From humble beginnings, BankSA now serves one in four South Australians, with the largest network of branches and ATMs in the state.
BankSA first opened in March 1848 with a single room office under the original name the Savings Bank of South Australia. Since then, it has had a colourful history, changing ownership and names several times, even collapsing in 1991. Now BankSA is part of the Westpac Banking Corporation.
BankSA has 3,800 staff, 800,000 customers and 38,000 shareholders.
BankSA home loan repayment calculator
Your estimated mortgage repayments
at interest rate 2.49%
Total interest payable
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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.
BankSA home loans rates
Total estimated upfront fees$264
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p.a Fixed - 2 years
Total estimated upfront fees$864
Ongoing fee$10 monthly
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Total estimated upfront fees$264
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Total estimated upfront fees$764
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Total estimated upfront fees$264
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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
- Upgraders (building loans)
- 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
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.
How is interest charged on a reverse mortgage from IMB Bank?
An IMB Bank reverse mortgage allows you to borrow against your home equity. You can draw down the loan amount as a lump sum, regular income stream, line of credit or a combination. The interest can either be fixed or variable. To understand the current rates, you can check the lender’s website.
No repayments are required as long as you live in the home. If you sell it or move to a senior living facility, the loan must be repaid in full. In some cases, this can also happen after you have died. Generally, the interest rates for reverse mortgages are higher than regular mortgage loans.
The interest is added to the loan amount and it is compounded. It means you’ll pay interest on the interest you accrue. Therefore, the longer you have the loan, the higher is the interest and the amount you’ll have to repay.
What do people do with a Macquarie Bank reverse?
There are a number of ways people use a Macquarie Bank reverse mortgage. Below are some reasons borrowers tend to release their home’s equity via a reverse mortgage:
- To top up superannuation or pension income to pay for monthly bills;
- To consolidate and repay high-interest debt like credit cards or personal loans;
- To fund renovations, repairs or upgrades to their home
- To help your children or grandkids through financial difficulties.
While there are no limitations on how you can use a Macquarie reverse mortgage loan, a reverse mortgage is not right for all borrowers. Reverse mortgages compound the interest, which means you end up paying interest on your interest. They can also affect your entitlement to things like the pension It’s important to think carefully, read up and speak with your family before you apply for a reverse mortgage.
How to use the ME Bank reverse mortgage calculator?
You can access the equity in your home to help you fund your needs during your senior years. A ME Bank reverse mortgage allows you to tap into the equity you’ve built up in your home while you continue living in your house. You can also use the funds to pay for your move to a retirement home and repay the loan when you sell the property.
Generally, if you’re 60 years old, you can borrow up to 15 per cent of the property value. If you are older than 75 years, the amount you can access increases to up to 30 per cent. You can use a reverse mortgage calculator to know how much you can borrow.
To take out a ME Bank reverse mortgage, you’ll need to provide information like your age, type of property – house or an apartment, postcode, and the estimated market value of the property. The loan to value ratio (LVR) is calculated based on your age and the property’s value.
Why does Westpac charge an early termination fee for home loans?
The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee.
The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.
Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.
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.
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.
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.
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 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:
- 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.
- 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.
- 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.
- 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.