Compare BankSA Home Loans & Interest Rates
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- BankSA is a South Australian banking brand with roots dating back to 1848.
- It has been operating as part of the Westpac Group since 2008, maintaining a strong local presence in SA.
- Its home loan range consists of a basic variable, a variable rate mortgage with offset, a fixed rate option and a package home loan.
- The Advantage Package offers interest rate discounts and fee waivers.
BankSA traces its roots back to the Savings Bank of South Australia in 1848, and to this day remains one of the region's best-known banking institutions.
In 2008, BankSA became part of the Westpac Group and now serves as the group's South Australia-focused brand.
BankSA sits alongside Bank of Melbourne and St.George within the Westpac stable, offering a full suite of banking products including home loans, personal loans, credit cards, savings accounts and term deposits.
BankSA's main point of difference is its South Australian focus, maintaining a strong branch presence in the state while benefiting from the scale and financial backing of Westpac.
As part of the group, BankSA's home loan products often share similar structures, eligibility criteria and features with those offered by Westpac, Bank of Melbourne and St.George.
What home loans does BankSA offer
BankSA's home loan range centres on variable and fixed rate products, with borrowers also able to access a packaged home loan for additional features and rate discounts. The home loans are available for both owner occupied and investment residential properties.
Basic Variable Home Loan
As the name suggests, the Basic Variable Home Loan is BankSA's no-frills variable rate loan designed for borrowers seeking a simple and low-fee mortgage. Key features include:
- $0 application fee
- $0 monthly ongoing fee
- Fee free redraw facility
- Unlimited extra repayments
- Flexible repayment frequency
Variable Home Loan with Offset
This product caters to BankSA borrowers looking for a variable rate home loan that can be linked to an offset account (up to 10 accounts) to help reduce interest costs. Key features include:
- 100% offset account
- Fee free redraw facility
- Unlimited extra repayments
- Flexible repayment frequency
- Split loan option
- Guarantor support
- Repayment holiday
Fixed Rate Home Loan
BankSA's fixed rate home loans are available in terms starting at one year to five years, during which time borrowers can lock in their interest rate for greater repayment certainty. Key features include:
- Rate lock option
- Fee free redraw facility
- Up to $30,000 in extra repayments
- Flexible repayment frequency
- Interest in advance feature
- Guarantor support
Advantage Package
Advantage Package is BankSA's premium home loan bundle. For an annual package fee, borrowers can bundle their variable offset or fixed rate home loan with select banking products to access interest rate discounts and fee savings.
Key features include:
- Discounted variable and fixed home loan rates
- Waived loan establishment fee
- Waived monthly account fee
- Access to cardholder rewards and cashback offers
Compare BankSA home loan interest rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.54% p.a. | 6.55% p.a. | $3,174 | Principal & Interest | Variable | $0 | $100 | 70% | |||||||||||||
6.64% p.a. | 6.65% p.a. | $3,207 | Principal & Interest | Variable | $0 | $100 | 80% | |||||||||||||
6.74% p.a. | 7.11% p.a. | $3,240 | Principal & Interest | Variable | $395 | $100 | 80% | |||||||||||||
6.79% p.a. | 6.80% p.a. | $3,256 | Principal & Interest | Variable | $0 | $100 | 70% | |||||||||||||
6.84% p.a. | 7.12% p.a. | $3,273 | Principal & Interest | Fixed | $395 | $100 | 80% | |||||||||||||
6.94% p.a. | 6.95% p.a. | $3,306 | Principal & Interest | Variable | $0 | $100 | 100% | |||||||||||||
7.34% p.a. | 8.34% p.a. | $3,441 | Principal & Interest | Fixed | $8 | $700 | 70% |
BankSA home loan features
Additional repayments
BankSA offers the ability to make unlimited extra repayments across variable rate home loan options, helping borrowers reduce their principal faster and potentially save interest over the life of the loan.
Additional repayments for fixed rate borrowers are capped at $30,000 during their fixed rate period.
Redraw facility and offset account
Borrowers ahead on their minimum repayments may be able to access those funds fee-free via BankSA's redraw facility.
Meanwhile, home loan customers with a 100% offset account can link up to 10 accounts.
Flexible repayment frequency
BankSA customers have the option to choose their home loan repayment frequency from either weekly, fortnightly or monthly repayments.
Repayment pause
Eligible borrowers who need to reduce or pause their regular repayments can apply for BankSA's Reduced Repayments or Repayment Holiday for an approved period of time at the bank's discretion.
