Rates and fees verified as correct at 21 April, 2021. Other information correct at the time of writing. Advertiser disclosure.
If you want to protect yourself against rising interest rates, BankSA’s fixed home loan allows you to lock in rates for loans starting from $10,000. BankSA has a range of fixed rate loan terms including 1, 2, 3, 4 and 5 year options. With BankSA's fixed home loan, you can choose between making principal and interest and interest only repayments, and also make additional payments of up to $30,000 p.a. without any break costs. You’ll also be able to free up funds later should you need, as the loan has a redraw facility, but keep in mind you’ll have to pay a fee every time you redraw. There is a monthly service fee to consider, but you’ll also have the benefit of a partial interest offset facility.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.84% p.a. | 4.94% p.a. | $10.00 monthly | $600 | ||
| 2.13% p.a. | 4.08% p.a. | $10.00 monthly | $600 | ||
| 2.84% p.a. | 4.87% p.a. | $10.00 monthly | $600 | ||
| 2.64% p.a. | 4.62% p.a. | $10.00 monthly | $600 |
For borrowers looking for more flexible features, you may be interested in one of BankSA’s variable home loans. There is a basic home loan available from a minimum loan amount of $30,000, and a full-featured standard loan available for amounts from $10,000. The loans have a maximum loan-to-value ratio (LVR) of 95% and are available for loan terms up to 30 years. With BankSA variable loans you’ll be able to choose from a range of flexible features such as the ability to make additional repayments, access a redraw facility and take a repayment holiday. If you opt for the Standard variable loan option, you’ll be charged a monthly administration fee in exchange for a 100% offset account that can help reduce the interest you pay over the life of the loan.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.14% p.a. | 3.17% p.a. | $0.00 | $500 | ||
| 3.97% p.a. | 4.00% p.a. | $0.00 | $500 | ||
| 3.14% p.a. | 3.14% p.a. | $0.00 | $0 | ||
| 2.49% p.a. | 2.49% p.a. | $0.00 | $0 | ||
| 5.14% p.a. | 5.29% p.a. | $10.00 monthly | $600 | ||
| 4.55% p.a. | 4.71% p.a. | $10.00 monthly | $600 | ||
| 4.83% p.a. | 4.86% p.a. | $0.00 | $500 | ||
| 4.54% p.a. | 4.57% p.a. | $0.00 | $500 | ||
| 2.99% p.a. | 2.99% p.a. | $0.00 | $0 | ||
| 2.79% p.a. | 2.79% p.a. | $0.00 | $0 | ||
| 5.41% p.a. | 5.56% p.a. | $10.00 monthly | $600 | ||
| 5.12% p.a. | 5.27% p.a. | $10.00 monthly | $600 |
If you’re borrowing more than $150,000 and love the convenience of having all your important accounts in one spot, the Advantage Package from BankSA could be the right home loan for you. While there is an annual package fee to consider, you can potentially save thousands over the term of your loan through a discounted interest rate and bank fees waived on your home loan, credit card and day to day transaction account. You can even save on your insurance and there are plenty of options to pay off your home loan as quick as possible, such as up to $30,000 p.a. in free extra repayments.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.69% p.a. | 4.19% p.a. | $395.00 yearly | $0 | ||
| 1.98% p.a. | 3.34% p.a. | $395.00 yearly | $0 | ||
| 2.69% p.a. | 4.13% p.a. | $395.00 yearly | $0 | ||
| 2.49% p.a. | 3.87% p.a. | $395.00 yearly | $0 |
If you’re looking for even more flexibility with your home loan, take a look at BankSA’s variable rate Advantage Package option. For an annual fee, you'll get all the same money-saving benefits as the fixed rate alternative, including waived fees across a range of financial products, a redraw facility and repayment holidays, plus even more perks like unlimited free additional repayments and a 100% offset account. BankSA's variable package loan lets you choose between weekly, fortnightly or monthly payments, which you can then pay via direct debit for added convenience, and you'll also have the option to split your home loan between fixed and variable rates.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.83% p.a. | 4.23% p.a. | $395.00 yearly | $0 | ||
| 3.24% p.a. | 3.65% p.a. | $395.00 yearly | $0 | ||
| 4.10% p.a. | 4.49% p.a. | $395.00 yearly | $0 | ||
| 3.81% p.a. | 4.21% p.a. | $395.00 yearly | $0 |
Do you want to purchase an investment property, shares or increase your property’s value through a home renovation? BankSA’s line of credit loan is available from a minimum of $10,000 and allows you to borrow up to 90% of your property’s value to put toward these investments. As with any other line of credit loan there is not set repayment term but you must at least pay monthly and you can make additional repayments without penalty (up to $30,000 p.a. for fixed option) if you want to reduce your interest costs. There is a monthly service fee, but in return, you’ll receive access to your funds via ATMs, EFTPOS, internet and phone banking and a linked Visa Debit card that you can use wherever Visa is accepted.
| Product | Rate | Comparison Rate | Service fee | Upfront fee |
|---|---|---|---|---|
| 5.98% p.a. | n/a | $200.00 yearly | $700 |
BankSA’s Standard variable and package home loans offers a full interest offset facility which reduces the amount of interest you’ll be charged on your home loan. A partial interest offset facility is available with the Fixed Rate home loan.
