BankSA offers a range of home loan products with features tailored to meet the borrowing needs of owner-occupiers, investors, and first home buyers.

It offers principal and interest (P&I) and interest-only (IO) home loans, with variable and fixed interest rate options. Rates offered by the bank are generally relatively competitive, although not as competitive compared with market-leading rates offered by other lenders.

What are the home loans available at BankSA?

Basic Variable Home Loan

BankSA's no-frills home loan features a basic variable interest rate, $0 ongoing and establishment fees, extra repayment flexibility, and a fee-free redraw facility. It's available for owner-occupiers paying principal and interest (P&I) and investors seeking to make P&I or interest-only (IO) repayments.

Customers can borrow from $150,000 up to 95% of their property's price based on the valuation of the bank. However, with a loan-to-value ratio (LVR) exceeding 80%, customers will need to pay lenders mortgage insurance (LMI) on top of incurring higher interest rates.

Standard Variable Home Loan

Owner-occupiers and investors looking for more from their variable home loan may find this the ideal choice. In addition to a redraw facility, BankSA's Standard Variable Home Loan comes with a full interest offset account and a split loan option.

It also levels up flexibility in making repayments by offering frequency options (weekly, fortnightly, monthly) and repayment holidays. Borrowers taking repayment breaks may be able to pause or reduce their repayments for a set period, though this will lead to higher repayments for the rest of the loan term and more interest payable in the long run.

Another key feature of this variable mortgage is the Family Pledge guarantee. To circumvent the hurdle of saving up for a large deposit, borrowers can use the equity in a family member's home to guarantee the loan and increase their loan amount up to 100% of the property's purchase price. This is otherwise known as a guarantor loan.

All these added features translate to more fees, though, including a one-off $600 establishment charge and an ongoing $8 monthly account fee. However, if availed through the bank's Advantage Package, which comes with a bundled credit card and rate and insurance discounts, those fees are waived and replaced with a $395 annual package fee.

Borrowers can take out 70% up to 95% of the property's value.

Fixed Rate Home Loan

BankSA's fixed-rate mortgage is available for residents and investors seeking to lock in rates for one to five years. LVR ranges from 70% to 95%. It also comes with flexible repayment schedules and the option to add a family guarantor to secure the loan and get around paying LMI and potentially maximise the loan amount up to 100% of the property purchase price.

This loan is also available as part of the Advantage Package, which means borrowers can take out a fixed loan with a bundled credit card with $0 annual fees, rate and insurance discounts, and waived establishment and monthly fees for $395 payable annually.

What's in store for refinancers?

Cashback offer

BankSA is one of the handful of home lenders with an ongoing cashback promotion to date. Available until 30 June 2024, the bank offers up to $2,000 cashback for refinancing owner-occupied and investment home loans with a minimum loan amount of $200,000 and a maximum LVR of 80%. Settlement date is until 31 October 2024. Refinances within Westpac Group are not included in this offer.

Quick processing

BankSA's FASTRefi service promises an expedited refinancing process for eligible individual borrowers (not companies or trusts). The bank uses an insurer to refinance a home loan before receiving the title to the property, thus avoiding delays associated with retention teams and the usual waiting times for title transfers.

What are the fees charged to customers?

Home loan fees vary across BankSA products. Some of the standard charges borrowers may expect to pay include establishment and processing fees, monthly account fees, and package fees, among others.

These are correct at the time of writing and are subject to change.

*Waived for Advantage Package home loans

How to apply for a home loan at BankSA

Potential borrowers can apply online, over the phone, or in person at BankSA branches. To be eligible for the bank's home loans, applicants must meet the standard requirements concerning their personal identity, income source, expenses, assets, and liabilities. As with most home loans, applicants must be Australian citizens or permanent residents aged 18 and over with a regular source of income.

If basic eligibility requirements are met, gather the following documents and information to support the loan application.

• Proof of identity (passport, driver's licence, other government-issued ID)

• Proof of income (last two consecutive payslips for employees; last two years' tax returns and assessment notices for self-employed)

• Other sources of income, if applicable (rental properties, entitlements, commissions, bonuses)

• List of commitments (existing debts, rent/lease, child support, alimony, ongoing expenses)

• Savings history (bank statements)

• Borrowing purpose

Borrowers will then need to fill out the application form. Applying online takes about 20 minutes, according to BankSA. Once the documents are submitted, a home loan expert will contact the applicant for the next steps. The bank will give conditional approval pending credit check.

For the latest and detailed information on BankSA's home loan offerings, including eligibility requirements, fees, and current rates and terms, it's best to visit the bank's website or consult its home loan experts.