Key features:
The BankSA Basic Home Loan has a 3.8% variable interest rate for owner occupier loans. You can enjoy a fee free home loan as there are no loan establishment fee (loans over $150,000) and no monthly service fees. You can borrow up to 95% loan to value ratio but for all loans over 80% LVR you'll need to pay Lenders Mortgage Insurance.
The loan comes with flexibility to time your repayments to suit you with weekly, fortnightly or monthly repayment options. You can make extra repayments and there is a free redraw facility which could come in handy down the track if you want to upgrade the bathroom or kitchen.
Should you need a break from work for legitimate reasons like maternity leave, there is a repayment pause feature where you can reduce or pause your repayments between 3 - 6 months.
Make your life easy and set up automatic repayments from your nominated bank account.
Who it's good for:
Anyone who's looking for a basic home loan, whether you're a first time investor or buying your first home.
Any catches?
This home loan has just the basics and doesn't come with an offset account which can help you to save on interest. But as there isn't a minimum redraw limit you can make extra repayments to reduce your interest and redraw them when (if) you need later down the track.
