Your guide to home loans from BankSA.
The largest financial institution in South Australia, BankSA opened its first branch in 1848. Now a part of the Westpac Group, the bank offers an extensive range of financial products and services.
If you're refinancing and apply for a BankSA Advantage Package loan, BankSA will give you $1,500 cashback. Your loan must be over $200,000 and can be refinanced from any lender except St.George, Westpac, BankSA, Bank of Melbourne and RAMS. You cannot be refinancing to an interest-only owner-occupier loan.
This offer is available for applications received by 31 May 2018 and settled on or before 31 July 2018. The payment will be made to one applicant only and they must have a BankSA transaction account linked to the refinanced home loan at settlement. Other conditions apply.
Compare BankSA home loans
BankSA no longer offers low doc home loans for new customers. They are still available for existing low doc customers wishing to switch loans.
Who is BankSA?
BankSA is South Australia’s biggest provider of housing, personal finance and rural banking services. As well as financial solutions for businesses and the corporate world, its range of personal banking products includes everything from accounts and credit cards to insurance and personal loans. In terms of home loans, BankSA offers several products designed for a range of borrowers. Whether you’re a first-time buyer, an investor, renovating or looking to refinance an existing mortgage, BankSA has a home loan designed with you in mind.
Home loans offered by BankSA
Standard Variable Rate loan
This flexible loan boasts a competitive variable interest rate that isn’t locked in for a set term. It’s designed for those buying a home, building or buying vacant land. Loan features include flexible repayment options and a full interest offset facility to help you save interest on your home loan. Redraw and repayment pause are also available to borrowers. The Standard Variable Rate Home Loan
Fixed Rate home loan
The Fixed Rate home loan guards you from any fluctuations in interest rates. Fixing your interest rate for a set period lets you know exactly where you stand with your budget and how much you'll spend on repayments. Payments can be principal and interest or interest-only, and a redraw facility is also available. Other features include repayment pause and discounted interest rates. The Fixed Rate Home Loan
Portfolio loan
The Portfolio loan is a flexible line of credit that combines your personal and investment finances into one home loan. You can designate as many as 10 sub-accounts in your loan and access the equity in your home while you pay off your loan. You can make deposits directly from your salary, while at the same time using your loan to make other investments and build your assets. Interest applies only to the outstanding balance, and you can choose to make repayments as often as you like (but at least monthly). The Portfolio Loan
Basic home loan
Boasting a low variable interest rate, this is a simple home loan for borrowers who like to keep things simple. It features flexible repayment schemes and no monthly fees, and is available to owners and investors buying property or vacant land purchase. The Basic Home Loan
Low Doc home loan
This loan can help self-employed borrowers and those who aren’t able to supply the required proof of income to apply for a regular home loan. This loan lets you choose from a fixed or variable rate or a combination of the two, while its features include an offset account, a redraw facility and a rate lock option. The Low Doc Home Loan
Advantage Package
The Advantage Package lets you group your home loan, credit card and transaction account together in one package deal. Not only does this let you combine your three most important accounts in one spot, but it also lets you save on fees. Package features include interest rate discounts, flexible repayment options, and no establishment, monthly or annual fees. It’s perfect for first-home buyers, investors and refinancing. The Advantage Package Home Loan
Other products
Other BankSA loans include the Low Doc Portfolio, which is designed for self-employed borrowers seeking a line of credit, and the Relocation Loan which lets you buy a new home before you have sold your existing residence. About how to compare home loans
Pros and cons of BankSA home loans
Pros
- Large range of loans. Unlike speciality lenders or online lenders, Bank SA has a large range of loans which include loans for those who are self-employed.
- Large number of branches. If you enjoy doing your banking at a physical branch BankSA have many branches, and because of their partnership with St.George and Westpac this means all kinds of Australians can access their products.
Cons
- Standard interest rates. Because BankSA has a network of physical branches it can’t offer the super low interest rates online only lenders are offering, but still has competitive rates.
How to apply for a BankSA home loan
Applying for a BankSA home loan is a relatively straightforward process. You need to be 18 years or older to be eligible for a BankSA home loan.
Documents needed to apply for a BankSA home loan
Applying for a loan with BankSA will come with the regular document requirements. This means you'll have to supply your contact details, including your phone number and current address. You'll also have to give BankSA details about your employer and current employment. BankSA will want to know what your current assets and income is, and you'll need to provide information about the property you're purchasing.
