BankSA Home Loans: The 2026 Review

Founded in 1837 as the Bank of South Australia by British investors, BankSA has a long-standing history as a key financial institution in the region. Over the years, it has grown significantly, becoming a major bank with a strong presence in South Australia and the Northern Territory. As part of the Westpac Group, BankSA benefits from the resources and stability of one of Australia's Big 4 banks, which includes St George Bank and Bank of Melbourne.

Today, BankSA is recognised as a major bank, leveraging its affiliation with Westpac to offer a comprehensive range of banking products and services. It differentiates itself through its regional expertise and focus on competitive interest rates. With headquarters in Adelaide, BankSA operates both through physical branches and online platforms, ensuring accessibility and convenience for its customers.

BankSA targets first home buyers and investors, offering tailored solutions that cater to the unique needs of these groups. Its strong regional presence allows it to provide personalised banking experiences, particularly in South Australia and the Northern Territory. Notable offerings include the Family Pledge, which allows borrowers to use a family member's equity, and the Advantage Package, providing bundled discounts and fee waivers.

• Legal Name: BankSA
• ABN: 33007457141
• ACN: 007457141
• Established: 1837
• Headquarters: Adelaide, South Australia
• Type: Division of Westpac Banking Corporation
• Ownership: Owned by Big 4

• Website: https://www.banksa.com.au
• Phone: 1300 304 660

BankSA offers a range of home loan products with flexible features tailored to diverse borrower needs, providing value through competitive rates and regional expertise. Key features include options for financial flexibility, cost savings, and comprehensive loan management.

• Redraw Facility: For loans fixed from 17 May 2020, customers can redraw available funds paid during the fixed rate period, up to a $30,000 prepayment threshold. This feature provides flexibility in managing extra repayments, allowing borrowers to access funds if needed.
• Offset Account: Available on select products, the offset account reduces the interest payable on your home loan by offsetting the loan balance with your savings. This can lead to significant interest savings over the loan term.
• Family Pledge: This feature allows borrowers to use a family member's home equity to secure a loan, maximising borrowing capacity. It is particularly beneficial for first home buyers, reducing the need for a large deposit.
• Flexible Repayments: Borrowers can choose to make repayments weekly, fortnightly, or monthly, offering flexibility to suit individual cash flow needs. This feature helps manage financial commitments more effectively.
• No Ongoing Fees: BankSA offers products with $0 monthly account-keeping fees, reducing the overall cost of the loan. This feature provides a cost-effective solution for managing home loan expenses.
• Fraud Protection: Included across all products, fraud protection safeguards borrowers against unauthorised transactions. This feature enhances security and provides peace of mind.
• Combination Loan Feature: This allows borrowers to split their loan into fixed and variable components, offering the stability of fixed rates and the flexibility of variable rates. It enables tailored financial management strategies.
• Online Banking: BankSA provides comprehensive online banking features, allowing borrowers to manage their loans conveniently through digital platforms. This includes access to account statements and transaction history.
• Extra Repayment Features: Subject to terms and conditions, borrowers can make unlimited extra repayments without penalties, enabling faster loan payoff and interest savings.
• Guarantor Features: These features allow a guarantor to support the loan, potentially improving borrowing capacity. It provides an option for those who may need additional support to secure a home loan.

BankSA provides a transparent fee structure with detailed insights into various charges associated with their home loan products, ensuring borrowers understand the total cost of borrowing.

• Lending Establishment Fee: $600 - Charged for setting up the loan, applicable to most products.
• Property Valuer Fee: Variable - Starts from $164; varies based on location and value of the security property.
• Document Processing Fee: $100 - Covers settlement processing services, including document validation and conveyancing.
• Annual Advantage Package Fee: $395 (Annual) - Charged annually for the Advantage Package, offering bundled discounts and fee waivers.
• Loan Discharge Fee: $350 - Applied per mortgage upon loan discharge.
• Fixed Rate Lock-in Fee: $500 - Secures the interest rate for fixed loans.
• Missed Payment Fee: $15 - Charged when an arrears letter is sent for overdue payments.
• Loan Account Fee: $8 (Monthly) - Monthly account keeping fee, applicable to some products.

BankSA provides home loans to a diverse range of borrowers, including individuals, trusts, companies, and partnerships, with a focus on Australian and New Zealand citizens or permanent residents.

• Applicants must be at least 18 years old.
• Applicants must be Australian or New Zealand citizens or permanent residents.
• Eligible applicants include individuals, trusts (individual and company trustees), companies, and partnerships.
• Applicants must demonstrate the ability to repay the loan through stable income and employment.
• A satisfactory credit history is required.
• Owner-occupiers buying a new home or vacant land to build a new home are eligible.
• Investment loans may offer a 0.2% discount for interest paid in advance.
• Some products require a deposit as low as 5% with a guarantor.

• Loan-to-Value Ratio (LVR) up to 70% is available on some products; LMI may be required above 80% LVR.
• The Family Pledge option allows using a family member's equity to secure a loan, beneficial for first home buyers.
• Fixed loans may have prepayment thresholds and potential break costs.