BankSA Basic Home Loan

Rates and Fees verified correct on October 26th, 2016

The basic home loan comes with decent interest rates and no monthly fees. It is certainly one to have on your shortlist.

Not every borrower wants or needs a host of features with their home loan. Rather than pay for these features, no frills home loans such as the BankSA Basic Home Loan offers lower rates and fees in return for being light on extras.

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.

Interest Rate Max Insured LVR Max LVR
Promotional Rate (Investors, IO)
4.23% p.a.
Comparison Rate
4.24% p.a.
95% 80%
Promotional Rate (Investors, P&I)
4.19% p.a.
Comparison Rate
4.20% p.a.
95% 80%
Promotional Rate (Owner Occupiers, IO)
4.02% p.a.
Comparison Rate
4.03% p.a.
95% 80%
Promotional Rate (Owner Occupiers, P&I)
3.98% p.a.
Comparison Rate
3.99% p.a.
95% 80%
Regular Rate (Investors,IO)
5% p.a.
Comparison Rate
5.05% p.a.
95% 80%
Regular Rate (Investors,P&I)
4.96% p.a.
Comparison Rate
5.01% p.a.
95% 80%
Regular Rate (Owner Occupiers, IO)
4.75% p.a.
Comparison Rate
4.80% p.a.
95% 80%
Regular Rate (Owner Occupiers, P&I)
4.71% p.a.
Comparison Rate
4.76% p.a.
95% 80%
Product NameBankSA Basic Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$100,000
Maximum Loan Amount$1,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Suitable for InvestmentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$100
Discharge Fee$350


  • No monthly account keeping fee
  • Available for owner occupiers and investors


  • No offset account

Things to consider about this loan

The Basic Home Loan is a full documentation loan, which means you’ll have to supply the full range of paperwork generally expected when applying for a home loan. If you’re self-employed or find it hard to prove your income for other reasons BankSA also offer low doc loan options.

This loan can be used by owner occupiers or investors buying a property or vacant land.

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 $100,000 and the maximum is $1,000,000 for this loan.
  • 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.
  • 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
  • Deposit Protect Bond: You can use a Deposit Protect Bond instead of paying an immediate cash deposit, this way you can keep earning interest on deposit money until the settlement is completed. This is also ideal for borrowers using equity from an existing property


Fees you can avoid:

  • 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 $0 which covers the set up costs of this loan.

Fees you can’t avoid:

  • Valuation fee. From . This is charged to find the value of your property and the exact amount depends on the property location and size.

Applying for this loan

In order to be eligible for this loan you must be at least 18 years old, have sufficient income on a self-employed or employed basis and pass the identity and credit verification process:

  1. The first step is to make an initial application. Most people choose to do this through the easy 15 minute online application form. You can also do so in person in your nearest branch, or over the telephone. This stage involves the provision of some basic information about yourself and your financial situation.
  2. Confirmed approval is the 2nd stage of the process. This is where BankSA confirm that you are potentially eligible for the loan to which you have applied.
  3. Next, your application information will require verification. You will be asked to provide proof of income, proof of wealth, details about the purpose of your loan and documents relating to your general financial situation. This information will be sent to the lender, along with standard verification documents to confirm you are who you claim to be.
  4. The property which you wish to purchase will then be valued. This is to ensure that the loan is based on the true value of the assets being purchased.
  5. Next, all of the collated information will be assessed by an underwriting team. They will then come to a judgement as to whether you qualify for the loan.
  6. If you are approved the loan you will be sent a contract to sign, terms and conditions and any other relevant paperwork.
  7. Agreed Settlement. After the paperwork is signed and returned to the lender your loan will commence.

Enquire about this home loan

BankSA Basic Home Loan Interest Rate History vs RBA Cash Rate Graph

Enquire about this home loan
Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 25 April 2016 at 3:12.

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

BankSA Basic Home Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR


Ask a question