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BankSA

BankSA Variable Home Loan with Offset

Variable rateOffsetRedraw

Our full-featured variable rate loan, with an offset account and redraw.

Written byDavid Boyd
Interest rate a year, from
6.64%
Comparison rate
7.01%
Upfront fees
$600
Annual fee
$395
Monthly fee
$8

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.64% (variable, live in, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,856
Total repayments
$1,388,095
Interest and monthly fees
$788,095

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%6.64%7.01%
VariableLive inPrincipal and interestUp to 70%8.95%9.09%
VariableLive inPrincipal and interest70% to 80%6.74%7.11%
VariableLive inPrincipal and interest70% to 80%9.05%9.19%
VariableLive inPrincipal and interest80% to 95%7.04%7.41%
VariableLive inPrincipal and interest80% to 95%9.35%9.49%
VariableLive inInterest onlyUp to 70%7.23%7.25%
VariableLive inInterest onlyUp to 70%9.54%9.36%
VariableLive inInterest only70% to 80%7.33%7.35%
VariableLive inInterest only70% to 80%9.64%9.46%
VariableInvestmentPrincipal and interestUp to 70%6.84%7.21%
VariableInvestmentPrincipal and interestUp to 70%9.52%9.66%
VariableInvestmentPrincipal and interest70% to 80%6.94%7.31%
VariableInvestmentPrincipal and interest70% to 80%9.62%9.76%
VariableInvestmentPrincipal and interest80% to 95%7.24%7.60%
VariableInvestmentPrincipal and interest80% to 95%9.92%10.06%
VariableInvestmentInterest onlyUp to 70%7.13%7.31%
VariableInvestmentInterest onlyUp to 70%9.81%9.79%
VariableInvestmentInterest only70% to 80%7.23%7.41%
VariableInvestmentInterest only70% to 80%9.91%9.89%
VariableInvestmentInterest only80% to 90%7.53%7.71%
VariableInvestmentInterest only80% to 90%10.21%10.19%

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
$600
Annual fee
$395
Monthly fee
$8

Features

Offset account
Yes
Redraw
Yes
Highest LVR
95%
Loan amount
From $10,000

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

6.74%

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

Comparison rate

7.11%

For the same rate. Typical is 6.70%.

Upfront fees

$600

Typical upfront fees are $600.

Annual fee

$395

A typical annual fee is $350.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
  • 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

  • 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.