Bank Australia Basic Home Loan

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 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 $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 loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $10,000

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $10,000

  • Investor (Principal & Interest)

    LVR < 80%

    Loan: $10,000

  • Investor (Interest Only)

    LVR < 80%

    Loan: $10,000

3.65% p.a.

3.66% p.a.

$0.00

Bank Australia Basic Home Loan

3.65% p.a.

3.66% p.a.

$0.00

3.86% p.a.

3.87% p.a.

$0.00

Bank Australia Basic Home Loan

3.86% p.a.

3.87% p.a.

$0.00

4.27% p.a.

4.28% p.a.

$0.00

Bank Australia Basic Home Loan

4.27% p.a.

4.28% p.a.

$0.00

4.47% p.a.

4.48% p.a.

$0.00

Bank Australia Basic Home Loan

4.47% p.a.

4.48% p.a.

$0.00

Mozo Review   Bank Australia Basic Home Loan Review

Last updated: 21 September 2018.

What's hot:
  • 3.65% special variable rate

  • Low standard variable rate at 3.86%

  • Borrow up to 80% LVR

What's not:
  • No offset account available

Mozo snapshot:

Attention home loan seekers: If you are 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 as the cherry on top. 

Key features:

With a low variable interest rate of 3.86% for owner occupiers (or an even lower special variable rate), the Basic Home Loan is a loan that will suit everyone from first home buyers through to seasoned property investors.

You can borrow up to 80% LVR, which means that for first home buyers and investors, the minimum deposit required is 20% and you will need lenders mortgage insurance for anything over an LVR of 80%. 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 banks. Options include weekly, fortnightly and monthly repayments. There is also the option to pause repayments if you need, though for a 'family pause' you need to have the loan for a full 12 months and have an LVR of at least 90% to be eligible.

There isn't an offset account attached to the Basic Home Loan but you can make extra payments and there is a redraw facility available if you decide you need the money later on. 

Who it's good 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?

Any catches?

One thing to keep in mind, no offset account is available with this mortgage, which may not be optimal for every borrower.

Details

Rates and fees information correct as at 20 November 2018. 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
  • 3.65% p.a.

  • n/a

  • 0 Months

  • none

  • 3.66% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $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

*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 20 November 2018. 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
  • 3.86% p.a.

  • n/a

  • 0 Months

  • none

  • 3.87% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $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

*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 20 November 2018. 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
  • 4.27% p.a.

  • n/a

  • 0 Months

  • none

  • 4.28% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $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

*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 20 November 2018. 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
  • 4.47% p.a.

  • n/a

  • 0 Months

  • none

  • 4.48% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $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

*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 customer rating
7.8/10
Price
7.8/10
Features
7.1/10
Customer service
7.7/10
Convenience
7.2/10
Trust
7.8/10

Latest reviews of Bank Australia Basic Home Loan

  • Overall
    10/10
    Great customer service

    Easy banking.

    Easy banking.

    Price
    8/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    9/10
    Trust
    9/10

    Tiffany | Victoria

    reviewed about 3 years ago

  • Overall
    10/10
    Great customer service

    They were extremely helpful when I applied for this loan. They were helpful and were patient with...

    They were extremely helpful when I applied for this loan. They were helpful and were patient with all my questions.

    Price
    10/10
    Features
    8/10
    Customer service
    6/10
    Convenience
    10/10
    Trust
    10/10

    Carole | Victoria

    reviewed over 3 years ago

  • Overall
    7/10
    Competitive home loan rates and friendly service

    Very competitive home loan rates. MECU interests are its members not shareholders. All profits...

    Very competitive home loan rates. MECU interests are its members not shareholders. All profits are invested back into the bank to provide fairer fees and banking for members.

    Price
    7/10
    Features
    7/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    7/10

    Belinda | Victoria

    reviewed over 3 years ago

  • Overall
    10/10
    Fantastic customer service and very competitive.

    I love this bank. The customer service is outstanding. It is never a problem to contact them and...

    I love this bank. The customer service is outstanding. It is never a problem to contact them and get help when you need it. The staff are so helpful and knowledgeable of their product. The rates are fantastic and if you pay extra it means your loan is covered and gets paid off that little bit quicker. I would only say that there are pros to having this bank and would recommend it to all my family and friends.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Julie | Victoria

    reviewed over 3 years ago

  • Overall
    6/10
    Good rates, friendly and helpful.

    Local bank full of local people. Good rates and impeccable service.

    Local bank full of local people. Good rates and impeccable service.

    Price
    6/10
    Features
    5/10
    Customer service
    6/10
    Convenience
    4/10
    Trust
    5/10

    Gary | Victoria

    reviewed almost 4 years ago

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.

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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.