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 18 September, 2019. Other information correct at the time of writing.
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.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.04% p.a. | 5.49% p.a. | $10.00 monthly | $700 | ||
| 3.84% p.a. | 5.23% p.a. | $10.00 monthly | $700 | ||
| 3.94% p.a. | 5.27% p.a. | $10.00 monthly | $700 | ||
| 3.14% p.a. | 4.64% p.a. | $10.00 monthly | $700 |
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.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 5.23% p.a. | 5.28% p.a. | $0.00 | $600 | ||
| 4.94% p.a. | 4.99% p.a. | $0.00 | $600 | ||
| 4.96% p.a. | 5.01% p.a. | $0.00 | $600 | ||
| 4.37% p.a. | 4.42% p.a. | $0.00 | $600 | ||
| 3.99% p.a. | 4.04% p.a. | $0.00 | $600 | ||
| 3.74% p.a. | 3.75% p.a. | $0.00 | $100 | ||
| 3.24% p.a. | 3.26% p.a. | $0.00 | $100 | ||
| 5.81% p.a. | 5.97% p.a. | $10.00 monthly | $700 | ||
| 5.52% p.a. | 5.69% p.a. | $10.00 monthly | $700 | ||
| 5.54% p.a. | 5.71% p.a. | $10.00 monthly | $700 | ||
| 4.95% p.a. | 5.12% p.a. | $10.00 monthly | $700 |
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.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.89% p.a. | 4.74% p.a. | $395.00 yearly | $100 | ||
| 3.69% p.a. | 4.48% p.a. | $395.00 yearly | $100 | ||
| 3.79% p.a. | 4.52% p.a. | $395.00 yearly | $100 | ||
| 2.99% p.a. | 3.89% p.a. | $395.00 yearly | $100 |
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.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.50% p.a. | 4.90% p.a. | $395.00 yearly | $100 | ||
| 4.21% p.a. | 4.61% p.a. | $395.00 yearly | $100 | ||
| 4.23% p.a. | 4.63% p.a. | $395.00 yearly | $100 | ||
| 3.64% p.a. | 4.06% p.a. | $395.00 yearly | $100 |
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 |
|---|---|---|---|---|
| 6.38% p.a. | n/a | $14.00 monthly | $800 |
‡ 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.
| 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%). |
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.
Once you have it set up, it starts instantly. Pay your monthly payments and add money when you can.
Once you have it set up, it starts instantly. Pay your monthly payments and add money when you can.
Barbara, South Australia, reviewed 11 months ago
Gave us a start to get a home loan many years ago when others would not. Have a feeling of allegiance to the bank as a result.
Gave us a start to get a home loan many years ago when others would not. Have a feeling of allegiance to the bank as a result.
Melody, South Australia, reviewed over 1 year ago
I have been with a few banks but never have any provided the service these guys.
I have been with a few banks but never have any provided the service these guys.
Jon, Northern Territory, reviewed over 2 years ago
The major thing now is that with the advantage packages, the yearly fee is so high that it becomes harder to save due to rates being very low.
The major thing now is that with the advantage packages, the yearly fee is so high that it becomes harder to save due to rates being very low.
Juliska, South Australia, reviewed over 2 years ago
Good customer service and very easy to set-up. Online monitoring of account very useful.
Good customer service and very easy to set-up. Online monitoring of account very useful.
Andrew, South Australia, reviewed over 3 years ago
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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:
