BankSA Home Loans

BankSA

BankSA is a provider of home loans, personal loans, credit cards, savings and transaction accounts, investment products, insurance products and superannuation.

What home loans does BankSA offer? 

If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database from BankSA that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest-highest). Products shown are principal and interest home loans available for a loan amount of $350K in SA with an LVR of 80% of the property value. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products.

*Comparison rate based on loan amount of $150,000 and a term of 25 years. Read the Comparison Rate Warning

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BankSA home loan features

Depending on which option you choose, a BankSA home loan may include the following:

  • Offset account available on selected home loans
  • Ability to make extra repayments
  • Redraw facility available
  • Split loan available (a split loan application fee may apply)
  • Mortgage is portable, meaning that an existing home loan may be transferred on to your next property
  • Repayments may be made weekly, fortnightly, or monthly (except for interest only home loans, which are repaid monthly only)
  • Interest only option available on selected home loans
  • Repayment holiday may be granted 
  • Family guarantee option available on selected loans

The inclusions above represent a selection of the features available with BankSA home loans. Canstar is not making any suggestion or recommendation to you about this product. Additional conditions may apply to different features. Please see our comparison tables for more detailed information about the products on offer from this provider. Check upfront with BankSA and please ensure that you read the product disclosure statement (PDS) or other loan documentation to determine all the current loan terms and conditions for the product you are considering and whether it meets your needs, before committing to it.

BankSA Home Loans FAQs

Before getting started, you might first like to take a look at our applying for a home loan checklist for some pointers, and use the Canstar website to compare home loans with other providers before choosing a product that suits your needs.

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If you decide to apply for a BankSA home loan, you can fill out an online application through the BankSA website. According to the website, you may receive Conditional Approval within 15 minutes of submitting an application.

BankSA offers support within your online application and further enquiries can be made through online chat, over the phone or in person at a BankSA branch.

At the time of writing, BankSA allows extra repayments on its variable and fixed rate home loans.  

For fixed rate loans, extra repayments that exceed the prepayment limit or changes to your repayment type may incur break costs and additional fees. BankSA fixed rate home loans that were taken out prior to 18th of August 2019 have a prepayment limit of $10,000 per year, while home loans after that date have a threshold of $30,000.

Further terms and conditions can be found on the BankSA website, over the phone or in-store.

To give you an idea of how making extra repayments could save money in interest over the life of your loan, you might like to try our Extra Repayments Calculator.

Home Loans Extra Repayments Calculator

At the time of writing, BankSA offers redraw facilities on their home loans, subject to bank approval. Borrowers must apply in order to use this facility. Fixed rate loans have a redraw limit of $10,000 per annum and can only be made on loans made on or after the 30th of November 2009. 

Fees and charges may apply to use a redraw facility. Contact BankSA or visit the BankSA website for details.

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BankSA opened its first branch in 1848, as The Savings Bank of South Australia. It began operating with a single employee in a single room that was provided free of rent. 

In 2008, BankSA became part of the Westpac Banking Corporation. Today, it says it currently serves one in four South Australians and has the state’s largest network of branches and ATMs. 

Written by: Eliza Parry-Okeden | Last updated: September 27, 2019