You’ll never be late on a payment again when you set up automatic repayments from your nominated BankSA bank account.
With a BankSA home loan you have the ability to make fee-free additional repayments so you can pay your loan off sooner and reduce your interest costs over the term of your loan. For BankSA’s fixed rate loan, you can make up to $30,000 p.a. in additional repayments without penalty.
BankSA’s variable, fixed and line of credit loan allow you to apply for a deposit protect bond which is a convenient option when your deposit money isn’t readily available (i.e. tied up in your current home). It is a guarantee that you’ll pay the deposit money at settlement instead of upfront and is often valid for 6 months.
If you're a first home buyer, this handy feature allows family members to use their own home’s equity to provide security for a portion of your loan amount so you can avoid Lender’s Mortgage Insurance (required of loans with an LVR that exceeds 80%).
Mozo users have rated BankSA home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
288 Reviews
I have been a Bank SA customer for 51 years. My wife and I are on Disability Pensions, we own everything and owe nothing, but can't get a loan! We even own our own land and a small cottage that we just wanted to upgrade. Bank S.A would not lend us $30,000 through a equity loan and would only lend us $2,000 as a personal loan when we have more money than that in the bank. We are absolutely disgusted in their service, they said a loans officer would ring us on Monday after 11am, they tried to call the Friday before and of course I was unavailable. Then when they did call on Monday it was not a loans officer, it was just someone after more information, that we already told them on the Thursday prior at our local branch over a computer conference. At that first appointment they told us we could probably get a home loan for $30,000 and that a loans officer would call on Monday to confirm details and let us know what we could borrow and what the interest rates were. Well the person that called did not know anything, so the person we spoke to on the computer had not relayed any information to the second person. That is terrible communication. They shut us down anyway, saying that they can only lend up to 95% of the current house and land value which was $27,500. But they don't take into account that we OWN it, we don't have to repay anything. Plus I have $20,000 of super that they don't consider as collateral. Offering us a $2,000 personal loan was an insult, when I have $1,500 in cash and $5,000 in the bank plus 2 cars and a caravan. All in all I have a fantastic credit rating and my wife and I are angry and upset over the way we were just shot down as if we were TRASH. Bank S.A you haven't heard the last of this. Expect an official letter of complaint and also contact with our local MP.
Read full reviewI have been a Bank SA customer for 51 years. My wife and I are on Disability Pensions, we own everything and owe nothing, but can't get a loan! We even own our own land and a small cottage that we just wanted to upgrade. Bank S.A would not lend us $30,000 through a equity loan and would only lend us $2,000 as a personal loan when we have more money than that in the bank. We are absolutely disgusted in their service, they said a loans officer would ring us on Monday after 11am, they tried to call the Friday before and of course I was unavailable. Then when they did call on Monday it was not a loans officer, it was just someone after more information, that we already told them on the Thursday prior at our local branch over a computer conference. At that first appointment they told us we could probably get a home loan for $30,000 and that a loans officer would call on Monday to confirm details and let us know what we could borrow and what the interest rates were. Well the person that called did not know anything, so the person we spoke to on the computer had not relayed any information to the second person. That is terrible communication. They shut us down anyway, saying that they can only lend up to 95% of the current house and land value which was $27,500. But they don't take into account that we OWN it, we don't have to repay anything. Plus I have $20,000 of super that they don't consider as collateral. Offering us a $2,000 personal loan was an insult, when I have $1,500 in cash and $5,000 in the bank plus 2 cars and a caravan. All in all I have a fantastic credit rating and my wife and I are angry and upset over the way we were just shot down as if we were TRASH. Bank S.A you haven't heard the last of this. Expect an official letter of complaint and also contact with our local MP.
I love my bank for the competitive rates and offers they provide as well as the amazing staff that are always happy to help with the right knowledge. What I dislike is how clunky the online banking and mobile app feel, a bit outdated.
Read full reviewI love my bank for the competitive rates and offers they provide as well as the amazing staff that are always happy to help with the right knowledge. What I dislike is how clunky the online banking and mobile app feel, a bit outdated.
I don't feel that the bank is there for me. I feel there is a huge lack of communication, wouldn't really refer them.
Read full reviewI don't feel that the bank is there for me. I feel there is a huge lack of communication, wouldn't really refer them.
We refinanced with Bank Sa and saved heaps of money with their help. Very helpful and thorough staff.
Read full reviewWe refinanced with Bank Sa and saved heaps of money with their help. Very helpful and thorough staff.
I have only recently started using BankSA for my home loans. The customer service I have received every time I have been to a branch, called etc. has been excellent. The team in Murray Bridge South Australia especially have made all my banking needs easy. One thing that can be improved would be the app. I use other banking apps as well as BankSA and I find the other apps to be more user friendly.
Read full reviewI have only recently started using BankSA for my home loans. The customer service I have received every time I have been to a branch, called etc. has been excellent. The team in Murray Bridge South Australia especially have made all my banking needs easy. One thing that can be improved would be the app. I use other banking apps as well as BankSA and I find the other apps to be more user friendly.
If you are over 18 years old intending to buy a property in Australia or refinancing an existing loan from another financial institution, you can complete BankSA’s online home loan application form which should take under 15 minutes. You may need the following information:
