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Bank Australia Basic Home Loan (Fixed)

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $10,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest loan of at least $10,000 with an LVR below 80%

The details shown below are for an investor taking out a interest only loan of at least $10,000 with an LVR below 80%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $10,000

  • Investor (Principal & Interest)

    LVR < 80%

    Loan: $10,000

  • Investor (Interest Only)

    LVR < 80%

    Loan: $10,000

Fixed 3 year rate
2.09% p.a.
Comparison Rate
2.97% p.a.
Service fee
$0.00
Upfront fee
$595
Fixed 3 year rate
2.44% p.a.
Comparison Rate
3.21% p.a.
Service fee
$0.00
Upfront fee
$595
Fixed 3 year rate
2.64% p.a.
Comparison Rate
3.48% p.a.
Service fee
$0.00
Upfront fee
$595

Mozo editorial review Bank Australia Basic Home Loan (Fixed)

Last updated: 25 November 2020.

binocular icon
What's hot
  • 2.09% fixed three year rate (2.97% comparison rate*)
  • Borrow up to 95% of the property’s value
  • No service or application fees
What's not
  • Extra repayments and redraw unavailable
  • $250 discharge fee
Mozo snapshot

If you’re a first home buyer struggling to hit that 20% deposit, then look no further than the Basic Home Loan (Fixed) from Bank Australia. With this loan, you’ll be able to borrow up to 95% of the property’s value, but it does mean you’ll have to pay Lenders Mortgage Insurance (LMI). There’s a competitive three year fixed rate of 2.09% (2.97% comparison rate*) and no application or service fees, helping first home buyers cut costs.


key icon
Key features

The Bank Australia Basic Home Loan (Fixed) could be the easy-to-manage loan you’ve been looking for. Since this is a fixed rate home loan, you’ll have the comfort in knowing your repayment amount, for the time period it applies for, which you can work into your budget. Coming up with a 20% deposit is tough for any first home buyer, but with the Bank Australia Basic Home Loan (Fixed), you’ll be able to buy your dream home with a deposit as little as 5% on its three year fixed rate of 2.09% (2.97% comparison rate*). Investor rates are also available with rates starting from 2.44% (3.21% comparison rate*) for a three year term.

You won’t have to worry about any application or service fees as well as legal, valuation or settlement fees. The only thing you’ll need to budget for is the $250 discharge fee once you fully pay off your loan.

Another thing to keep in mind is that since this loan is all about low rates and minimals, loan features like an offset account, extra repayments and a redraw facility are not on offer.


snapshot
Who is it good for

Aren’t too worried about being able to make extra repayments or use an offset account? Then the Bank Australia Basic Home Loan (Fixed), with its competitive rates and lack of fees could be a great pick.


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Any catches

Even though the Bank Australia Basic Home Loan (Fixed) keeps fees to a minimum, if you are looking to refinance or have paid off your loan, you will be charged a $250 discharge fee.

Details

Rates and fees information correct as at 28 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.19% (3.15%*)

  • 2.09% (3.05%*)

  • 2.09% (2.97%*)

  • n/a

  • 2.34% (2.91%*)

  • n/a

  • n/a

  • 3.20% p.a.

Fees
  • $595.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $250.00

Other financial bits
  • $10,000

  • none

  • none

  • 95.00%

Features
  • Weekly, Fortnightly, Monthly

  • no

  • yes

  • no

  • none

  • yes

  • no

  • none

  • none

  • none

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.

Details

Rates and fees information correct as at 28 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.49% (3.37%*)

  • 2.44% (3.28%*)

  • 2.44% (3.21%*)

  • n/a

  • 2.99% (3.29%*)

  • n/a

  • n/a

  • 3.41% p.a.

Fees
  • $595.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $250.00

Other financial bits
  • $10,000

  • none

  • none

  • 80.00%

Features
  • Weekly, Fortnightly, Monthly

  • no

  • yes

  • no

  • none

  • yes

  • no

  • none

  • none

  • none

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.

Details

Rates and fees information correct as at 28 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.69% (3.66%*)

  • 2.64% (3.57%*)

  • 2.64% (3.48%*)

  • n/a

  • 3.19% (3.55%*)

  • n/a

  • n/a

  • 3.71% p.a.

