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 per property for refinance applications made between 1 April and 31 July 2020 and settled by 30 September 2020. This offer is available on Advantage Package and Basic Home loans (owner-occupier loans with principal-and-interest repayments, and all investment loans). The offer is not available on owner-occupier loans with interest-only repayments. To qualify for the offer you will have to pay the $395 annual package fee via an eligible BankSA transaction account.
You need to be refinancing a minimum loan amount of at least $200,000 per property refinanced. 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 Insured LVR||90%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||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.|
- No monthly account keeping fee
- Available for owner occupiers and investors
- 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?
- 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