Bank Australia Basic Home Loan
This product is available in different versions. Pick the right version for you here.
The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 90%
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 | < 90% | $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 < 90%
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
2.85% p.a.
2.89% p.a.
$0.00
Bank Australia Basic Home Loan
2.85% p.a.
2.89% p.a.
$0.00
Bank Australia Basic Home Loan
2.85% p.a.
2.89% p.a.
$0.00
3.20% p.a.
3.24% p.a.
$0.00
Bank Australia Basic Home Loan
3.20% p.a.
3.24% p.a.
$0.00
Bank Australia Basic Home Loan
3.20% p.a.
3.24% p.a.
$0.00
3.00% p.a.
3.04% p.a.
$0.00
Bank Australia Basic Home Loan
3.00% p.a.
3.04% p.a.
$0.00
Bank Australia Basic Home Loan
3.00% p.a.
3.04% p.a.
$0.00
3.41% p.a.
3.45% p.a.
$0.00
Bank Australia Basic Home Loan
3.41% p.a.
3.45% p.a.
$0.00
Bank Australia Basic Home Loan
3.41% p.a.
3.45% p.a.
$0.00
3.71% p.a.
3.75% p.a.
$0.00
Bank Australia Basic Home Loan
3.71% p.a.
3.75% p.a.
$0.00
Bank Australia Basic Home Loan
3.71% p.a.
3.75% p.a.
$0.00
3.20% p.a.
3.24% p.a.
$0.00
Bank Australia Basic Home Loan
3.20% p.a.
3.24% p.a.
$0.00
Bank Australia Basic Home Loan
3.20% p.a.
3.24% p.a.
$0.00
Mozo Review Bank Australia Basic Home Loan Review
Last updated: 19 March 2020.
What's hot:
3.10% special variable rate (3.14% comparison rate*)
Borrow up to 90% LVR
2020 Mozo Experts Choice Award winner
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 of 3.10% (3.14% comparison rate*).
The cherry on top? The Basic Home Loan took out a Best First Home Buyer Loan Award in the 2020 Mozo Experts Choice Awards.
Key features:
With a low variable interest rate of 3.45% (3.49% comparison 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 90% LVR, which means that for first home buyers and investors, the minimum deposit required is 10%, 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 banks. Options include weekly, fortnightly and monthly repayments.
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 1 April 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
-
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
-
$150,000
-
none
-
none
-
90.00%
Features
-
Owner Occupier
-
Principal & Interest
-
Weekly, Fortnightly, Monthly
-
yes - free
-
yes
-
yes - free
-
$0.00
-
yes
-
no
-
none
-
none
-
none
Details
Rates and fees information correct as at 1 April 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
-
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
Details
Rates and fees information correct as at 1 April 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
-
3.00% p.a.
-
n/a
-
n/a
-
n/a
-
3.04% 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
Details
Rates and fees information correct as at 1 April 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
-
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
Details
Rates and fees information correct as at 1 April 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
-
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
Details
Rates and fees information correct as at 1 April 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
-
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
-
$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
Customer Reviews
How are Bank Australia home loans rated by the Mozo community?
Latest reviews of Bank Australia Basic Home Loan
-
Made the whole home loan process easy.
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.
Price7/10Features9/10Customer service10/10Convenience9/10LessTrust10/10 -
Great customer service
Easy banking.
Read full review -
Great customer service
They 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.
Price10/10Features8/10Customer service6/10Convenience10/10LessTrust10/10 -
Competitive home loan rates and friendly service
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.
Read full reviewVery 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 service7/10Convenience7/10LessTrust7/10 -
Fantastic customer service and very competitive.
I love this bank. The customer service is outstanding. It is never a problem to contact them and 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.
Read full reviewI 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 service10/10Convenience10/10LessTrust10/10
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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