The Advantage Package from BankSA allows you to combine your home loan, credit card and transaction account into one package, saving money and time through the process.
This home loan provides flexible repayment options where you can choose the home loan, credit card and transaction account most suitable for your situation. You can also save 0.97% p.a. off the standard variable rate with the Advantage package if your loan amount is $500,000 or more, but terms and conditions apply.
Cashback offers for the Advantage Package
Eligible borrowers can receive a cashback when taking out a principal and interest BankSA Advantage Package loan with a minimum loan size of $200,000. Customers refinancing an owner occupier or investment loan can receive a $2,000 cashback on applications received from 8 October 2018 and settled by 31 December 2018. New owner occupier and investment borrowers can receive a $1,500 cashback and must apply between 7 November and 31 December 2018, with settlement by 28 February 2019.
Cashback offers exclude Portfolio loans and customers refinancing from within the Westpac banking group.
You can also receive discounts off your home loan interest rates, Home Loan Protection, Home and Contents Insurance and Protection Plans premium.
Things to consider about the BankSA Advantage Package
|Product Name||BankSA Advantage Package Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$150,000|
|Maximum Loan Amount||$249,999|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||No|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$395 p.a.|
- $0 settlement fee.
- Flexible repayments.
- A $350 discharge fee applies when closing the loan.
- $100 settlement fee.
- $395 annual service fee.
The Advantage Package from BankSA is suitable for first home buyers, investors and refinancing. If your records are not up to date or are lacking in any way, then you may want to consider applying for a low-doc loan, which does not require the same degree of income and personal wealth documentation.
How does the BankSA Advantage Package work?
To create your own Advantage Package, you’ll need to pick a home loan, credit card and transaction account. Please refer to the table below as to which financial products you can choose.
|Home loan||Credit card||Transaction account|
|Standard variable rate||Amplify Visa||Complete Freedom|
|Portfolio loan||Vertigo MasterCard|
|Fixed rate||Platinum Visa|
|Introductory rate||Gold Low Rate Visa|
For example, if you’re an investor you could select a Portfolio Loan as part of your package. This loan will allow you a flexible line of credit that combines personal and investment finances into one loan.
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.
- Waived fees and discounts. By combing your products into the Advantage Package, you may eligible for a range of home loan interest rates discounts, insurance discounts and waived fees on other products.
- Offset accounts available. You can reduce interest payments on your home loan with the interest-offset feature available in several BankSA home loans. For example, if you select a Standard Variable Rate Loan, you can offset the funds in your linked transaction account against the balance of your home loan. If you choose to select the Fixed Rate Home Loan a similar feature allows you to reduce interest payments on the portion of your home loan which is equal to the balance of your linked transaction account.
- Flexible repayments. Repayments are flexible and you can decide the schedule; with several different options designed to make the process easier for you. If you decide to make payments based on the value of the principal borrowed and the interest rate on that loan, you can choose to make them weekly, fortnightly, or monthly for up to thirty years. If, however, you would prefer to make payments based on the interest accrued on your loan only, you can make them monthly for up to fifteen years.
- Redraw facility available. Another feature of the package is that you can redraw excess payments made previously on your loan,
and do it for free via phone or Internet banking.
Fees you can avoid
- Home loan establishment fee, monthly loan administration fee, annual credit card fee, monthly transaction account-keeping fee, monthly full offset fee. As part of the Advantage Package all of these fees are waived.
- Lender’s Mortgage Insurance (LMI). Full documentation home loans with more than 80% loan-to-value (LVR) are liable for LMI, similar to low-doc loans with more than 60% LVR.
Fees you can’t avoid
- Annual fee $395. This fee cover the maintenance of your package.
- Exit Fee. A discharge fee of $350 will be charged to finalise and close your loan account.
How to apply for the BankSA Advantage Package
If you’ve decided that you are interested in applying for the Advantage Package Loan, then please click ‘go to site’ to be safely redirected to the BankSA enquiry page. Please allow up to 15 minutes for the application process.
You must be able to prove your identity, citizenship, residency, or legal residency if born in a foreign nation. This can be done with a number of documents, including passports, birth certificates, drivers’ licenses, or government issued ID cards.
You’ll then need to verify your financials and demonstrate to the bank that you are an appropriate candidate for the Advantage Package Loan. This means that you will need to provide BankSA with documentation of your current savings history and proof of income from your employer (often in the form of pay slips). If you are a self-employed applicant, then you can fulfill this requirement by producing tax returns.
All applicants must disclose Centrelink payments, or any current entitlements, as well as any documents relating to maintenance payments. Applicants must provide a list of current financial commitments, in the form of credit card statements, personal loan statements and documentation about current expenses. All applicants must also provide documentation relevant to the purpose of their loan, including plans and specifications for the use of the new property.
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