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BankSA Basic Home Loan

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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.

Refinance cashback offer

Eligible customers switching to BankSA can get a $4,000 cashback. This offer consists of one $2,000 cashback plus a bonus $2,000 cashback.

The offer is available for borrowers refinancing an owner occupier loan with principal and interest repayments or an investment loan. The offer is available on the Basic Home Loan and the Advantage Package Home Loan.

You must be refinancing a minimum loan amount of $200,000 per property. There is a limit of one cashback available per property refinanced. The cashback excludes anyone refinancing from within the Westpac group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS).

You must apply by 31 January 2021 and settle the loan by 31 March 2021. Other conditions apply.

Interest Rate Max Insured LVR Max LVR
Owner Occupier, P&I
2.64% p.a.
Comparison Rate
2.66% p.a.
80% 60%
Promotional Rate (Investor, IO)
3.29% p.a.
Comparison Rate
3.31% p.a.
90% 80%
Promotional Rate (Investor, P&I)
3.09% p.a.
Comparison Rate
3.11% p.a.
90% 80%
Regular Rate (Owner Occupier, IO)
3.99% p.a.
Comparison Rate
4.00% p.a.
90% 80%
Product NameBankSA Basic Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$30,000
Minimum Loan TermN/A
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee$500 (waived for loans above $150,000)
Valuation FeeFrom $164
Ongoing Fees$0 p.a.
Settlement Fee$100
Discharge Fee$350


  • 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

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BankSA Basic Home Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $500 (waived for loans above $150,000) / $0

  • Max LVR


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