BankSA home loans

BankSA
BankSA's overall rating for home loans

(as rated by the Mozo community)

7.2 / 10

based on 70 reviews

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.

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.

Rates and fees verified as correct at 08 December, 2016. Other information correct at the time of writing.

What home loans do BankSA offer?

Fixed Rate Home Loans Fixed Rate Home Loans

If you want to to protect yourself against rising interest rates, BankSA’s fixed home loan is available 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 all fixed loans you can also choose between making principal and interest and interest only repayments. With BankSA’s fixed home loan, you can make additional payments of up to $10,000 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 apply and 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 ‡

4.44% p.a.

5.43% p.a.

$10.00 monthly

$700

4.44% p.a.

5.40% p.a.

$10.00 monthly

$700

4.24% p.a.

5.20% p.a.

$10.00 monthly

$700

4.24% p.a.

5.17% p.a.

$10.00 monthly

$700


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Variable Rate Home Loans Variable Rate Home Loans

BankSA’s variable home loans are among the most competitive on the market. There is a no frills basic home loan which is available from a minimum loan of $30,000 and a full-featured standard variable rate loan. The loans have a maximum LVR of 95% and are available for loan terms up to 30 years. With BankSA variable loans you’ll be able to pick and choose from a range of flexible features such as additional repayments ability, a redraw facility and repayment pause. If you are looking for your first home loan BankSA’s family pledge feature could save you from paying Lender’s Mortgage Insurance as it allows a family member to use their own home’s equity to provide security for your loan. If you opt for the Standard variable loan option, you’ll be charged a monthly administration fee so take advantage of the full interest offset facility that can help reduce the interest you’ll pay.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

5.00% p.a.

5.05% p.a.

$0.00

$700

4.96% p.a.

5.01% p.a.

$0.00

$700

4.75% p.a.

4.80% p.a.

$0.00

$700

4.71% p.a.

4.76% p.a.

$0.00

$700

4.33% p.a.

4.34% p.a.

$0.00

$100

4.29% p.a.

4.30% p.a.

$0.00

$100

4.12% p.a.

4.13% p.a.

$0.00

$100

4.08% p.a.

4.09% p.a.

$0.00

$100

5.58% p.a.

5.75% p.a.

$10.00 monthly

$700

5.54% p.a.

5.71% p.a.

$10.00 monthly

$700

5.33% p.a.

5.50% p.a.

$10.00 monthly

$700

5.29% p.a.

5.46% p.a.

$10.00 monthly

$700


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Fixed Package Home Loan 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 $10,000 p.a. in extra repayments.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.29% p.a.

5.18% p.a.

$395.00 yearly

$100

4.29% p.a.

5.04% p.a.

$395.00 yearly

$100

4.29% p.a.

5.00% p.a.

$395.00 yearly

$100

4.29% p.a.

4.97% p.a.

$395.00 yearly

$100

4.29% p.a.

4.94% p.a.

$395.00 yearly

$100

4.29% p.a.

5.15% p.a.

$395.00 yearly

$100

4.29% p.a.

5.01% p.a.

$395.00 yearly

$100

4.29% p.a.

4.98% p.a.

$395.00 yearly

$100

4.09% p.a.

4.95% p.a.

$395.00 yearly

$100

4.09% p.a.

4.81% p.a.

$395.00 yearly

$100

4.09% p.a.

4.77% p.a.

$395.00 yearly

$100

4.09% p.a.

4.74% p.a.

$395.00 yearly

$100

4.09% p.a.

4.71% p.a.

$395.00 yearly

$100

4.09% p.a.

4.92% p.a.

$395.00 yearly

$100

4.09% p.a.

4.78% p.a.

$395.00 yearly

$100

4.09% p.a.

4.75% p.a.

$395.00 yearly

$100


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Variable Package Home Loan 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. The annual fee applies to your variable rate home loan package, but you’ll still get all the same money-saving benefits as the fixed rate alternative, like a fee free redraw facility and an offset account, as well as unlimited additional repayments. You also have a range of payment options, including weekly, fortnightly or monthly payments, which you can pay via direct debit for added convenience, and 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 ‡

4.98% p.a.

5.37% p.a.

$395.00 yearly

$100

4.78% p.a.

5.17% p.a.

$395.00 yearly

$100

4.73% p.a.

5.12% p.a.

$395.00 yearly

$100

4.68% p.a.

5.07% p.a.

$395.00 yearly

$100

5.33% p.a.

5.71% p.a.

$395.00 yearly

$100

4.64% p.a.

5.03% p.a.

$395.00 yearly

$100

5.29% p.a.

5.67% p.a.

$395.00 yearly

$100

4.94% p.a.

5.33% p.a.

