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BankSA Basic Home Loan

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan between $150,000 and $2,000,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a interest only loan between $150,000 and $2,000,000 with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan between $150,000 and $2,000,000 with an LVR below 90%

The details shown below are for an investor taking out a interest only loan between $30,000 and $2,000,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $30,000 and $2,000,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a interest only loan between $30,000 and $2,000,000 with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan between $30,000 and $2,000,000 with an LVR below 90%

The details shown below are for an investor taking out a interest only loan between $30,000 and $2,000,000 with an LVR below 80%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $150,000 $2,000,000

  • Owner Occupier (Interest Only)

    LVR < 80%

    Loan: $150,000 $2,000,000

  • Investor (Principal & Interest)

    LVR < 90%

    Loan: $150,000 $2,000,000

  • Investor (Interest Only)

    LVR < 80%

    Loan: $30,000 $2,000,000

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $30,000 $2,000,000

  • Owner Occupier (Interest Only)

    LVR < 80%

    Loan: $30,000 $2,000,000

  • Investor (Principal & Interest)

    LVR < 90%

    Loan: $30,000 $2,000,000

  • Investor (Interest Only)

    LVR < 80%

    Loan: $30,000 $2,000,000

Rate
2.54% p.a.
Comparison Rate
2.56% p.a.
Service fee
$0.00
Upfront fee
$100
Rate
3.14% p.a.
Comparison Rate
3.16% p.a.
Service fee
$0.00
Upfront fee
$100
Rate
2.99% p.a.
Comparison Rate
3.01% p.a.
Service fee
$0.00
Upfront fee
$100
Rate
3.19% p.a.
Comparison Rate
3.21% p.a.
Service fee
$0.00
Upfront fee
$100
Rate
3.97% p.a.
Comparison Rate
4.02% p.a.
Service fee
$0.00
Upfront fee
$600
Rate
3.14% p.a.
Comparison Rate
3.19% p.a.
Service fee
$0.00
Upfront fee
$600
Rate
4.54% p.a.
Comparison Rate
4.59% p.a.
Service fee
$0.00
Upfront fee
$600
Rate
4.83% p.a.
Comparison Rate
4.88% p.a.
Service fee
$0.00
Upfront fee
$600

Mozo editorial review BankSA Basic Home Loan

Last updated: 26 October 2020.

binocular icon
What's hot
  • Low rates starting from 2.54% (2.56% comparison rate)*
  • 2020 Mozo Experts Choice Award
  • Free extra repayments and a redraw facility
  • $0 ongoing service fees
What's not
  • No offset account
Mozo snapshot

If you are looking for a basic home loan without any bells and whistles the BankSA Basic Home Loan is a worthy contender. Not only will you be free of the bite of monthly service fees and upfront fees (apart from a $100 settlement fee), BankSA also offers a low rate of just 2.54% (2.56% comparison rate)* for an owner occupier and 2.99% (3.01% comparison rate)* for an investor.

It could even be a great choice for first time buyers, as it was named a 2020 Mozo Experts Choice Award winner in the Best First Home Buyer Loan category.

key icon
Key features

The BankSA Basic Home Loan has a 2.54% variable interest rate (2.56% comparison 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.


snapshot
Who is it good for

Anyone who's looking for a basic home loan, whether you're a first time investor or buying your first home. 

question icon
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. 

Details

Rates and fees information correct as at 17 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.54% p.a.

  • n/a

  • n/a

  • n/a

  • 2.56% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $100.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $150,000

  • $2,000,000

  • none

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property when you refinance a property with a minimum loan size of $250,000 (excludes refinances from Westpac Group). Loans with an LVR <80% can receive an additional $2,000 cash back.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 17 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.14% p.a.

  • n/a

  • n/a

  • n/a

  • 3.16% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $100.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $150,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property when you refinance a property with a minimum loan size of $250,000 (excludes refinances from Westpac Group). Loans with an LVR <80% can receive an additional $2,000 cash back.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 17 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.99% p.a.

  • n/a

  • n/a

  • n/a

  • 3.01% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $100.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $150,000

  • $2,000,000

  • none

  • 90.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property when you refinance a property with a minimum loan size of $250,000 (excludes refinances from Westpac Group). Loans with an LVR <80% can receive an additional $2,000 cash back.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 17 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.19% p.a.

  • n/a

  • n/a

  • n/a

  • 3.21% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $100.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $30,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Investor

  • Interest Only

  • Monthly

  • yes - free

  • yes

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 17 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.97% p.a.

  • n/a

  • n/a

  • n/a

  • 4.02% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $500.00

  • $0.00

  • $0.00

  • $100.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $30,000

  • $2,000,000

  • none

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property when you refinance a property with a minimum loan size of $250,000 (excludes refinances from Westpac Group). Loans with an LVR <80% can receive an additional $2,000 cash back.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 17 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.14% p.a.

  • n/a

  • n/a

  • n/a

  • 3.19% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $500.00

  • $0.00

  • $0.00

  • $100.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $30,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Interest Only

  • Monthly

  • yes - free

  • yes

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 17 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 4.54% p.a.

  • n/a

  • n/a

  • n/a

  • 4.59% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $500.00

  • $0.00

  • $0.00

  • $100.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $30,000

  • $2,000,000

  • none

  • 90.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property when you refinance a property with a minimum loan size of $250,000 (excludes refinances from Westpac Group). Loans with an LVR <80% can receive an additional $2,000 cash back.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 17 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 4.83% p.a.

  • n/a

  • n/a

  • n/a

  • 4.88% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $500.00

  • $0.00

  • $0.00

  • $100.00

  • n/a

  • $0.00

  • $350.00

Other financial bits
  • $30,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Investor

  • Interest Only

  • Monthly

  • yes - free

  • yes

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • Receive $2,000 cashback per property when you refinance a property with a minimum loan size of $250,000 (excludes refinances from Westpac Group). Loans with an LVR <80% can receive an additional $2,000 cash back.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Customer Reviews

How are BankSA home loans rated by the Mozo community?

Overall
7.2/10
Price
6.8/10
Features
6.5/10
Customer service
7.3/10
Convenience
7.8/10
Trust
7.2/10

Latest reviews of BankSA Basic Home Loan

  • Overall 7/10
    No fuss.

    Pretty good. Staff at our local branch helpful. Loan was application easy.

    Read full review

    Pretty good. Staff at our local branch helpful. Loan was application easy.

    Price
    8/10
    Features
    6/10
    Customer service
    8/10
    Convenience
    5/10
    Trust
    7/10
    Less
    Michael, South Australia reviewed 11 months ago
  • Overall 7/10
    Flexible options and user friendly online platform

    The features for the Basic Home Loan suit my own needs, particularly redraw options, however their interest rates could certainly be more competitive.

    Read full review

    The features for the Basic Home Loan suit my own needs, particularly redraw options, however their interest rates could certainly be more competitive.

    Price
    8/10
    Features
    8/10
    Customer service
    7/10
    Convenience
    9/10
    Trust
    7/10
    Less
    Jesse, South Australia reviewed about 1 year ago
  • Overall 0/10
    The worst bank for loyal existing customers

    This is one of the worst banks for loyal existing customers. I have been with BankSA for my home loan for more than 4 years now. My loan interest rate was gradually increased without notifying me. Now I see they have reduced interest for new customer with a big difference to my loan. I spoke to the bank and they say we have the same product for new customer at lower rates but not for existing customers. What a bad bank!

    Read full review

    This is one of the worst banks for loyal existing customers. I have been with BankSA for my home loan for more than 4 years now. My loan interest rate was gradually increased without notifying me. Now I see they have reduced interest for new customer with a big difference to my loan. I spoke to the bank and they say we have the same product for new customer at lower rates but not for existing customers. What a bad bank!

    Price
    0/10
    Features
    0/10
    Customer service
    0/10
    Convenience
    0/10
    Trust
    0/10
    Less
    Zeeshan, South Australia reviewed about 1 year ago
  • Overall 8/10
    Nice people.

    They always put you first.

    Read full review

    They always put you first.

    Price
    10/10
    Features
    -1/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Rakiya, South Australia reviewed about 1 year ago
  • Overall 10/10
    Low cost for pensioners

    Once you have it set up, it starts instantly. Pay your monthly payments and add money when you can.

    Read full review

    Once you have it set up, it starts instantly. Pay your monthly payments and add money when you can.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Barbara, South Australia reviewed over 2 years ago
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About BankSA

BankSA is the largest financial institution in South Australia, and boasts the largest network of branches and ATMs in the state. BankSA aims to help South Australians get the best from their money, and offers a wide range of bank accounts, home loans, personal loans, credit cards and other financial services.

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2.23% p.a.

$0.00

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.