BankSA Portfolio Loan

Features

The BankSA Portfolio loan is designed for people looking for a line of credit where they can borrow up to 90 per cent of the property’s value to use elsewhere – whether it be for an investment, a new car or even a holiday.

You can have up to 10 sub-accounts attached to your Bank SA Portfolio Loan. The primary account must be on a variable rate, which is set at a high rate however the sub accounts can be charged either a fixed or variable rate.

There is no offset account to help you reduce the interest payable on your loan, but you can make unlimited extra repayments on any of your variable rate portions.

You can also make extra repayments towards your accounts that have a fixed rate, but be sure to keep track of what you’re paying because there are break cost fees that you will have to pay for going over the allowed annual amount.

You can access your funds 24 hours a day through all the usual options including via EFTPOS, at an ATM, using a linked credit card or via phone and internet banking.

Who is the BankSA Portfolio Loan good for?

This loan is good for existing home owners who already have a bit of equity in their property to drawn down upon. It may also suit a savvy investor who likes the option of having up to 10 sub accounts. 

Review - What RateCity says

Bank SA’s line of credit offering is comprehensive however there are significant costs attached, as is the case with many of these types of loans.

The upfront fees are significant and the variable rate on the primary account is high, however the ability to have up to 10 sub accounts will appeal to some, particularly investors.

As with any line of credit loan, it’s a good idea to assess your current and future financial situation and seek professional advice to ensure this loan is a good option for you.

BankSA Portfolio Loan Options

More information about the variable and fixed options with the Portfolio Loan from BankSA can be accessed below.

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Fixed Rates from

3.69%

Advertised rate

5.58%

Comparison rate

Variable Rates from

6.23%

Advertised rate

6.44%

Comparison rate
Pros
  • Access to your property’s equity.
  • Multiple sub-accounts available.
  • Early repayments allowed.
Cons
  • High upfront cost.
  • Discharge fee and ongoing monthly fees.
  • High variable rate on main account.
Eligibility

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $800.00
  • Discharge fees: $350
  • Ongoing fees: $14 monthly

There are high upfront fees plus a moderate ongoing monthly fee for every account you have, which could add up over the life of the loan.  You will also be charged a discharge fee when you finish the loan.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About BankSA

BankSA is South Australia’s largest financial institution and part of the Westpac group – one of Australia’s biggest banks.

It offers the full suite of banking products and has a comprehensive customer service offering including a large ATM network and branch access.

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