The BankSA Advantage Package Fixed Home Loan allows you to combine your home loan, credit card and transaction account into one package.
This home loan provides flexible repayment options where you can choose the home loan, credit card and transaction account most suitable for your situation. It has fixed rates with options for home buyers and investors. You can choose between principal and interest or interest only repayments.
With the Basic Home Loan from BankSA you can enjoy a discount on your variable rate and some simple features designed to help you pay your loan off quicker.
$4,000 refinance cashback offer
BankSA is offering refinancers a $4,000 cashback for refinance applications made between 24 February 2020 and 31 March 2020, with settlement by 31 May 2020. This offer is available on Advantage Package and Basic Home loans (owner-occupier principal-and-interest repayments, investor principal-and-interest repayments and investor interest-only repayments).
You need to be refinancing a minimum loan amount of at least $250,000. If refinancing multiple properties you can gain an additional $2,000 cashback for every additional property. Excludes refinances from other BankSA loans or loans from Westpac, Bank of Melbourne, BankSA and RAMS. Other fees, charges, terms and conditions apply.
| Product Name | BankSA Advantage Package Fixed Home Loan |
|---|---|
| Interest Rate Type | Fixed |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | No |
| Loan Portable | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Valuation Fee | From $164 |
| Ongoing Fees | $395 p.a. |
| Settlement Fee | $100 |
| Discharge Fee | $350 |
Pros
- $0 application fee
- Flexible repayments
Cons
- A $350 discharge fee applies when closing the loan
- $100 settlement fee
- $395 annual service fee
Things to consider about the BankSA Advantage Package
The Advantage Package Fixed Home Loan from BankSA is suitable for first home buyers, investors and refinancing. To create your own Advantage Package you’ll need to pick a home loan, credit card and transaction account from BankSA.
Features of the BankSA Advantage Package
- All-in-one package. Having all your financial products combined with the one bank means you can access them all at once and can help you better manage your finances.
- Partial offset account. You can reduce interest payments on your home loan with the partial interest-offset feature linked to your BankSA transaction account.
- Flexible repayments. Repayments are flexible. You can choose to make them weekly, fortnightly, or monthly.
- Redraw facility available. Another feature of the package is that you can redraw excess payments made previously on your loan.
What fees and charges come with this loan?
The BankSA Advantage Package Fixed Home Loan has few fees apart from the settlement, discharge and annual package fee.
- Settlement fee: $100. BankSA charges this fee to cover the initial set-up of a home loan.
- Annual package fee: $395. You can pay the annual package fee from a BankSA transaction account (which is part of the package).
- Discharge fee: $350. You pay a discharge fee when you end the home loan, either by repaying it or by refinancing to another lender.
How do I apply for this loan?
To apply for this product or to get more information, click the green "Go to site" button and leave your details on the BankSA's website. A BankSA lending specialist will get in touch with you to help you start the application process and answer all your questions.
I have a Bank SA Complete Freedom Offset account and am using it with a loan mortgage.
What happens if there is more money in the offset account than is owed on the mortgage.
This will happen due to a deposit which will only be in the account for a short time. say 3-10 days.
Hi Jack,
Thanks for your question.
Generally if the offset account balance is more than the home loan balance then no interest will be charged to the home loan.
However, it’s best to get in touch with BankSA to confirm this is the case.
Cheers,
Shirley