BankSA Relocation Loan

The Relocation Home Loan from BankSA acts a bridging loan to give you funds to pay for your new property’s deposit as you wait to sell your current property.

The BankSA Relocation Loan can help alleviate the stress that comes with timing the sale of your old property and the purchase of a new one.

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Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

Borrowers get two options with the Relocation Loan; you can select a loan with or without an end loan. With no end loan, you’ll be required to pay your loan in full when the existing property is sold. With an end loan, you get to select one of the many BankSA Home Loans when your property is sold. This option allows customers to have two loans that take care of the relocation period and the continuing end loan which you have selected after the period for the Relocation Loan comes to completion.

The repayments will differ depending on the loan you have and so will the loan term. It’s important to point out that the loan term for building loans is 12 months and for non-building loans, it’s six months.

About this loan

The Relocation Loan gives customers a smooth transition when disposing of one property and relocating to another. Borrowers have access to funds to pay a deposit for the new property and can borrow the balance when they settle the first loan. As mentioned, this loan is designed to be a substitute to bridging finance, which can be quite expensive.

This loan is not only suitable for purchasing a personal home but could also be used for investments. Investors who are building, buying land to build or buying a property can access this loan. If you are taking the Relocation Loan for building, the building needs to be completed in six months. This loan is not available for extended settlement loans, vacant land or owner building. If you are taking it as a building loan, you are free to live in your home while you await completion of the one in construction.

It should be noted that the interest rates with a "no end loan" are the BankSA standard variable interest rates, whereas if an end loan is selected it will be the applicable interest rate for that loan.

When it comes to repayments, these differ depending on whether you have a Relocation Loan with end loan or no end loan. With an end loan from BankSA, the borrower has a choice and can pay interest only or interest plus principal payments. With no end loans, interest is capitalised and the borrower pays the entire loan upon settlement of the property on sale.

What are the features and benefits of the BankSA Relocation Loan?

Customers get to choose the features they need with the Relocation Loan.

  • Deposit Protect Bond: This can be used on end or no end Relocation Loan options. BankSA allows borrowers to utilise Direct Protection Bonds as opposed to immediately paying cash deposits. The bond can be used until settlement and this option is useful when using an existing property as equity to finance the new property.
  • Split rate options: It's possible to split the end loan with part fixed interest rate and part variable rate.
  • Interest offset options: Whether or not you can attach an offset account to your loan will depend on the exact BankSA product you choose, but they are available.
  • Additional repayments and redraw: You can make additional repayments on your loan (if you have an end loan) and use the redraw facilities to get access to these funds if you need them again. If you don't have an end loan, no payments are required, but you can make lump sum repayments if you'd like to.

What fees and charges come with this loan?

The Relocation Loan from BankSA has fees you can avoid and others you can't avoid.

  • Transfer withdrawals and BPAY transactions on all loans are free when using phone and internet banking
  • No approval fees are charged if you make a redraw request using phone or internet banking
  • Establishment fees. These differ depending on the type of Relocation Loan. For a Relocation Loan with a BankSA end loan, the establishment fee is , while the establishment fee for a Relocation Loan with no end loan is $1350
  • Monthly administration fees. These are each year (split into monthly payments) for all Relocation Loan accounts

How to apply

You can enquire about the Relocation Loan from BankSA online to get more information about this loan. If you feel that the Relocation Loan might be useful for you, you'll need the following documents to apply.

The requirements differ depending on your source of income and the purpose of the loan. The list below is not an extensive one and you may be required to produce more documents.

  • Saving history
  • Proof of income
  • Personal income tax returns along with complete financial statements for two years
  • Copy of the latest assessment notice
  • A letter from any real estate with indication of possible rental income
  • A recent residential tenancy agreement copy and bank statement indicating rental payments or a statement from the real estate agent managing the property Centrelink payments
  • A letter from the Department of Social Security or Centrelink with current entitlement details
  • Commission bonus details from employer/tax return copies
  • Details of financial commitments with other financial institutions
  • Borrowing purpose details
  • Grant details for first home owners
  • Strata title/company title if available

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