Rates and fees verified as correct at 14 April, 2021. 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 |
|---|---|---|---|---|---|
| 1.95% p.a. | 2.93% p.a. | $0.00 | $595 | ||
| 2.00% p.a. | 2.94% p.a. | $0.00 | $595 | ||
| 2.20% p.a. | 2.99% p.a. | $0.00 | $595 | ||
| 2.30% p.a. | 3.02% p.a. | $0.00 | $595 | ||
| 2.50% p.a. | 3.22% p.a. | $0.00 | $595 | ||
| 2.35% p.a. | 3.19% p.a. | $0.00 | $595 | ||
| 2.40% p.a. | 3.20% p.a. | $0.00 | $595 | ||
| 2.60% p.a. | 3.25% p.a. | $0.00 | $595 | ||
| 2.15% p.a. | 2.98% p.a. | $0.00 | $595 | ||
| 2.20% p.a. | 3.15% p.a. | $0.00 | $595 | ||
| 2.40% p.a. | 3.20% 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 |
|---|---|---|---|---|---|
| 2.55% p.a. | 2.59% p.a. | $0.00 | $595 | ||
| 2.60% p.a. | 2.64% p.a. | $0.00 | $595 | ||
| 2.70% p.a. | 2.74% p.a. | $0.00 | $595 | ||
| 2.90% p.a. | 2.94% p.a. | $0.00 | $595 | ||
| 3.20% p.a. | 3.24% p.a. | $0.00 | $595 | ||
| 2.95% p.a. | 2.99% p.a. | $0.00 | $595 | ||
| 2.75% p.a. | 2.79% p.a. | $0.00 | $595 | ||
| 2.80% p.a. | 2.84% p.a. | $0.00 | $595 | ||
| 3.10% p.a. | 3.14% p.a. | $0.00 | $595 | ||
| 3.00% p.a. | 3.04% p.a. | $0.00 | $595 | ||
| 2.90% p.a. | 2.94% 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 |
|---|---|---|---|---|---|
| 1.90% p.a. | 2.89% p.a. | $350.00 yearly | $0 | ||
| 2.30% p.a. | 3.96% p.a. | $350.00 yearly | $0 | ||
| 2.50% p.a. | 4.01% p.a. | $350.00 yearly | $0 | ||
| 1.95% p.a. | 3.88% p.a. | $350.00 yearly | $0 | ||
| 2.00% p.a. | 3.89% p.a. | $350.00 yearly | $0 | ||
| 2.20% p.a. | 3.94% p.a. | $350.00 yearly | $0 | ||
| 2.35% p.a. | 4.22% p.a. | $350.00 yearly | $0 | ||
| 2.40% p.a. | 4.24% p.a. | $350.00 yearly | $0 | ||
| 2.60% p.a. | 4.29% p.a. | $350.00 yearly | $0 | ||
| 2.15% p.a. | 4.17% p.a. | $350.00 yearly | $0 | ||
| 2.20% p.a. | 4.19% p.a. | $350.00 yearly | $0 | ||
| 2.40% p.a. | 4.24% 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 |
|---|---|---|---|---|---|
| 2.50% p.a.variable for 60 months and then 2.70% p.a. | 3.01% p.a. | $350.00 yearly | $0 | ||
| 2.90% p.a. | 3.28% p.a. | $350.00 yearly | $0 | ||
| 3.20% p.a. | 3.57% p.a. | $350.00 yearly | $0 | ||
| 2.55% p.a. | 2.94% p.a. | $350.00 yearly | $0 | ||
| 2.60% p.a. | 2.99% p.a. | $350.00 yearly | $0 | ||
| 2.70% p.a. | 3.08% 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 | ||
| 2.75% p.a. | 3.13% 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 |
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.
88 Reviews
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.
Exceptional phone customer service, every time, by every staff member!
Read full reviewExceptional phone customer service, every time, by every staff member!
We had a very positive experience with Bank Australia, thanks to the assistance we received from the Bendigo branch staff.. We needed to finance a house purchase on a tight deadline and Emily was able to make the necessary arrangements to make the finances available. We really appreciated her expertise and helpful attitude throughout the process. We have been customers with the Bank for a long time and are impressed by its ethical and environmental standards and are happy to recommend Bank Australia.
Read full reviewWe had a very positive experience with Bank Australia, thanks to the assistance we received from the Bendigo branch staff.. We needed to finance a house purchase on a tight deadline and Emily was able to make the necessary arrangements to make the finances available. We really appreciated her expertise and helpful attitude throughout the process. We have been customers with the Bank for a long time and are impressed by its ethical and environmental standards and are happy to recommend Bank Australia.
I was very excited to be applying for a loan with Bank Australia due to their ethical stance on the environment and other things such as live animal exports. However, whilst I have always been treated well by CBA and other large banks who I have dealt with in the past, I was given the complete run around from Bank Australia. Their loaning approval staff seem to be completely incompetent and very unhelpful, and I felt they addressed my application with suspicion and arrogance. Not a good experience at all.
Read full reviewI was very excited to be applying for a loan with Bank Australia due to their ethical stance on the environment and other things such as live animal exports. However, whilst I have always been treated well by CBA and other large banks who I have dealt with in the past, I was given the complete run around from Bank Australia. Their loaning approval staff seem to be completely incompetent and very unhelpful, and I felt they addressed my application with suspicion and arrogance. Not a good experience at all.
Bank Australia is local and they act like it. They build relationships with their customers and treat them as individuals. Their rates are better than the "Big 4" and their service is better too. The only downside is that they don't have as many branches, so sometimes you have to go out of your way to go to a branch. However, they do a lot of business by post, email or phone, so it's hardly an inconvenience.
Read full reviewBank Australia is local and they act like it. They build relationships with their customers and treat them as individuals. Their rates are better than the "Big 4" and their service is better too. The only downside is that they don't have as many branches, so sometimes you have to go out of your way to go to a branch. However, they do a lot of business by post, email or phone, so it's hardly an inconvenience.
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:
