Bank SA

Bank SA

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Everything you need to know about a Bank of SA’s home loan

Bank of SA is one of the largest banks in South Australia, and has been operating for more than 100 years. Established in 1948, the bank has grown exponentially over the years and is now a division of Westpac. The bank has a range of fixed rate and variable rate home loans on offer. These loans offer flexibility and they have deals on offer such as a refinance cashback offer which gives you room to move in the future. Whether you are a first-home buyer, an owner-occupier or an investor, Bank SA will have an option that’s right for you.

Key Benefits

  • Low variable home loan interest rates
  • Wide range of loans to choose from
  • Redraw and offset accounts


  • High variable interest rates for owner-occupiers and investors
  • Only has branches in South Australia and Northern Territory
  • High service fees

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Bank of SA’s Home Loan Products breakdown

Standard Variable Rate Home Loan

  • Flexibility with your repayments
  • Full interest offset facility
  • Redraw facility available

Have more flexibility with Bank SA’s Standard Variable Rate home loan.

Bank SA’s variable home loan offers a range of features that could be suitable for you if you’re looking for more flexibility in your home loan. With this loan, you’ll be able to choose whether you make your repayments on a weekly, monthly or fortnightly basis. On top of this, options such as taking a break from making repayments and split loans are available.

Fixed Rate Home Loan

  • Fixed rate interest term of 2.29%
  • Loan term of 1-5 years
  • Flexibility with your repayments

In search of more certainty? The Fixed Rate Home loan has your back.

This home loan is favourable to those who want to know exactly how much they will be paying each month and can be handy if you’re trying to plan a budget for your future. This loan is available for periods of up to 1 to 5 years and offers features such as the ability to apply for a rate lock and pay interest in advance. At the end of your fixed rate period, you also have the ability to re-fix your interest rate or switch to another variable rate.

Basic Home Loan

  • No service fees for loans worth more than $150,000
  • A ‘No frills’ loan
  • Low variable interest rates

For those who don’t want to waste money paying extra fees

Service fees, monthly administration fees and high interests rates won’t be much of a concern with the basic home loan. The loan offers a ‘no frills’ feature- that means you won’t be paying money for the features you don’t use. Another feature of the loan is that it has lower interest rates than most other loans. On top of this, you’ll also have a discount of 1.23% p.a. on the basic home loan rate for owner-occupier loans and a discount of 1.20% p.a for residential investment loans.

Portfolio Loan

  • Flexible line of credit
  • Fixed rate interest term
  • Take out loans valued at up to 90% of your property value

If you’re an investor, the Portfolio Loan might be right for you.

As a flexible ongoing line of credit, you’ll be given a credit limit and will be able to use this credit for investments and other purchases. You also have the ability to separate your credit into 10 sub accounts so that you can keep your investment finances separate. You will not need to make principal payments each month on the condition that you pay the interest and fees required each month for the loan, but making regular repayments will help you to pay off the loan.

Building Loan

  • Interest-only repayments over the course of your construction
  • Interest-only payable on the amount advanced on the loan
  • Funds can be advanced progressively

A loan tailored for those looking to build a new home.

Bank SA’s building loan is designed specifically for those who are building a new home. The loan has the feature of allowing you to advance funds progressively, which means that you can take out money as your builder completes stages of the construction. This may allow you to save interest in the long run. Bank SA may also be able to assist you in scheduling these payments and managing your expenses so that you can stay on track financially.

Relocation Loan

  • Competitive standard variable interest rate
  • Loan term of 12 months to sell your existing home
  • Full interest offset

Planning to sell and move on to your next property?

With this loan you can avoid paying expensive bridging fees if you buy a new home before selling your existing one. You have two options when it comes to this loan. You can either structure it as a standalone relocation loan, where the loan is repaid fully once you sell your home. The second option involves paying part of the home loan when you sell your home and then paying off the remainder of the loan with another BankSA home loan.

Advantage Loan Package

  • Discount of 1.31% p.a. off standard variable rates for loans greater than $100,000
  • Combine your home loan, credit card and transaction accounts in this package
  • $2000 refinance cashback may be available

Get discounts on your loans and credit cards with the advantage package

If you’re interested in taking out multiple loans with Bank SA, why not utilise the Advantage Package? You could be saving more if you package your loans, rather than paying for them as stand alone loans. The package will allow you to get discounted interest rates. On top of this, you will not have to pay establishment fees, annual credit fees on certain cards, loan service fees or monthly transaction account service fees.


BankSA Home Loan Products Comparison


Looking for your perfect match?

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Frequently Asked Questions

Is Bank SA part of Westpac?

Bank SA is a division of Westpac Banking Corporation.

What is a Customer Access Number Bank SA?

A Customer Access Number is what you will use to login to your Internet banking account with Bank SA. If you are unsure of your customer access number. If you are unsure of what your customer access number is, you can access steps on how to retrieve it here.

How do I activate my Bank SA card?

To activate your BankSA card, you will firstly need to register for online banking here. Once you have an account, log into your Internet banking account and follow the prompts on the screen to activate your card.