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 $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 this 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

3.51% p.a.

3.52% p.a.

$0.00

Bank Australia Basic Home Loan

3.51% p.a.

3.52% p.a.

$0.00

3.71% p.a.

3.72% p.a.

$0.00

Bank Australia Basic Home Loan

3.71% p.a.

3.72% p.a.

$0.00

3.92% p.a.

3.96% p.a.

$0.00

Bank Australia Basic Home Loan

3.92% p.a.

3.96% p.a.

$0.00

4.22% p.a.

4.26% p.a.

$0.00

Bank Australia Basic Home Loan

4.22% p.a.

4.26% p.a.

$0.00

Mozo Review   Bank Australia Basic Home Loan Review

Last updated: 24 June 2019.

What's hot:
  • 3.51% special variable rate (3.52% comparison rate*)

  • Low standard variable rate at 3.71% (3.72% comparison rate*)

  • 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 3.71%(3.72% comparison rate*) 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 16 July 2019. 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
  • 3.51% p.a.

  • n/a

  • n/a

  • n/a

  • 3.52% 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

  • 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

*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 16 July 2019. 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

  • 3.72% 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

  • 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

*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 16 July 2019. 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
  • 3.92% p.a.

  • n/a

  • n/a

  • n/a

  • 3.96% 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

*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 16 July 2019. 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
  • 4.22% p.a.

  • n/a

  • n/a

  • n/a

  • 4.26% 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

*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 almost 4 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 about 4 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 about 4 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 about 4 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 over 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.

See Bank Australia home loans

Promoted

Bank Australia

Bank Australia

Basic Home Loan (Fixed)

p.a.

3.74% p.a.

$0.00

Promoted

loans.com.au

loans.com.au

Smart Home Loan

3.03% p.a. variable

3.05% p.a.

$520

Promoted

UBank

UBank

UHomeLoan - Discount Offer

3.34% p.a. variable

3.34% p.a.

$0

Promoted

ME

ME

Flexible Home Loan (Fixed, Member Package)

3.58% p.a.
fixed 3 years

4.26% p.a.

$200

Promoted

Athena

Athena

Variable Home Loan

3.09% p.a. variable

3.05% p.a.

$0

Promoted

Bank of Queensland

Bank of Queensland

Fixed Rate

2.99% p.a.
fixed 3 years

4.19% p.a.

$450

Promoted

Newcastle Permanent

Newcastle Permanent

Real Deal Home Loan

3.49% p.a. variable

3.49% p.a.

$0

Promoted

HSBC

HSBC

Home Value Loan

3.47% p.a. variable

3.48% p.a.

$150

Promoted

Bank Australia

Bank Australia

Basic Home Loan

3.51% p.a. variable

3.52% p.a.

$0

Promoted

Athena

Athena

Variable Home Loan

3.09% p.a.

3.05% p.a.

$0

Promoted

UBank

UBank

UHomeLoan - Discount Offer

3.34% p.a.

3.34% p.a.

$0

Promoted

Homestar

Homestar

Star Essentials Home Loan

2.99% p.a.

2.99% p.a.

$0

Promoted

Tic:Toc

Tic:Toc

Variable Home Loan

3.07% p.a.

3.08% p.a.

$0

Promoted

HSBC

HSBC

Home Value Loan

3.47% p.a.

3.48% p.a.

$150

Promoted

loans.com.au

loans.com.au

Smart Home Loan

3.03% p.a.

3.05% p.a.

$520

Promoted

Bank of Queensland

Bank of Queensland

2 Year Intro Rate Variable Home Loan

3.54% p.a.variable for 24 months and then 4.01% p.a.

4.06% p.a.

$150

Promoted

Bank Australia

Bank Australia

Basic Home Loan

3.51% p.a.

3.52% p.a.

$0

Promoted

UBank

UBank

UHomeLoan (1 Year Fixed)

n/a

n/a

$395

Promoted

Bank of Queensland

Bank of Queensland

Fixed Rate

2.99% p.a.
fixed 3 years

4.19% p.a.

$450

Promoted

loans.com.au

loans.com.au

Fixed Home Loan

3.19% p.a.
fixed 3 years

3.43% p.a.

$520

Promoted

ME

ME

Flexible Home Loan (Fixed, Member Package)

3.58% p.a.
fixed 3 years

4.26% p.a.

$200

Promoted

Tic:Toc

Tic:Toc

Fixed Home Loan

n/a

n/a

$0

Promoted

Bank Australia

Bank Australia

Basic Home Loan (Fixed)

3.64% p.a.
fixed 3 years

3.74% p.a.

$0

Promoted

UBank

UBank

UHomeLoan (Fixed)

3.24% p.a.
fixed 3 years

3.70% p.a.

$395

Promoted

loans.com.au

loans.com.au

Smart Loan Fixed (Package)

3.19% p.a.
fixed 3 years

3.63% p.a.

$520

Promoted

loans.com.au

loans.com.au

Smart Home Loan

3.03% p.a.

3.05% p.a.

$0.00

Promoted

UBank

UBank

UHomeLoan - Discount Offer

3.34% p.a.

3.34% p.a.

$0.00

Promoted

Athena

Athena

Variable Home Loan

3.09% p.a.

3.05% p.a.

$0.00

Promoted

Newcastle Permanent

Newcastle Permanent

Real Deal Home Loan

3.49% p.a.

3.49% p.a.

$0.00

Promoted

HSBC

HSBC

Home Value Loan

3.47% p.a.

3.48% p.a.

$0.00

Promoted

Hunter United

Hunter United

No Regrets 1st Home Buyers

3.27% p.a.

3.37% p.a.

$8.00 monthly

Promoted

Mortgage House

Mortgage House

Red Home Loan - Early Bird Special

3.04% p.a.

3.08% p.a.

$0.00

Promoted

Tic:Toc

Tic:Toc

Variable Home Loan

3.07% p.a.

3.08% p.a.

$0.00

*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.