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About BankSA

BankSA was founded as the Savings Bank of South Australia in 1848 by John Hector, the owner and sole employee of the bank at the time.

After being acquired by St.George and the 2008 merger between St.George and Westpac, BankSA became a division of Westpac Banking Corporation, and now boasts South Australia’s largest network of branches and ATMs. Its five core values are ‘helpful’, ‘ethical’, ‘leading change’, ‘performing’ and ‘simple’, and it has a long-standing philanthropic relationship with South Australian communities.

BankSA home loans at a glance

Offset accounts available
Redraw facilities available
Line of credit available
Split rate option available
Green loan available
Ability to make extra repayments
Internet banking available
Salary crediting
Choice of repayment flexibility
Refinance available
Services first home buyers

What types of home loans does BankSA offer?

BankSA’s range of home loan products on offer currently includes:

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Who does BankSA lend to?

BankSA offers home loans that may be appropriate for first home buyers, refinancers, prospective house-builders, borrowers in need of bridging finance in between home loans, property investors and more.

However, when it comes to what types of borrowers BankSA lends to, there are a few points that prospective borrowers should keep in mind.

The first is that BankSA has a minimum required loan-to-value ratio (LVR) of 95%, meaning it is unlikely that you will be approved for a home loan with BankSA if your saved deposit is less than 5% of your total proposed loan size. Additionally, BankSA imposes a 70% maximum LVR for certain packaged loans and discounted interest rates.

BankSA also likely won’t give you a home loan if you don’t have the capacity to repay your proposed home loan at a rate 3% higher than the advertised interest rate. This is because the Australian Prudential Regulation Authority (APRA) requires all lenders to assess an applicant’s ability to service their proposed home loan in the event of interest rate hikes.

Can I get a BankSA home loan as a first home buyer?

Yes, BankSA provides home loans to first home buyers. While they don’t have a specific home loan product designed for first home buyers, they have several tools and resources available to first home buyers designed to help them navigate the process of buying a home for the first time.

Does BankSA offer the Home Guarantee Scheme?

Yes, BankSA is one of the 33 participating lenders chosen by the Federal Government to offer the Home Guarantee Scheme. The Home Guarantee Scheme helps certain home buyers secure a home loan with a deposit smaller than 20%, without having to pay lenders mortgage insurance (LMI).

The Home Guarantee Scheme is made up of three separate initiatives:

  • The First Home Guarantee, which allows eligible first home buyers to purchase a home with a deposit of as little as 5%.
  • The Family Home Guarantee, which allows eligible single parents to purchase a home with a deposit of as little as 2%, regardless of whether they’re a first home buyer or not.
  • The Regional First Home Buyer Guarantee, which allows eligible first home buyers to purchase homes in regional areas with a deposit of as little as 5%.

Applications for one of these schemes can only be made through a participating lender or a mortgage broker acting as an authorised representative of a participating lender.

Can you refinance your home loan with BankSA?

Yes, you can switch your home loan to BankSA from another bank by refinancing. Borrowers refinancing their loan with BankSA can choose either a fixed or standard variable rate to switch to and can add an offset account to eligible loans.

Additionally, borrowers with BankSA may be eligible for FASTRefi, which can cut the time required for settlement down to days instead of weeks.

As of May 2024 and for a limited time, BankSA is offering $2,000 in cashback to borrowers who refinance to a BankSA home loan with an LVR of 80% or less and a loan value of $200,000 or more.

Does BankSA charge Lenders Mortgage Insurance (LMI)?

BankSA advises that they require a borrower to take out LMI when the borrower’s deposit represents less than 20% of the total loan value. However, other circumstances may also necessitate the borrower paying LMI.

BankSA allows borrowers to either pay their LMI upfront or roll it into their home loan, which is known as ‘capitalising’ your LMI.

What home loan fees does BankSA charge?

BankSA lists the following home loan fees and charges pertaining to its home loan products:

  • Lending Establishment Fee: $600
  • Document Processing Fee: $100
  • Fixed Rate – Lock-In Fee: The higher of either 0.15% of the loan amount or $500
  • Annual Package Fee: $395
  • Loan Account Fee: $8 per month
  • Loan Discharge Fee: $350
  • Missed Payment Fee: $15

Please note that not every fee listed will be applicable to every home loan offered by BankSA. Check the Key Fact Sheet of any home loan product you’re looking at to see what fees you’d pay if you took out the loan in question.

Interested in a BankSA home loan? Compare with us today!

If you want to learn more about BankSA home loans, you can use our home loan comparison tool to compare them against a wide range of other loan products from nearly 20 other lenders!

Comparing home loans with us means only being shown home loans you’re eligible to apply for, and having a dedicated team of Home Loan Specialists on-hand to help you with any questions you may have. And if you find a home loan that you think might be appropriate for you, you can apply for it then and there – entirely online, with no physical paperwork!

So, if you’re in the market for a home loan, compare your options today with Compare the Market!

Stephen Zeller, Home Loans Expert

Meet our home loans expert, Stephen Zeller

Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).

Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.

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