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Pros and cons

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

Owner occupied products interest rates

Loan typePrincipal & Interest rateInterest Only
Basic Home Loan (Min Deposit 5%)
2.29% p.a.
2.31% p.a. Comparison rate
3.14% p.a.
3.16% p.a. Comparison rate
Advantage Package (Min Deposit 5%)
3.24% p.a.
3.67% p.a. Comparison rate
4.09% p.a.
4.34% p.a. Comparison rate
Fixed Rate Home Loan (Min Deposit 5%)
2.24% p.a.
4.5% p.a. Comparison rate
3.84% p.a.
5.18% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 5%)
4.55% p.a.
4.72% p.a. Comparison rate
5.14% p.a.
5.31% p.a. Comparison rate

Investment purpose products interest rates

Loan typePrincipal & Interest rateInterest Only
Basic Home Loan (Min Deposit 5%)
4.54% p.a.
4.59% p.a. Comparison rate
4.83% p.a.
4.88% p.a. Comparison rate
Advantage Package (Min Deposit 5%)
3.81% p.a.
4.22% p.a. Comparison rate
4.1% p.a.
4.51% p.a. Comparison rate
Advantage Package (Min Deposit 10%)
n/a
4.67% p.a.
5.07% p.a. Comparison rate
Fixed Rate Home Loan (Min Deposit 5%)
2.74% p.a.
5.06% p.a. Comparison rate
2.94% p.a.
5.33% p.a. Comparison rate
Portfolio Loan (Min Deposit 10%)
n/a
5.98% p.a.
6.2% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 5%)
5.12% p.a.
5.29% p.a. Comparison rate
5.41% p.a.
5.58% p.a. Comparison rate

Home loan repayment calculator

Thinking about taking out a home loan with BankSA? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how BankSA home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.89%

Total interest payable

$0

Total loan repayments

$0

Contact a mortgage broker

BankSA homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.

BankSA 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, email, branch)
  • Mobile app
  • Online banking
  • Live Chat
  • Mobile banking staff

How to Apply

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.

About BankSA home loans

BankSA home loans cater for a wide range of circumstances and situations including:

  • First home buyers
  • Owner-occupiers
  • Upgraders (building loans)
  • Refinancers
  • Investors
  • Self-employed (low-doc loans)
  • Up to 30 year mortgages

BankSA also offers a lot of choice on how its home loan interest rates are structured:

  • Variable interest rates
  • Fixed interest rates
  • Interest-only loans
  • Principal-and-interest loans
  • Split loans

BankSA advertises that it has one of Australia’s widest range of home loans. Mortgages can last for up to 30 years. Redraw facilities and offset accounts are also available.

BankSA home loans also offer flexible repayment options for customers, depending on their stage of life and needs. BankSA also offers lower rates and fees for customers who switch their home loan from another bank that is not already under the Westpac group.

BankSA home loan rate

When looking for the best home loan interest rate, it’s important to know that BankSA interest rates vary significantly, depending on your situation.

Owner-occupier home loan rates, principal and interest

BankSA delivers very low variable home loan interest rates. Their fixed interest rate is moderate compared to other banks.

Owner-occupier home loan rates, interest-only

BankSA interest-only loans for owner-occupiers on a variable interest rate are high compared to other lenders. However, its fixed term interest rates are moderate.

Investor home loan rates, principal and interest

BankSA offers moderately low interest rates to investors on their variable interest rate. Their fixed interest rates vary from moderately low to moderate, depending on the term.

Investor home loan rates, interest-only

Compared to other banks, BankSA’s investor interest-only variable rate is high and their fixed interest rate is moderate.

BankSA home loans reviews

BankSA offers almost every type of mortgage to every type of borrower out there. Whether you are looking to refinance, renovate or buy your first home, there is likely to be a home loan to meet your needs. BankSA also offers specialist home loans, including SMFS mortgages and low-doc loans, as well as redraw facilities and offset accounts.

There are several low to moderate interest rates offered by BankSA to owner-occupier and investors, as long as principal and interest is paid. Discounts apply for customers who combine their BankSA home loan with a credit card and transaction account.

Although it has had a turbulent history, BankSA, under the Westpac group umbrella, has become a trusted brand in South Australia. You don’t have to live in South Australia to get a home loan with BankSA, but it’s important to note that it only has branches in South Australia and the Northern Territory.

Learn more about home loans

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

How can I calculate interest on my home loan?

You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.

If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

What is the best interest rate for a mortgage?

The fastest way to find out what the lowest interest rates on the market are is to use a comparison website.

While a low interest rate is highly preferable, it is not the only factor that will determine whether a particular loan is right for you.

Loans with low interest rates can often include hidden catches, such as high fees or a period of low rates which jumps up after the introductory period has ended.

To work out the best value for money, have a look at a loan’s comparison rate and read the fine print to get across all the fees and charges that you could be theoretically charged over the life of the loan.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

What is the average length of a home loan?

Most Aussie lenders offer home loans with a 30-year term, meaning that you should pay back the full loan amount and the interest you owe on the amount in 30 years. 

However, home loans can also have a shorter or longer term. They may be as low as ten years or up to 45 years, depending on the product and lender. 

It’s worth remembering that a longer loan term usually means you’ll end up paying a lot more interest in total, but your scheduled repayments may be more manageable. In contrast, you could opt for a shorter loan term if you are comfortable making large repayments in exchange for paying less interest over the term of the loan.

What is an interest-only loan? How do I work out interest-only loan repayments?

An ‘interest-only’ loan is a loan where the borrower is only required to pay back the interest on the loan. Typically, banks will only let lenders do this for a fixed period of time – often five years – however some lenders will be happy to extend this.

Interest-only loans are popular with investors who aren’t keen on putting a lot of capital into their investment property. It is also a handy feature for people who need to reduce their mortgage repayments for a short period of time while they are travelling overseas, or taking time off to look after a new family member, for example.

While moving on to interest-only will make your monthly repayments cheaper, ultimately, you will end up paying your bank thousands of dollars extra in interest to make up for the time where you weren’t paying off the principal.