The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 70%
The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 80%
The details shown below are for an owner occupier 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 principal & interest loan of at least $200,000 with an LVR below 80%
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%
The details shown below are for an investor taking out a interest only loan of at least $200,000 with an LVR below 80%
Choose the version of this loan that suits you best
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier | Principal & Interest | < 70% | $150,000 | |
| | Owner Occupier | Principal & Interest | 70%-80% | $150,000 | |
| | Owner Occupier | Principal & Interest | < 80% | $10,000 | |
| | Investor | Principal & Interest | < 80% | $200,000 | |
| | Investor | Principal & Interest | < 80% | $10,000 | |
| | Investor | Interest Only | < 80% | $10,000 | |
| | Investor | Interest Only | < 80% | $200,000 |
Owner Occupier (Principal & Interest)
LVR < 70%
Loan: $150,000
Owner Occupier (Principal & Interest)
LVR 70%-80%
Loan: $150,000
Owner Occupier (Principal & Interest)
LVR < 80%
Loan: $10,000
Investor (Principal & Interest)
LVR < 80%
Loan: $200,000
Investor (Principal & Interest)
LVR < 80%
Loan: $10,000
Investor (Interest Only)
LVR < 80%
Loan: $10,000
Investor (Interest Only)
LVR < 80%
Loan: $200,000
If you're looking for a great value home loan, the Bank Australia Basic Home Loan is one to put on your hit list. Why? The Basic Home Loan has all the handy essentials you need to fulfil your home ownership dreams - no monthly fees, flexible repayments and a competitive variable rate of 2.59% (2.63% comparison rate*) for borrowers with an LVR equal to or less than 70%.
The cherry on top? The Basic Home Loan took out a Best First Home Buyer Loan Award in the 2020 Mozo Experts Choice Awards.
With low variable interest rates and a range of flexible features, the Basic Home Loan is a loan that will suit everyone from first home buyers through to seasoned property investors. For owner occupiers with more than a 30% deposit or under a 70% LVR, variable rates start from a low 2.59% (2.63% comparison rate*), while if you have an LVR of more than 70%, but less than 80%, you could be still be looking at a decent rate of 2.94% (2.98% comparison rate*).
You can borrow up to 80% LVR, which means that for first home buyers and investors, the minimum deposit required is 20%, while the maximum loan term for the Basic Home Loan is 30 years.
There are a number of repayment options that come standard with the Basic Home Loan. For instance, you can choose your repayment frequency to suit your payday and not the bank's. Options include weekly, fortnightly and monthly repayments.
Unfortunately, there isn't an offset account attached to the Basic Home Loan, but you can make extra payments and take advantage of a redraw facility if you decide you need the money later on.
This offering from Bank Australia could be a good fit for value seekers. Why pay a higher interest rate when the Basic Home Loan has all the essential features you want in a home loan?
One thing to keep in mind, there is no offset account is available with this mortgage, which may not be optimal for every borrower.
With the Bank Australia Basic Home Loan, you'll also need to budget for a few fees, including a $595 application fee and a $250 discharge fee once you've finished paying off your loan.
2.59% p.a.
n/a
n/a
n/a
2.63% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$595.00
$0.00
$0.00
$0.00
n/a
$0.00
$250.00
$150,000
none
none
70.00%
Owner Occupier
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
yes
yes - free
$0.00
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.
2.94% p.a.
n/a
n/a
n/a
2.98% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$595.00
$0.00
$0.00
$0.00
n/a
$0.00
$250.00
$150,000
none
70.00%
80.00%
Owner Occupier
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
yes
yes - free
$0.00
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.
3.20% p.a.
n/a
n/a
n/a
3.24% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$595.00
$0.00
$0.00
$0.00
n/a
$0.00
$250.00
$10,000
none
none
80.00%
Owner Occupier
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
yes
yes - free
$0.00
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.
2.85% p.a.
n/a
n/a
n/a
2.89% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$595.00
$0.00
$0.00
$0.00
n/a
$0.00
$250.00
$200,000
none
none
80.00%
Investor
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
yes
yes - free
$0.00
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.
3.41% p.a.
n/a
n/a
n/a
3.45% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$595.00
$0.00
$0.00
$0.00
n/a
$0.00
$250.00
$10,000
none
none
80.00%
Investor
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
yes
yes - free
$0.00
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.
3.71% p.a.
n/a
n/a
n/a
3.75% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$595.00
$0.00
$0.00
$0.00
n/a
$0.00
$250.00
$10,000
none
none
80.00%
Investor
Interest Only
Weekly, Fortnightly, Monthly
yes - free
yes
yes - free
$0.00
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.
3.05% p.a.
n/a
n/a
n/a
3.09% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$595.00
$0.00
$0.00
$0.00
n/a
$0.00
$250.00
$200,000
none
none
80.00%
Investor
Interest Only
Weekly, Fortnightly, Monthly
yes - free
yes
yes - free
$0.00
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.
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.
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.
Easy banking.
Read full reviewThey were extremely helpful when I applied for this loan. They were helpful and were patient with all my questions.
Read full reviewThey were extremely helpful when I applied for this loan. They were helpful and were patient with all my questions.
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.
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Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
Bank of Queensland
Fixed Rate
2.09% p.a.
fixed 3 years
3.01% p.a.
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.
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.
People's Choice Credit Union
Fixed Rate Home Loan (Package)
1.99% p.a.
fixed 3 years
3.64% p.a.
Bank of Queensland
Fixed Rate
2.09% p.a.
fixed 3 years
3.01% p.a.
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.
$0.00
Yard
Variable Home Loan Special
2.09% p.a.
2.12% p.a.
$0.00
GMCU
Basic Variable
2.33% p.a.variable for 24 months and then 3.82% p.a.
3.71% p.a.
$8.00 monthly
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.