$395.00 yearly

$100

4.74% p.a.

5.13% p.a.

$395.00 yearly

$100

4.69% p.a.

5.08% p.a.

$395.00 yearly

$100

4.73% p.a.

5.12% p.a.

$395.00 yearly

$100

4.53% p.a.

4.93% p.a.

$395.00 yearly

$100

4.48% p.a.

4.88% p.a.

$395.00 yearly

$100

4.43% p.a.

4.83% p.a.

$395.00 yearly

$100

5.08% p.a.

5.46% p.a.

$395.00 yearly

$100

4.39% p.a.

4.79% p.a.

$395.00 yearly

$100

5.04% p.a.

5.43% p.a.

$395.00 yearly

$100

4.44% p.a.

4.84% p.a.

$395.00 yearly

$100

4.69% p.a.

5.08% p.a.

$395.00 yearly

$100

4.49% p.a.

4.89% p.a.

$395.00 yearly

$100


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Line of Credit 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 $10,000 p.a. for fixed option) if you want to reduce your interest payments. There is a monthly service fee, but you’ll receive awesome 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

5.63% p.a.

n/a

$14.00 monthly

$800

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BankSA home loan features in a glance

Interest offset facilityInterest 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.

Automatic repaymentsAutomatic repayments

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

Additional repaymentsAdditional 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 repayments over the term of your loan. For BankSA’s fixed rate loan, you can make up to $10,000 p.a. in additional repayments without break costs.

Deposit Protect BondDeposit 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.

Family PledgeFamily Pledge

This 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?

Want to know if a BankSA home loan is the right home loan for you? Mozo asked real BankSA customers to rate their home loans on the bare essentials including price, features and convenience (just to name a few). See how they scored here.

BankSA home loans

Overall 7.2*

Price

Features

Customer service

Convenience

Trust

70 Reviews

* Overall rating based on reviews in the past 12 months.

Recent BankSA home loan reviews Recent BankSA home loan reviews

BankSA

BankSA Variable Home Loan (Owner Occupier, Principal & Interest) (Advantage Package) home loan review

Overall rating   8 / 10

Good customer service

Good customer service and very easy to set-up. Online monitoring of account very useful.

Full review

Good customer service and very easy to set-up. Online monitoring of account very useful.

    Price   7 / 10

    Features   8 / 10

    Customer service   6 / 10

    Convenience   8 / 10

    Trust   8 / 10

Less

Andrew (SA), reviewed 8 months ago

BankSA

BankSA Variable Home Loan (Owner Occupier, Principal & Interest) (Advantage Package) home loan review

Overall rating   10 / 10

Great advantages, low fees

We never looked back with this offset loan. Paid our house off and investment property very quickly. Would recommend to anyone.

Full review

We never looked back with this offset loan. Paid our house off and investment property very quickly. Would recommend to anyone.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Heather (SA), reviewed 8 months ago

BankSA

BankSA Variable Home Loan (Owner Occupier, Principal & Interest) (Advantage Package) home loan review

Overall rating   7 / 10

Fantastic

We initially had a building loan and switched to this the only negative is they didn't state that the annual fee would be deducted from my account

Full review

We initially had a building loan and switched to this the only negative is they didn't state that the annual fee would be deducted from my account

    Price   6 / 10

    Features   5 / 10

    Customer service   5 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Annette (SA), reviewed 9 months ago

BankSA

BankSA Fixed Home Loan (Owner Occupier, Principal & Interest) (Advantage Package) home loan review

Overall rating   10 / 10

Great online services

Great customer service and easy to use online banking!

Full review

Great customer service and easy to use online banking!

    Price   8 / 10

    Features   10 / 10

    Customer service   9 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Monique (SA), reviewed 9 months ago

BankSA

BankSA home loan review

Overall rating   6 / 10

Competitive rates, great service.

Really good rates and good customer service.

Full review

Really good rates and good customer service.

    Price   6 / 10

    Features   6 / 10

    Customer service   7 / 10

    Convenience   6 / 10

    Trust   7 / 10

Less

Sam (SA), reviewed 10 months ago

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Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What do you need to apply for a BankSA home loan? 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 10-15 minutes.  You may need the following information:  

  • Name and contact details of each borrower (if you’re not a current BankSA customer)
  • Statements from the past six months of your savings accounts
  • Most recent payslips or a letter from your employer indicating your gross basic wage if you’re a salary/wage earner. Self employed applicants will need to show copies of their personal income tax return and financial statements for the past two years.
  • Details of any other loans (including HECS or other government debts), credit cards and other expenses of each borrower
  • 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 etc.
  • Refinancers will need to provide a current loan statement showing the balance owing and payment history for the last year.
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