThe 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.
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 reviewCompetitive 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.
Competitive rates and usually good customer service.
Read full reviewCompetitive rates and usually good customer service.
I love their services and features of my home loan.
Read full reviewI love their services and features of my 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:
