Compare Bank Australia home loans and find a competitive loan today.
Bank Australia is Australia’s largest customer-owned bank and was formed when a number of credit unions joined forces.
Bank Australia offers a range of financial products and services. Bank Australia’s range includes a range of home loans and personal loans, credit cards, savings accounts and a number of insurance products.
Bank Australia Basic Home Loan
The Bank Australia Basic Home Loan is a variable rate loan with no application or ongoing fees.
- Interest rate of 3.86% p.a.
- Comparison rate of 3.90% p.a.
- Application fee of $595
- Maximum LVR: 80%
- Minimum borrowing: $100,000
- Max borrowing: $9,999,999
Compare Bank Australia home loans
Types of home loans offered by Bank Australia
Basic home loan
This no-frills option is aimed at budget-conscious borrowers. It offers standard home loan features at a competitive variable rate, including pre-purchase approval and a redraw facility. You can make weekly, fortnightly or monthly repayments, and you’re also allowed to make additional payments as and when you like. This loan does not attract any monthly fees.
Premium home loan
The Premium home loan can be used for loans of any purpose and discounts apply to the interest rate depending on how much you borrow. You can make interest-only repayments and additional repayments are accepted. You can choose from weekly, fortnightly or monthly repayments. This home loan comes with a free redraw facility (excluding interest-only loans), does not attract monthly fees, and offers an offset account (which does come with a fee).
Other home loans
In addition to the home loans mentioned above, Bank Australia also offers bridging loans and SMSF loans.
How to apply for a Bank Australia home loan
Documents needed to apply for a Bank Australia home loan
Bank Australia requires personal information from all its loan applicants to verify their identity. If you are not an existing Bank Australia customer your identity is confirmed via an electronic verification system. Documents that help establish your identity include the following:
- Australian passport
- Australian driver’s licence
- Medicare card
Property-related information is required to establish ownership, and as part of this you will have to submit the following:
- Certificate of title
- Contract of sale
- Copy of transfer of land
The financial information you submit helps the bank establish how much you can borrow. Bank Australia requires the following:
- Employment details, gross and net salary, any other income
- Approximate value of assets (savings, vehicles, property, superannuation)
- Complete list of liabilities (credit cards, loan balances, overdraft limits)
While Bank Australia home loans do offer some great options, bear in mind that different people have different requirements and you need to weigh all your options carefully before making a decision.