The Bank Australia Basic Loan offers both variable and fixed-rate options with a very low discounted rate for those who qualify for a full salary credit.
That means you may be eligible for the discounted rate if you transfer their entire salary each payday, or at least the minimum amount per month, into a Bank Australia account.
If you’re an owner-occupier, you may apply for a three-month pause in making repayments or a six-month reduction on repayments, although conditions apply and interest will continue to accrue.
Repayments can be made weekly, fortnightly or monthly and additional repayments and redraws are permitted.
If you’re an investor, you can borrow up to 80 per cent of your property’s value of up to 95 per cent as an owner-occupier, although lenders mortgage insurance will be charged on loans over 80 per cent.
The Basic Loan does no have a 100 per cent offset account if you’re looking to reduce the interest you must pay.
Who is the Bank Australia Basic Loan good for?
The Bank Australia Basic Loan could be good for first homebuyers and investors looking for a competitive rate and the option to fix the full loan or have a split between fixed and variable – while the repayment pause option gives borrowers some breathing room in making repayments and the interest-only option may be attractive to some investors.
Review - What RateCity says
The Bank Australia Basic Loan is a value-packed loan that offers a low rate and the flexibility of variable and fixed rate options. You can opt for a fixed-rate of up to five years, which makes it suitable if you’re a first homebuyer looking for a degree of security in repaying your loan.
The repayment options and ability to make additional repayments also offer flexibility, as does the repayment pause, which may make the Bank Australia Basic Loan a well-rounded and practical option should all of these features suit your criteria.
Bank Australia Basic Loan Options
The Bank Australia Basic Loan is available to both owner-occupiers and investors as a variable or fixed-rate loan up to five years. For more information about the options, click the links below.
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Advertised rate3.94%Fixed - 3 years
Advertised rate3.99%Fixed - 2 years
Advertised rate3.89%Fixed - 1 year
Advertised rate4.44%Fixed - 5 years
Advertised rate4.24%Fixed - 2 years
Advertised rate4.44%Fixed - 3 years
Advertised rate4.74%Fixed - 5 years
Advertised rate4.64%Fixed - 1 year
Advertised rate4.44%Fixed - 2 years
Advertised rate4.64%Fixed - 3 years
Advertised rate4.94%Fixed - 5 years
Advertised rate4.84%Fixed - 1 year