BankSA home loans

BankSA is an online Australian lender owned by Westpac. BankSA has home loans for investors and owner-occupiers, including fixed and variable rates. Check out the full table of BankSA products below or read more about the lender and its loans.

Compare BankSA home loans for December 2023

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Name	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
BankSA Basic Variable Rate Home Loan Principal & InterestOwner-occupier	Interest Rate 6.29%	Comparison Rate 6.30%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $929	Enquire now Compare	$2,000 refinance cashback Refinancers borrowing $200,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
BankSA Fixed Rate Home Loan with Advantage Package Principal & Interest 2Y FixedOwner-occupier	Interest Rate 6.49%	Comparison Rate 7.62%	Fees Application: $0 Ongoing: $395 p.a.	Monthly Payment $948	Enquire now Compare	$2,000 refinance cashback Refinancers borrowing $200,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
BankSA Fixed Rate Home Loan with Advantage Package Principal & Interest 2Y FixedInvestment	Interest Rate 6.39%	Comparison Rate 8.04%	Fees Application: $0 Ongoing: $395 p.a.	Monthly Payment $939	Enquire now Compare	$2,000 refinance cashback Refinancers borrowing $200,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
BankSA Fixed Rate Home Loan with Advantage Package Principal & Interest 4Y FixedOwner-occupier	Interest Rate 6.49%	Comparison Rate 7.45%	Fees Application: $0 Ongoing: $395 p.a.	Monthly Payment $948	Enquire now Compare	$2,000 refinance cashback Refinancers borrowing $200,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
BankSA Fixed Rate Home Loan with Advantage Package Principal & Interest 3Y FixedInvestment	Interest Rate 6.59%	Comparison Rate 7.95%	Fees Application: $0 Ongoing: $395 p.a.	Monthly Payment $958	Enquire now Compare	$2,000 refinance cashback Refinancers borrowing $200,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).

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BankSA home loan features

Here are the key features and details you need to know about BankSA's mortgage products.

Lenders like BankSA

If you want to compare loans from similar lenders to BankSA then you can start with these online lenders. They all have competitive rates and may be a better match for your needs:

• St.George. In New South Wales and Queensland, you'll find St.George rather than Bank of Melbourne. Both lenders have very similar loan offers.
• Bank of Melbourne. In Victoria and Tasmania, you'll find Bank of Melbourne rather than BankSA. Both lenders have very similar loan offers.
• Westpac. Westpac owns Bank of Melbourne and offers similar package home loans.

More home loan questions

• How do I compare BankSA home loans?

  To make sure you find the right BankSA loan you need a clear idea of what you're looking for in a mortgage. These simple questions can help:

  • Do you really need a package loan? Some of BankSA's lowest rates are home loan packages that let you combine a mortgage with other products like a credit card or transaction account. This usually brings you some benefits, but if you don't actually use those other products then paying the annual package fee probably isn't worth it.
  • What do you need the loan for? If you're buying a home to live in you need an owner-occupier loan. Property investors need an investment loan rate. BankSA has both.
  • Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes?
  • What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.

• What is home loan pre-approval?

  Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.

  Pre-approval is not something every lender offers, but many do.

• Are there any risks going with a smaller lender?

  Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of, but there's no reason to worry.

  In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.

  Because BankSA is owned by Westpac, it is considered an authorised deposit-taking institution (ADI). This means customers with money deposited in a BankSA savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000.

• Should I go with a fixed or variable rate?

  Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.

  A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.

• Do I need a mortgage broker?

  Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.