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BankSA

BankSA Basic Variable Home Loan

Variable rateRedraw

Our no-frills variable home loan rate, with redraw and no establishment or ongoing monthly fees.

Written byDavid Boyd
Interest rate a year, from
6.54%
Comparison rate
6.55%
Upfront fees
None
Annual fee
Not published
Monthly fee
None

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.54% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,808
Total repayments
$1,370,954
Interest
$770,954

Rates

Every rate BankSA publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 70%6.54%6.55%
VariableLive inPrincipal and interest70% to 80%6.64%6.65%
VariableLive inPrincipal and interest80% to 95%6.94%6.95%
VariableLive inInterest onlyUp to 70%7.54%6.99%
VariableLive inInterest only70% to 80%7.64%7.09%
VariableInvestmentPrincipal and interestUp to 70%6.79%6.80%
VariableInvestmentPrincipal and interest70% to 80%6.89%6.90%
VariableInvestmentPrincipal and interest80% to 95%7.19%7.20%
VariableInvestmentInterest onlyUp to 70%7.14%6.95%
VariableInvestmentInterest only70% to 80%7.24%7.05%
VariableInvestmentInterest only80% to 90%7.54%7.36%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
None
Annual fee
Not published
Monthly fee
None

Features

Offset account
No
Redraw
Yes
Highest LVR
95%
Loan amount
From $30,000 up to $5,000,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.64%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.65%

For the same rate. Typical is 6.70%.

Upfront fees

None

Typical upfront fees are $600.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • No upfront fees. Less cash needed at settlement.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
  • Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.

Cons

  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.
  • A $15 late payment fee. Setting up automatic repayments avoids it.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.