BankSA Basic Loan


The BankSA Basic Home Loan offers borrowers a number of flexible repayment options to help them manage their finances.

Borrowers are able to make additional repayments at any time; they also have the flexibility to redraw them through the attached redraw facility if needed.

Borrowers also have the option to reduce or pause their repayments for a period of three to 12 months if they take time away from the workforce for a legitimate reason, such as maternity leave.

The BankSA Basic Loan also allows borrowers to use a deposit protect bond instead of paying their deposit in cash at the loan’s initiation.

This means borrowers who are unable to access their funds for any reason are able to guarantee the deposit to BankSA and establish their home loan.

BankSA also waives the requirement that borrowers pay lenders mortgage insurance if a parent or family member uses the equity on their home loan to provide security on part of the loan amount.

Who is the BankSA Basic Loan good for?

The flexible payment options and lack of ongoing fees provided by the BankSA basic may be attractive to wide variety of borrowers.

The option to guarantee payment of a deposit at the end of the loan, rather than pay up front, may be useful for first time buyers.

Review - What RateCity says

The BankSA Basic Home Loan provides some simple features that could allow borrowers to manage their payments in a flexible manner.

Given its deposit bond and parent equity features, it may be particularly attractive to first home buyers. Its relatively low interest rate and lack of ongoing fees adds to its appeal.

BankSA Basic Loan Options

The BankSA Basic Loan is a simple loan with a number of features that may appeal to first home buyers.

1 - 7 of 7
Advertised rate
Comparison rate*
Monthly repayment
Go To Site

More details


More details


More details


More details


More details


More details


More details


Variable Rates from


Advertised rate


Comparison rate
  • Additional repayments.
  • Redraw facility.
  • No ongoing fees.
  • Variable rates only.
  • No offset account.
  • Limited features.

Australian resident.

At least 18 years of age.

Minimum deposit.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $264.00 - $764.00
  • Discharge fees: $350
  • Ongoing fees: $0

The BankSA Basic Home Loan charges borrowers no ongoing fees, but some upfront fees are payable. A discharge fee is also charged at the time of the loan’s termination. Borrowers who do not use parent equity may have to also pay lenders mortgage insurance.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About BankSA

BankSA is based in South Australia and opened its first branch in 1848.

It’s the largest financial institution in the state, and became part of the Westpac Group in 2008. It prides itself on its community-focused approach.

Compare your product with the big 4 banks, or add more products to compare
As seen on