BankSA Standard Variable Loan


With the BankSA Standard Variable Loan you can repay your mortgage weekly, fortnightly or monthly to suit your budget. Repayments can also be made as interest and principal or interest only payments. Owner-occupiers can make interest only repayments for up to five years and investors for up to 15 years.

Additional repayments on top of the minimum monthly amount can also be made with no additional charges at any time during the loan. Repayments can be set up as a direct debit from your bank account to streamline the payment process. 

Other notable features of the BankSA Standard Variable Loan are the 100 per cent offset account, that can assist in reducing the amount of interest paid over the life of the loan, and the redraw facility. The redraw facility ensures that you can access any extra repayments you may have made at any time to invest in other projects such as renovations or another property.

Who is the BankSA Standard Variable Loan good for?

The BankSA Standard Variable Loan is good for both owner-occupier and investor borrower types. Owner-occupiers will appreciate the ability to pay off their loan as fast as possible using the extra repayment facility and 100 per cent offset account.

Investors will find that the 15 years of interest only repayments may suit their borrowing needs. The loan is also available for borrowers looking to build or buy vacant land which may also suit investors’ needs.

Review - What RateCity says

The BankSA Standard Variable Loan is a mortgage that comes with many of the features one could hope for in a variable mortgage. From an offset account to flexible repayment schedules, the loan is able to offer something to suit most borrowers. It does, however, charge a high upfront fee as well as ongoing fees.

As it is a variable rate mortgage the repayment size will fluctuate over time so a potential borrower will have to factor this in when considering how much they can borrow. This loan can also be packaged with the BankSA Advantage Package for discounted interest rates.

BankSA Standard Variable Loan Options

The BankSA Standard Variable Loan has an option for owner-occupier and investor borrowers.

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  • 100 per cent offset account.
  • Unlimited additional repayments permitted with no charge.
  • Flexible repayment schedule.
  • High variable interest rate.
  • High upfront fees.
  • Ongoing monthly fee.

Must meet BankSA’s serviceability criteria.

Must be able to provide proof of income.

Must meet minimum deposit requirement. 

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $864.00
  • Discharge fees: $350
  • Ongoing fees: $10 monthly

The BankSA Standard Variable Loan charges a substantial upfront fee that includes costs such as the valuation fee and legal fees. During the loan, borrowers will be subject to pay an ongoing monthly fee. At the conclusion of the loan, a moderate discharge fee will be payable to the lender. 

  • 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 is part of the Westpac group. This means that customers of BankSA have the security of knowing their lender is backed by one of the biggest banks in Australia.

BankSA has limited branch access for customers in states other than South Australia but they do provide a phone service. Customers of the bank are also able to bank online using online banking facilities.

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