This home loan comes with competitive interest rates and no monthly fees.
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.
$2,000 refinance cashback offer
BankSA is offering refinancers a $2,000 cashback for refinance applications made between 01 April 2020 and 29 May 2020, with settlement by 31 July 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 $200,000. Excludes refinances from other BankSA loans or loans from Westpac, Bank of Melbourne, St. George and RAMS. Other fees, charges, terms and conditions apply.
| Product Name | BankSA Basic Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $30,000 |
| Minimum Loan Term | N/A |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Loan Portable | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $500 (waived for loans above $150,000) |
|---|---|
| Valuation Fee | From $164 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $100 |
| Discharge Fee | $350 |
Pros
- No monthly account keeping fee
- Available for owner occupiers and investors
Cons
- There is a $350 discharge fee
Things to consider about this loan
This loan can be used by owner occupiers or investors buying a property or vacant land. The most competitive rate is for home buyers only. You can borrow up to 90 or 95% of your property's value depending on your situation.
Features of the BankSA Basic Home Loan
There are a few features which you should be mindful when comparing the Basic Home Loan from BankSA.
- Loan amounts. The minimum loan amount is $30,000.
- Loan term. Up to 30 years available for principal and interest repayments, or 15 years for interest based repayments.
- Redraw. Borrowers can access any extra payments they have made and save on withdrawal fees by making the request over the phone or online. There is a $50 fee for redraw via a branch.
- Family Pledge. This can help reduce or completely avoid having to pay Lender’s Mortgage Insurance (LMI); if a guarantor agrees to take responsibility for part of your home loan by using his/her home’s equity to add security to your loan agreement.
- Repayment Pause. Lower or halt repayments for 3-12 months if/when you have a legitimate period of time away from work, such as maternity leave
What fees and charges come with this loan?
- Monthly account-keeping fee. Being a basic home loan means there are no monthly fees charged for this loan.
- Establishment fee. This loan has an establishment fee of $500 (waived for loans above $150,000) which covers the set up costs of this loan. It is currently waived when you borrow over $150,000.
- Discharge fee. From $350. This is charged when you exit the loan.
- Settlement fee: $100. This one-off fee covers the costs of setting up your loan account.
- Redraw fee: $50 when redrawing in a BankSA branch.
How do I apply for this loan?
If you think that the BankSA Basic Home Loan could work for you, click the green button to get in touch with a lending specialist from the bank. Make sure you have the following information on hand:
- Employment details including addresses and phone numbers
- Income details including assets
- Details of any other loans (personal or home), credit card debts or store cards
