BankSA 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.

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.

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.

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.

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.