BankSA Standard Variable Rate Home Loan Review | Finder

BankSA Standard Variable Rate Home Loan

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Enjoy a flexible home loan with a competitive variable interest rate with the BankSA Standard Variable Rate Loan.

BankSA has been a leading savings and deposit bank for years and now offers its customers a wide range of loans for any purpose. The BankSA Standard Variable Rate Home Loan offers competitive and flexible interest rates with the option to switch from variable to fixed interest rates at your own convenience. This loan also offers you full interest offset and redraw facilities along with flexible repayment options.

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Expert review

Marc Terrano

Review by


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

You can borrow funds with this loan to buy vacant land or to build or buy a home. The loan can also be helpful for major renovations and is available to investors who might be interested in real estate or companies looking to build. The Standard Variable Rate Home Loan is a full documentation loan, but BankSA also offers low doc loan options.

About this loan

What are the features and benefits of the BankSA Standard Variable Rate Home Loan?

  • Repayment options. BankSA offers you two repayment plans to help you choose which works best for you - interest-only repayments or principal and interest repayments. You can choose a weekly, fortnightly or monthly repayment plan with principal and interest based loans, while only monthly repayments are available for interest-only repayments.
  • Additional repayment options. You can make additional payments without attracting any extra fees to help you finish your loan repayments faster. Moreover, you can use automatic repayments to ensure your monthly or weekly repayments are paid on time.
  • Loan redraw. You can access any extra payments you make by requesting to redraw funds. You can also save on the relevant charges by making your request through Internet banking or over the phone.
  • Repayment pause. You can take a break from paying your loan as long as you have a valid reason to do so, such as a period where you are on leave from work.
  • Split your loan. You can split your loan into fixed and variable rate portions.
  • Family pledge. Get a close family member to guarantee part of your home loan using their home equity and you can save on Lender's Mortgage Insurance (LMI). Depending on the amount of the loan that is guaranteed, you might reduce or even completely avoid paying the insurance premiums.
  • Discounts and special interest rates. BankSA offers all of its customers the opportunity to get the Advantage Package, which offers special interest rates and fee discounts in return for an annual fee.
  • Interest offset account. You can save on interest payments by offsetting the amount in your linked transaction account with your loan balance.
  • Deposit protect bond. Using a deposit protect bond you can avoid paying a cash deposit on your loan and instead earn interest on your deposit money until the settlement date. This is especially helpful when you are using equity on an existing property to finance your loan.

What fees and charges come with this loan?

  • Save on redraw charges. You can save on redraw charges by making your request via internet banking or over the phone.
  • LMI. By using a family member's home equity as guarantee, you can avoid paying for the lender's mortgage insurance and save on expenses.
  • Establishment fee $600. This is charged for the creation of your loan accounts.
  • Monthly account fee $10. This is charged to maintain your account.

How to apply

You will be required to provide some information when applying for a BankSA Standard Variable Rate Home Loan:

  • Personal and contact details. You'll need to provide your full legal name and a copy of documents such as your social security number and photographic identification.
  • Savings history. You will be asked to provide a copy of statements of all saving accounts you may have with any financial institutions or banks for the last three months.
  • Monetary commitments. You are required to disclose any other financial commitments you may have, such as other loans or extra expenses like maintenance and school fees.
  • Proof of income. You will be asked to show proof that you have constant earnings. For those who are self-employed, this involves providing a copy of your personal tax returns and full financial statements for the past two years. If you earn a salary, you will be requested to provide a copy of your last two payslips and a letter from a real estate agent showing the expected rental income required for any rental properties.
  • Purpose of borrowing. The bank will need to know your reason for taking out the home loan as this affects the specific details of the application process and the documents you may have to provide.
  • Other relevant documents. Depending on your reason for borrowing and your situation, the bank may ask you to provide some documents such as company title, strata title and first home owner grant details etc.

BankSA offers you several ways for you to apply for its Standard Variable Rate Home Loan. Here are a few steps to get you started:

  • Follow our secure link that will direct you to the BankSA homepage. Here you will get any more details you might need on the loan and learn of your options.
  • You are given the option of applying for the loan directly using BankSA's online portal or contacting any of the bank's home loan experts for additional assistance and information. You will also get the location of your nearest branch if you would prefer a one-on-one meeting.

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up to $4,000 cashback and borrow up to 80% of the property's value (terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

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