Fees
  • $595.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $250.00

Other financial bits
  • $10,000

  • none

  • none

  • 80.00%

Features
  • Weekly, Fortnightly, Monthly

  • no

  • yes

  • no

  • none

  • yes

  • no

  • none

  • none

  • none

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.

Customer Reviews

How are Bank Australia home loans rated by the Mozo community?

Overall
7.9/10
Price
7.8/10
Features
7.1/10
Customer service
7.7/10
Convenience
7.3/10
Trust
7.8/10
Bank Australia

About Bank Australia

Bank Australia is a customer owned bank. Formerly bankmecu, Bank Australia has over 130,000 customers which act as shareholders of the bank. It offers a full range of products including home loans, savings, credit cards and loan products, and because its shareholders are its customers, they benefit from lower rate and fees. Bank Australia also invests up to 4% of its profits in various community projects every year.

See Bank Australia home loans

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AcceleRATES Variable Home Loan

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Virgin Money

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fixed 3 years

2.73% p.a.

Suncorp

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1.99% p.a.
fixed 3 years

2.90% p.a.

Bank of Queensland

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Fixed Rate

2.09% p.a.
fixed 3 years

3.01% p.a.

UBank

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UHomeLoan (Fixed)

1.95% p.a.
fixed 3 years

2.36% p.a.

Illawarra Credit Union

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The Works Home Loan

1.99% p.a.variable for 24 months and then 2.50% p.a. variable

2.93% p.a.

loans.com.au

loans.com.au

Smart Booster Home Loan

1.99% p.a.variable for 12 months and then 2.48% p.a. variable

2.47% p.a.

Athena

Athena

AcceleRATES Variable Home Loan

2.19% p.a. variable

2.19% p.a.

UBank

UBank

UHomeLoan (Fixed)

1.95% p.a.
fixed 3 years

2.36% p.a.

Virgin Money

Virgin Money

Reward Me Fixed Rate Home Loan

2.04% p.a.
fixed 3 years

2.73% p.a.

Suncorp

Suncorp

Back to Basics

2.54% p.a. variable

2.55% p.a.

loans.com.au

loans.com.au

Smart Home Loan

2.48% p.a. variable

2.50% p.a.

Newcastle Permanent

Newcastle Permanent

Real Deal Home Loan

2.59% p.a. variable

2.63% p.a.

UBank

UBank

UHomeLoan - Discount Offer

2.34% p.a. variableApply now to get this rate from 29 Nov

2.34% p.a.Apply now to get this rate from 29 Nov

loans.com.au

loans.com.au

Smart Booster Home Loan

1.99% p.a.variable for 12 months and then 2.48% p.a.

2.47% p.a.

Athena

Athena

AcceleRATES Variable Home Loan

2.19% p.a.

2.19% p.a.

UBank

UBank

UHomeLoan - Discount Offer

2.34% p.a.Apply now to get this rate from 29 Nov

2.34% p.a.Apply now to get this rate from 29 Nov

Suncorp

Suncorp

Back to Basics

2.54% p.a.

2.55% p.a.

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a.

2.76% p.a.

Illawarra Credit Union

Illawarra Credit Union

The Works Home Loan

1.99% p.a.variable for 24 months and then 2.50% p.a.

2.93% p.a.

Newcastle Permanent

Newcastle Permanent

Real Deal Home Loan

2.59% p.a.

2.63% p.a.

HSBC

HSBC

Home Value Loan

2.59% p.a.

2.60% p.a.

loans.com.au

loans.com.au

Fixed Home Loan

1.99% p.a.
fixed 3 years

2.70% p.a.

UBank

UBank

UHomeLoan (Fixed)

1.95% p.a.
fixed 3 years

2.36% p.a.

Virgin Money

Virgin Money

Reward Me Fixed Rate Home Loan

2.04% p.a.
fixed 3 years

2.73% p.a.

Bank of Queensland

Bank of Queensland

Fixed Rate

2.09% p.a.
fixed 3 years

3.01% p.a.

Newcastle Permanent

Newcastle Permanent

Fixed Rate Home Loan (Premium Plus Package)

2.18% p.a.
fixed 3 years

3.62% p.a.

HSBC

HSBC

Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

UBank

UBank

UHomeLoan (1 Year Fixed)

n/a

n/a

Qudos Bank

Qudos Bank

Fixed Rate Home Loan

2.19% p.a.
fixed 3 years

2.68% p.a.

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.