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BankSA Home Loans

BankSA, or the Bank of South Australia, was founded in 1848 as the Savings Bank of South Australia and is now a division of Westpac.

The bank has over 100 branches throughout South Australia and the Northern Territory and headquarters in Adelaide. BankSA offers financial services and products such as personal loans and banking, home loans, insurance, credits cards, investment and superannuation and financial planning advice.

BankSA has won a number of awards, including Money Magazine’s Business Bank of the Year in 2006.

BankSA Advantage Package Loan

The BankSA Advantage Package Loan is a variable, fixed or line of credit loan that is combined with a BankSA credit card and transaction account. Customers are charged an annual fee in exchange for a discounted interest rate and is aimed at those looking to merge their personal finances in the one place. The loan offers the ability to make additional repayments, access a free redraw facility and an optional offset account, as well as discounts on insurance policies and fee waivers.

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BankSA Basic Loan

The BankSA Basic Loan is a variable rate loan that allows customers to borrow up to 95 per cent of the property value for up to 30 years. Repayments can be made weekly, fortnightly or monthly as principal and interest payments, or monthly as interest-only payments. However, interest-only payments are only available for up to five years for owner-occupiers and for up to 15 years for investors. Other features include unrestricted additional repayments, a redraw facility and a repayment pause option.

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BankSA Portfolio Loan

The BankSA Portfolio Loan is a variable line of credit loan that uses the equity a customer owns in their property as security against the loan. Homeowners can borrow up to 90 per cent of the value of their equity and have the option to split the loan into up to 10 variable or fixed-rate sub-accounts. Additional repayments are allowed and customers can make interest-only payments on the amount of the loan that has been used.

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BankSA Standard Variable Loan

The BankSA Standard Variable Loan is a flexible variable loan that allows customers to repay their loan with more flexibility. Repayments can be made weekly, fortnightly or monthly as principal and interest or monthly interest only payments. Owner-ouccpiers can make interest-only payments for up to five years, or up to 15 years for investors. Customers also have the option for additional repayments, redraws and a 100 per cent offset account. The loan can also be split between fixed and variable interest rates and allows a family member to act as guarantor on the loan.

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BankSA Fixed Rate Loan

The BankSA Fixed Rate Loan gives homebuyers the option for a fixed interest rate for one to five years. The loan can then be re-fixed or reverted to a standard variable interest rate. Customers have the option of limited additional repayments and a redraw facility, as well as a partial offset account to use their savings to reduce the interest owed on the loan. A ratelock feature is also available to secure an interest rate up to three months before settlement, as well as the ability to pause repayments.

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Home Loans from BankSA

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Pros
  • Flexible repayment options.
  • Package and specialised loans available.
  • Interest-only payments.
Cons
  • High standard variable rate.
  • Branch access limited to SA and NT.
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Customer Service

BankSA offers customers a number of contact options for their financial products and services. These include a number of specialised phone lines for personal and business banking and a dedicated financial hardship line for those facing difficulties in repaying their loans. Customers can also contact the bank online, via email, a general phone line, or visit BankSA staff in person at a local branch. 

✓ Customer service centre (phone)

✓ Mobile app

✓ Online banking

✓ Email

✓ Live Chat

✓ Branch

✓ Mobile banking staff

Applying and Eligibility

Potential BankSA customers can apply for a home loan in a number of ways. An online application form is available at on the BankSA website and customers will receive indicative approval within 10 minutes and will be contacted by a staff member. Applications can also be completed by phone or by visiting a BankSA branch. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This may include:

  • Personal identification documents.
  • Proof of income and employment.
  • Personal insurance documents.
  • Information on existing property, liabilities and loans.

Refinancers will also need to provide evidence of their existing loan and current payout quote.

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