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
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier | Principal & Interest | < 80% | $10,000 | |
| | Owner Occupier | Principal & Interest | < 80% | $10,000 | |
| | Investor | Principal & Interest | < 80% | $10,000 | |
| | Investor | Interest Only | < 80% | $10,000 |
-
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
Bank Australia Basic Home Loan
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
3.86% p.a.
3.87% p.a.
$0.00
4.87% p.a.
4.87% p.a.
$0.00
Bank Australia Basic Home Loan
4.87% p.a.
4.87% p.a.
$0.00
4.87% p.a.
4.87% p.a.
$0.00
5.07% p.a.
5.07% p.a.
$0.00
Bank Australia Basic Home Loan
5.07% p.a.
5.07% p.a.
$0.00
5.07% p.a.
5.07% 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 23 September 2018.
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
Details
Rates and fees information correct as at 23 September 2018.
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
Details
Rates and fees information correct as at 23 September 2018.
Rates
-
4.87% p.a.
-
n/a
-
0 Months
-
none
-
4.87% 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
-
Investor
-
Principal & Interest
-
Weekly, Fortnightly, Monthly
-
yes - free
-
yes
-
yes - free
-
$0.00
-
yes
-
no
-
none
-
none
Details
Rates and fees information correct as at 23 September 2018.
Rates
-
5.07% p.a.
-
n/a
-
0 Months
-
none
-
5.07% 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
Customer Reviews
How are Bank Australia home loans rated by the Mozo community?
Latest reviews of Bank Australia Basic Home Loan
- Overall10/10
Great customer service
Easy banking.
Read full review
Easy banking.
Price8/10Features5/10Customer service7/10Convenience9/10Trust9/10Less
Tiffany | Victoria
reviewed almost 3 years ago
- Overall10/10
Great customer service
They were extremely helpful when I applied for this loan. They were helpful and were patient with...
Read full review
They were extremely helpful when I applied for this loan. They were helpful and were patient with all my questions.
Price10/10Features8/10Customer service6/10Convenience10/10Trust10/10Less
Carole | Victoria
reviewed about 3 years ago
- Overall7/10
Competitive home loan rates and friendly service
Very competitive home loan rates. MECU interests are its members not shareholders. All profits...
Read full review
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.
Price7/10Features7/10Customer service7/10Convenience7/10Trust7/10Less
Belinda | Victoria
reviewed about 3 years ago
- Overall10/10
Fantastic customer service and very competitive.
I love this bank. The customer service is outstanding. It is never a problem to contact them and...
Read full review
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.
Price10/10Features10/10Customer service10/10Convenience10/10Trust10/10Less
Julie | Victoria
reviewed over 3 years ago
- Overall6/10
Good rates, friendly and helpful.
Local bank full of local people. Good rates and impeccable service.
Read full review
Local bank full of local people. Good rates and impeccable service.
Price6/10Features5/10Customer service6/10Convenience4/10Trust5/10Less
Gary | Victoria
reviewed over 3 years ago
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.
