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Bank Australia Basic Home Loan

Advertiser disclosure

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

  • 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

Rate
2.59% p.a.
Comparison Rate
2.63% p.a.
Service fee
$0.00
Upfront fee
$595
Rate
2.94% p.a.
Comparison Rate
2.98% p.a.
Service fee
$0.00
Upfront fee
$595
Rate
3.20% p.a.
Comparison Rate
3.24% p.a.
Service fee
$0.00
Upfront fee
$595
Rate
2.85% p.a.
Comparison Rate
2.89% p.a.
Service fee
$0.00
Upfront fee
$595
Rate
3.41% p.a.
Comparison Rate
3.45% p.a.
Service fee
$0.00
Upfront fee
$595
Rate
3.71% p.a.
Comparison Rate
3.75% p.a.
Service fee
$0.00
Upfront fee
$595
Rate
3.05% p.a.
Comparison Rate
3.09% p.a.
Service fee
$0.00
Upfront fee
$595

Mozo editorial review Bank Australia Basic Home Loan

Last updated: 14 January 2021.

binocular icon
What's hot
  • 2.59% variable rate (2.63% comparison rate*) (for <70% LVR)
  • 2020 Mozo Experts Choice Award winner
  • Free extra repayments and redraw facility
What's not
  • No offset account available
  • $595 application fee
Mozo snapshot

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

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Key features

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.


snapshot
Who is it good for

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?

question icon
Any catches

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.

Details

Rates and fees information correct as at 22 January 2021. 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
  • 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

Fees
  • $595.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $250.00

Other financial bits
  • $150,000

  • none

  • none

  • 70.00%

Features
  • 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.

Details

Rates and fees information correct as at 22 January 2021. 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
  • 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

Fees
  • $595.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $250.00

Other financial bits
  • $150,000

  • none

  • 70.00%

  • 80.00%

Features
  • 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.

Details

Rates and fees information correct as at 22 January 2021. 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
  • 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

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
  • 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.

Details

Rates and fees information correct as at 22 January 2021. 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
  • 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

Fees
  • $595.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $250.00

Other financial bits
  • $200,000

  • none

  • none

  • 80.00%

Features
  • 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.

Details

Rates and fees information correct as at 22 January 2021. 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
  • 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

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
  • 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.

Details

Rates and fees information correct as at 22 January 2021. 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
  • 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

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
  • 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.

Details

Rates and fees information correct as at 22 January 2021. 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
  • 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

Fees
  • $595.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $250.00

Other financial bits
  • $200,000

  • none

  • none

  • 80.00%

Features
  • 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.

Customer Reviews

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

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

Latest reviews of Bank Australia Basic Home Loan

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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.

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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.