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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 BankSA home loan rates


Loan typePrincipal & Interest rateInterest Only
Basic Home Loan (Min Deposit 5%)
2.89% p.a.
2.91% p.a. Comparison rate
3.89% p.a.
3.9% p.a. Comparison rate
Advantage Package (Min Deposit 5%)
3.99% p.a.
4.39% p.a. Comparison rate
4.58% p.a.
4.97% p.a. Comparison rate
1 Year Advantage Package (Min Deposit 5%)
4.09% p.a.
4.4% p.a. Comparison rate
4.89% p.a.
5% p.a. Comparison rate
2 Year Advantage Package (Min Deposit 5%)
4.79% p.a.
4.53% p.a. Comparison rate
5.39% p.a.
5.12% p.a. Comparison rate
3 Year Advantage Package (Min Deposit 5%)
5.19% p.a.
4.71% p.a. Comparison rate
5.79% p.a.
5.29% p.a. Comparison rate
4 Year Advantage Package (Min Deposit 5%)
5.29% p.a.
4.83% p.a. Comparison rate
5.89% p.a.
5.42% p.a. Comparison rate
5 Year Advantage Package (Min Deposit 5%)
5.39% p.a.
4.97% p.a. Comparison rate
5.99% p.a.
5.56% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 5%)
4.24% p.a.
5.36% p.a. Comparison rate
5.04% p.a.
5.97% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 5%)
4.94% p.a.
5.4% p.a. Comparison rate
5.54% p.a.
5.99% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 5%)
5.3% p.a.
5.47% p.a. Comparison rate
5.89% p.a.
6.05% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 5%)
5.34% p.a.
5.48% p.a. Comparison rate
5.94% p.a.
6.07% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 5%)
5.44% p.a.
5.52% p.a. Comparison rate
6.04% p.a.
6.11% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 5%)
5.54% p.a.
5.57% p.a. Comparison rate
6.14% p.a.
6.16% p.a. Comparison rate

Investment purpose BankSA home loan rates


Loan typePrincipal & Interest rateInterest Only
Basic Home Loan (Min Deposit 5%)
5.29% p.a.
5.34% p.a. Comparison rate
5.58% p.a.
5.63% p.a. Comparison rate
1 Year Advantage Package (Min Deposit 5%)
4.29% p.a.
4.92% p.a. Comparison rate
4.59% p.a.
5.21% p.a. Comparison rate
Advantage Package (Min Deposit 5%)
4.56% p.a.
4.95% p.a. Comparison rate
4.85% p.a.
5.23% p.a. Comparison rate
2 Year Advantage Package (Min Deposit 5%)
4.99% p.a.
5.03% p.a. Comparison rate
5.29% p.a.
5.31% p.a. Comparison rate
3 Year Advantage Package (Min Deposit 5%)
5.39% p.a.
5.17% p.a. Comparison rate
5.69% p.a.
5.46% p.a. Comparison rate
4 Year Advantage Package (Min Deposit 5%)
5.49% p.a.
5.27% p.a. Comparison rate
5.79% p.a.
5.56% p.a. Comparison rate
5 Year Advantage Package (Min Deposit 5%)
5.59% p.a.
5.38% p.a. Comparison rate
5.89% p.a.
5.67% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 5%)
4.44% p.a.
5.89% p.a. Comparison rate
4.74% p.a.
6.18% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 5%)
5.14% p.a.
5.89% p.a. Comparison rate
5.44% p.a.
6.18% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 5%)
5.54% p.a.
5.94% p.a. Comparison rate
5.84% p.a.
6.23% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 5%)
5.64% p.a.
5.95% p.a. Comparison rate
5.94% p.a.
6.24% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 5%)
5.74% p.a.
5.98% p.a. Comparison rate
6.04% p.a.
6.27% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 5%)
5.87% p.a.
6.03% p.a. Comparison rate
6.16% p.a.
6.32% p.a. Comparison rate

BankSA home loan 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.

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With a repayment type

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Deposit amount %

Loan term

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at interest rate 2.89%

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Total loan repayments


Contact a mortgage broker

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

326 Reviews
Lee is a graduate of Monash University with a Bachelor of Commerce and Arts. Lee is strongly passionate about the real estate market and banks since he was a student. Driven by this passion, together with experience in consulting companies and banks, Lee hopes to educate and guide her clients throughout their real estate ownership journey. Lee believes in placing the clients at the centre of every relationship and building trust through honesty and reliability. 'I want to empower my clients' every property dream and hope to service them until they retire with rent.' 'I will not try to sell you a deal that I will not sell it to my mom.' That's his principle. We are here to fight for the best possible deal for every customer. We have a great relationship with more than 30 lenders. Not that they happen to be on our panel but we actually settled with them and know their policies and procedure inside out. We do not recommend any lenders or products without a personalized and on time research for you. So our process ensure the deals we present are in your best interest hot and fresh. Our standard operation procedure is: 1) Free consultation by phone or zoom to understand your needs. Answer your burning questions. 2) Collect information, facts and document to conduct research for you. Give us a chance and allow us to make a positive impact on your personal finance; Research will usually take 2-3 business days. For more complicate cases may take longer on notice case by case. 3) Present solutions via zoom or in person. 30-60 mins. Also including a property purchase or investment strategy session. 4) Once you made the decision it takes 2-10 business days to proceed and obtain a pre-approval or refinance formal approval. Other days and procedure will be designed and notice according to your situation. 5) Free after settlement review every year too. Service Satisfaction guarantee!!** Call me and let's chat.
CRN: 484532

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. 

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

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. 

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.

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.

Do you compare mortgages using the comparison or advertised rate?

A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.

However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.

A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.

Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.

How do you find cheap home loans?

With so many interest rate options and repayment types available, finding the cheapest home loan may depend on the type of loan you choose.

Whether you’re looking for an owner-occupier or investor loan, with interest-only or principal and interest repayments, on a fixed or variable interest rate, the cheapest home loan rate available may vary greatly.

One way to find the cheapest option for you is to narrow down your search and compare the options that best suit your individual requirements. RateCity’s home loan comparison tables can help you get started on your search and take the hassle out of shopping around.

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.

What is a home loan?

A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.

Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.

The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.

Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.

If a mortgage rate changes, will it affect your repayments?

If you have a variable rate home loan, changes to your mortgage rate may affect the cost of your repayments. Rising interest rate could cost you more in interest charges, while interest rate cuts could see you paying less interest on your home loan.

If you have a fixed rate home loan, your interest charges will stay the same during the fixed interest period, regardless of whether the lender’s variable rates rise or fall. Once the fixed rate term expires, your loan will revert to a variable rate, so be prepared in case of bill shock.

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.

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.

Is the lowest home loan rate always the cheapest?

The home loan with the lowest interest rate may not always be the cheapest mortgage option for you. Sometimes a home loan with a low interest rate may charge high fees, which may cost more in total than a mortgage with a higher interest rate and no fees.

Consider checking the comparison rate, which combines interest and standard fees, to get a better idea of the overall cost of different home loan options.

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.