BankSA is an online Australian lender owned by Westpac. BankSA has home loans for investors and owner-occupiers, including fixed and variable rates. Check out the full table of BankSA products below or read more about the lender and its loans.
Compare BankSA home loans for January 2024
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BankSA's most competitive rates are its fixed rate package home loans, so if you want to bundle your loan with an offset account and a credit card, it's a good option to consider.
BankSA has online and phone support but also has a network of branches in South Australia, where the bank is based.
You need at least a 5% deposit to get some BankSA home loans, but many loans require a 10% or 20% deposit.
BankSA's package loans let you combine a loan with a transaction account and a credit card.
Lenders like BankSA
If you want to compare loans from similar lenders to BankSA then you can start with these online lenders. They all have competitive rates and may be a better match for your needs:
St.George. In New South Wales and Queensland, you'll find St.George rather than Bank of Melbourne. Both lenders have very similar loan offers.
Bank of Melbourne. In Victoria and Tasmania, you'll find Bank of Melbourne rather than BankSA. Both lenders have very similar loan offers.
Westpac. Westpac owns Bank of Melbourne and offers similar package home loans.
Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
More home loan questions
To make sure you find the right BankSA loan you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
Do you really need a package loan? Some of BankSA's lowest rates are home loan packages that let you combine a mortgage with other products like a credit card or transaction account. This usually brings you some benefits, but if you don't actually use those other products then paying the annual package fee probably isn't worth it.
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes?
What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Pre-approval is not something every lender offers, but many do.
Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of, but there's no reason to worry.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.
Because BankSA is owned by Westpac, it is considered an authorised deposit-taking institution (ADI). This means customers with money deposited in a BankSA savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000.
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
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