Interest in advance
Eligible investment borrowers with a fixed rate home loan may receive a 0.20% p.a. discount when paying interest in advance. The fixed interest rate discount applies for the interest in advance period. This may appeal to investment borrowers seeking to manage cash flow and interest costs.
Borrower support (Family Pledge and Home Guarantee Scheme)
Eligible borrowers may be able to use a family member as a guarantor to maximise the amount they can borrow and avoid lenders mortgage insurance (LMI) through BankSA's Family Pledge feature.
BankSA also participates in the Australian Government's 5% Deposit Scheme, which helps eligible first home buyers and single parents buy property even with just a 2% or 5% deposit without paying LMI.
Split loan option
In addition to variable and fixed rate options, customers may split their home loan between fixed and variable interest rate portions, combining flexibility and certainty.
Rate lock
Borrowers taking out a fixed rate home loan can lock in their approved rate before settlement for a fee. BankSA's rate lock fee is generally 0.15% of the loan amount, with a minimum fee of $500 and a maximum of $1,000 for loans up to $2 million. The rate can typically be locked for up to 90 days.
BankSA home loan fees
Below is a range of fees that may be charged when applying for, settling, or maintaining a BankSA home loan. Payable fees vary depending on the home loan product:
- Establishment fee – $600*
- Document processing fee – $100
- Monthly account fee – $8*
- Advantage Package fee – $395 per year
- Rate lock fee – 0.15% of the loan amount or $500, whichever is greater (capped at $1,000)
- Discharge fee – $350
*Waived under Advantage Package
Other fees, including valuation fees, break costs and missed payment fees may apply.
Pros of BankSA home loans
- Big bank backing
- Local South Australian presence
- Extra repayments
- Free redraw
- 100% offset account
- Guarantor support
- Competitive package discounts
Cons of BankSA home loans
- Dedicated branch network limited to South Australia
- Package fee may not suit smaller loans
- No standout niche offering
How to apply for a BankSA home loan
Eligibility requirements
To apply for a home loan with BankSA, would-be borrowers generally need to meet the following eligibility criteria:
- Be 18 years old or over
- Be employed or earning a regular income
- Have an acceptable credit history
- Loans must be secured by an Australian residential property
Documents needed
- Valid ID (e.g. driver's licence, passport, Medicare card)
- Income details (e.g. two most recent payslips for employed, business and tax returns for self-employed)
- Details of savings and assets (e.g. bank statements)
- Details of other loans and liabilities
- List of regular expenses
Additional documentation relating to the property, deposit or government incentives you may be eligible for could also be required. Required documents may vary depending on the home loan you're applying for.
Savings.com.au's two cents
South Australian borrowers who value strong local presence and big bank backing may consider BankSA a viable option.
BankSA's key point of difference is its South Australian focus. The bank says it serves one in four South Australians, and it maintains a dedicated branch network concentrated across the state. But that doesn't mean access ends at the border. As part of the Westpac Group, customers can access certain banking services through Westpac branches nationwide.
Its home loans are relatively straightforward, generally sharing similar features and structures with those offered by its sister brands.
While BankSA does tick the local presence and major bank support, it pays to still compare your options and weigh up whether the benefits justify the costs. For instance, the Advantage Package may be more suitable for borrowers with larger loan balances, where interest discounts and fee waivers may outweigh the annual package fee.
Frequently Asked Questions
Yes. BankSA is part of the Westpac Group, alongside St.George and Bank of Melbourne.
Yes. Eligible borrowers can access a 100% offset account through BankSA's Variable Home Loan with Offset and Advantage Package.
Yes, but how much you can repay depends on your loan type.
Variable rate home loans – Unlimited extra repayments are allowed, and you can access those funds later using the redraw facility.
Fixed rate home loans – Extra repayments are capped at $30,000 over the fixed term, subject to product terms. Paying more than the allowed limit may result in break costs.
Advantage Package loans – Extra repayments apply in line with the rules for whichever loan type (fixed or variable) you choose within the package.
Yes. BankSA participates in the Australian Government's Home Guarantee Scheme, which may allow eligible borrowers to purchase a home with a 2% or 5% deposit without paying lenders mortgage insurance.
Yes. Borrowers can apply online through BankSA's website or speak with a home lending specialist for assistance with their application.
Processing times vary depending on the complexity of your application and whether all required documentation has been provided.
Speak to a BankSA lending specialist for more information on your application.