7.6 / 10

based on 2056 BankSA reviews as rated by Mozo community

BankSA home loans

Since opening its first branch in 1948, BankSA has become the largest financial institution in South Australia providing an extensive range of housing, personal finance and rural banking services. In 2008, BankSA became part of the Westpac Group.

BankSA’s home loans suit all types of borrowers whether you’re a first home buyer, property investor or refinancer. In fact its home loans even won two Mozo Experts Choice Awards in 2020 for best First Home Buyer Loan and best Fixed Rate Home Loan.

You don’t have to live in Australia’s wine state to be eligible for a BankSA home loan. Anyone with a computer or phone can apply for a BankSA home loan as long as you meet the home lending criteria.

Liking what you hear? On this page, you’ll find all you need to know about BankSA home loans including the features to keep an eye out for, how its home loans were rated by the Mozo community and what you’ll need to apply for a BankSA home loan.

What home loans do BankSA offer?

Rates and fees verified as correct at 21 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

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.

Home loan repayments calculator

years

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

Variable Rate Home Loans

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.

Home loan repayments calculator

years

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

Fixed Package Home Loan

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.

Home loan repayments calculator

years

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

Variable Package Home Loan

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.

Home loan repayments calculator

years

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

Line of Credit

Line of Credit

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 home loan features in a glance

Image of coins

Interest offset facility

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.

Repayment Icon

Automatic repayments

You’ll never be late on a payment again when you set up automatic repayments from your nominated BankSA bank account.

Repayment Icon

Additional repayments

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.

Home loan icon

Deposit Protect Bond

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.

Home loan icon

Family Pledge

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%).

How are BankSA home loans rated?

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.

Icon of home-loans
BankSA home loans
Overall
7.2/10
Price
Features
Customer service
Convenience
Trust

288 Reviews

Recent BankSA home loan reviews

BankSA Basic Home Loan review
Overall 1/10
Very bad treatment of all pensioners, with loans

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 review

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.

Price
5/10
Features
3/10
Customer service
1/10
Convenience
2/10
Trust
1/10
Less
Rob, South Australia, reviewed 2 months ago
BankSA Basic Home Loan review
Overall 6/10
Great support, industry professionals, could use.

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 review

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.

Price
10/10
Features
8/10
Customer service
5/10
Convenience
5/10
Trust
10/10
Less
Zak, South Australia, reviewed 3 months ago
BankSA Basic Home Loan review
Overall 7/10
Communication issues

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 review

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.

Price
7/10
Customer service
2/10
Convenience
3/10
Trust
6/10
Less
David, South Australia, reviewed 3 months ago
BankSA Variable Home Loan (Advantage Package) review
Overall 9/10
We refinanced with BankSa and saved heaps of money

We refinanced with Bank Sa and saved heaps of money with their help. Very helpful and thorough staff.

Read full review

We refinanced with Bank Sa and saved heaps of money with their help. Very helpful and thorough staff.

Price
10/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Sophie, South Australia, reviewed 3 months ago
BankSA Variable Home Loan (Advantage Package) review
Overall 9/10
Excellent bank with great customer service.

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 review

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.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
7/10
Trust
9/10
Less
Damien, South Australia, reviewed 3 months ago

What do you need to apply for a BankSA home loan?

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:  

  • Your full name and contact details (if you’re not a current BankSA customer)
  • Savings account statements, covering the last three months
  • Your last two consecutive pay slips, with details of each component of your income, your current or year-to-date gross and net income, and the name of your current employer. Self employed applicants will need to show copies of their personal income tax return and full financial statements for the past two years, as well as provide a copy of their most recent financial year's assessment notice (must be no older than 18 months). 
  • Details of existing loans (including HECS or other government debts), credit cards and expenses 
  • Details of the property you want to buy (i.e. strata title, plans and specifications)
  • Proof of deposit including receipt of deposit paid, gifts from family/friends, sales of assets (other than real estate), etc.
  • Refinancers will need to provide a current loan statement showing the balance owing and payment history for at least the past six months. 

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