Bank Australia Home Loans

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Bank Australia is a provider of home loans, personal loans, car loans, credit cards, savings and transaction accounts, term deposits, home and contents insurance, car insurance and travel insurance.

What home loans does Bank Australia 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 Bank Australia 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 NSW 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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Bank Australia home loan features 

Depending on which option you choose, a Bank Australia home loan may offer the following features:

  • Redraw facilities available on variable rate loans (not available during fixed or interest only period of loan)
  • Split loan option available
  • Optional interest-only repayments 
  • Repayments may be made weekly, fortnightly, or monthly
  • Ability to make unlimited additional repayments on selected loans (a break fee may apply to extra repayments on fixed rate loans)
  • No penalties for repaying the loan early on selected loans
  • Repayments may be paused for maternity/paternity leave or for energy saving purposes, such as using the funds to install water tanks or energy saving devices instead

The inclusions above represent a selection of the features available with Bank Australia 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 Bank Australia 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.

Bank Australia 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 Bank Australia home loan, an application can be made through the Bank Australia website, over the phone or in a branch. According to the website, you will need to have the following information on hand to apply for a Bank Australia home loan:

  • Proof of your income, such as your gross and net salary, employment details and any additional income sources
  • Approximate value of your assets
  • Any liabilities you may have, such as loan balances, repayment amounts, credit cards or overdraft limits

If you are not currently a Bank Australia customer, you will need to provide identification details in the form of a driver’s licence, medicare card or passport for verification.

Further enquiries regarding your home loan application can be made online, over the phone or in a Bank Australia branch.

At the time of writing, Bank Australia allows unlimited extra repayments on its Basic and Premium home loans without penalty. It allows additional repayments up to $20,000 a year for its Fixed Rate home loans, after which a break fee may apply. 

Terms and conditions apply, contact Bank Australia or visit the Bank Australia website for details.

At the time of writing, Bank Australia offers redraw facilities on their home loans, except during an interest only repayment or fixed interest period. Redraw facilities are not available on a Bridging Loan.

Fees and charges may apply to use of a redraw facility, contact Bank Australia or visit the Bank Australia website for more details.

Bank Australia was founded in 1957 as the CSIRO Co-operative Credit Society. 

According to its website, Bank Australia became Australia’s first customer-owned bank after combining 72 credit unions and co-operatives. It has operated as Bank Australia since 2015.

Bank Australia says it has ‘clean’ money because it’s never loaned to industries such as coal, nuclear weapons, gambling, tobacco and live animal export.

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