BankSA Advantage Package Loan

Features

BankSA offers you the freedom and flexibility to mix and match banking products with the Advantage Package Loan. When setting up the Advantage Package Loan you get to choose the type of home loan, credit card and transaction account that suits your needs.

You can select from three loan products, five types of credit card, and two transaction accounts each with its own range of features. The Advantage Package Loan has an ongoing annual fee that covers up to five home or investment loans.

Take advantage of the flexible repayment options available as well as discounted insurance. You can opt for a 100 per cent offset account, and utilise a redraw facility free-of-charge. The Advantage Package Loan is designed to provide you with a convenient banking solution with fringe benefits. 

With the Advantage Package you could save on charges associated with the credit card and transaction account, some of which is covered by the annual ‘package fee’. The package comes with discounted insurance, which would put change back in your pocket if you spread the savings across up to five property loans (as allowable with this product).

Who is the BankSA Advantage Package Loan good for?

The Advantage Package Loan is available to anyone wanting to buy property. So this could be a consideration for first-home buyers, owner-occupiers, investors and refinancers too. 

Review - What RateCity says

Convenience is king when it comes to managing your financial affairs. The Advantage Package Loan takes the headache of managing repayments, statements and fees by giving you a consolidated approach to borrowing and saving, by bundling a number of BankSA products under the package.

However, it does come at a cost. The BankSA Advantage Package Loan charges an annual package fee, as well as upfront fees. But this package fee covers some of the fees that may otherwise be charged on the associated products.

Also, the interest rates offered on these loan options are moderately low by market standards.

BankSA Advantage Package Loan Options

The Advantage Package Loan leverages off the one financial institution to provide a range of discounts on interest rates, bank fees and insurance premiums. 

Pros
  • Mix and match package options.
  • 100 per cent offset account.
  • Free redraw facility.
Cons
  • Ongoing annual package fee.
  • Upfront fees apply.
  • Discharge fees apply.
Eligibility

Must meet minimum loan amount. 

Must meet lender’s serviceability requirements.

About BankSA

BankSA opened its first branch in South Australia in 1848. It’s the state’s largest financial institution that in 2008 became part of the Westpac Group. Bank SA supports the local community via the BankSA Foundation. It makes annual donations to a variety of South Australian and Northern Territory charities.

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