Basic Home Loan Basic Home Loan (Interest Only) (Owner Occupied)

  • 4.71%
    p.a Basic Variable
  • 4.71%
    p.a Comparison**
  • $100
    Upfront fees
  • $0
    Annual fees
  • 95%
    Max Lvr
  • $1,987
    Per Month*

About BankSA

The Bank of South Australia, also known as Bank SA is the largest financial institution in South Australia and the state's largest home lender. The forerunners of Bank SA and the State Bank of South Australia merged under the same name State Bank of South Australia in 1984. Bank SA is now a division of Westpac, having been a division of St. George Bank before Westpac and St. George merged in 2008. Bank SA have over 100 branches in South Australia and the Northern Territory and pride themselves on their home loan packages with specialist features and low doc options loan options.

Basic Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
$1,987
rate per annum
4.71%

Loan to Value Ratio

Borrow up to the maxium of 95% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Lvr
95%
Capitalise LMI
Yes

Availability

For ["Equity", "Owner Occupied", "Vacant Land"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].

Term
3 - 30 years
Min
$30,000
Max
$2,000,000

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials
Full Doc
Credit History
Conforming
Genuine Saving
Required

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Yes
Min Redraw
$0
Redraw fee
$0

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

  • an offset account;
  • ability to make extra repayments;
  • a redraw facility; and
  • linked credit card and savings accounts;
  • ability to split your loan between fixed and variable interest rates
Offset Account
No
Redraw Available
Yes
Credit Card
No
Internet Banking
Yes
Telephone Banking
Yes
BPay Option
Yes
Portability of Loan
Yes
Professional Pack
No
Check Account
No
Direct Salary Credit
No
Free Transactions
Yes
Minimum Redraw
No
Redraw Fee
No

Repayments

You can make your repaments Monthly.

Interest Only Option
Yes
Max Interest Only
5 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.

Total
$100
Settlement
$100

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$0

Exit Fees

Fees associated with prematurely ending the loan.

Total
$850
Exit
$350
Early Repayment
$0
Switch To Fixed
$500

Notes

Basic Home Loan Promotional Rate: Special limited time discounted Basic Home Loan offer may be withdrawn at any time. This offer is only available for new Basic Home Loan applications received from 1 July 2015. Offer current as at 1 September 2015. Rate includes 0.85% p.a. off the Basic Home Loan Rate No monthly fees and more flexibility with a Basic Home Loan including: - $0 Establishment fee if loan amount is greater than $150,000 - $0 monthly service fee - Flexible repayment options - Make extra payments to save on interest, with the option to request a redraw of your funds. If you apply after this offer has been withdrawn the interest rate which will apply is the standard Basic Variable Rate without any discount. This offer does not apply to internal refinances and is not transferable between loans, and is not available in conjunction with, or in addition to any other special offers, negotiated rates or discounts. Includes Portfolio Loans or investment loan applications where the principal property securing the loan will be used to derive rental income or where the loan application purpose is to invest in real estate or to construct or make property improvements to an investment property. The Basic Home Loan can be split to form part of a Flexible Choice Loan or be the end debt of a Relocation Loan, $150 fee per split Rate displayed is a special offer available until further notice. Available with Family Pledge Option.

LVR Notes

For new and existing customers, max LVR for owner occupiers and investors is 95%. Max LVR for refinances from other financial institutions is 90%. Investment: Max LVR of 95% includes capitalised loan amounts. Owner Occupied: Max LVR of 95% can be increased by the amount of the LMI premium to a maximum of 2% above the max LVR for that customer. Conditions apply for new customers. These include, but are not limited to; - No Auto Decline overrides will be considered - Genuine savings policy applies, with the exception of Inheritance and Sale of non-real estate assets which are capped at 90% LVR

Notes

5% Genuine savings needs to be verified on mortgage insured loans where the LVR exceeds 85%.

Fee Notes

$0 establishment fee if loan amount is greater than $150,000 – Limited time special offer Loan amount <$150K - Standard $500 establishment fee applies. $500 Security substitution fee $150 loan split fee. Partial Discharge Assessment Fee: $350

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided