BankSA Variable Home Loan - Owner Occupied - Variable

Ratings

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About this rate option

BankSA's Variable Home Loan offers owner-occupiers a variable rate of 7.29% (comparison rate 6.73%) with interest-only repayments, which keep the balance unchanged during the interest-only period before reverting to principal-and-interest. This rate option applies to borrowings up to 70% of the property value, meaning a deposit of at least 30% is required. The loan has no ongoing monthly fees and includes unlimited fee-free redraw, with limitless extra repayments permitted.

This summary was generated from BankSA’s published product data for this specific rate option. Always confirm current rates with the lender.

About Variable Home Loan

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Fees & Costs

A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
BankSA charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.

Borrowing Limits

An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.

Eligibility

Interest only repayment option is not available with BankSA Variable Home Loan for buying next home.
Interest only repayment option is not available with BankSA Variable Home Loan for refinance.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with BankSA or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Variable Home Loan

Refinance Variable · Principal & Interest 0 Years · 70% LVR

8.70%

Refinance Variable · Principal & Interest 0 Years · 80% LVR

8.80%

Refinance Variable · Principal & Interest 0 Years · 95% LVR

9.10%

Investment Variable · Interest Only 0 Years · 70% LVR

6.89%

Investment Variable · Interest Only 0 Years · 80% LVR

6.99%

Investment Variable · Interest Only 0 Years · 90% LVR

7.29%

Investment Variable · Principal & Interest 0 Years · 70% LVR

6.54%

Investment Variable · Principal & Interest 0 Years · 80% LVR

6.64%

Investment Variable · Principal & Interest 0 Years · 95% LVR

6.94%

Construction Variable · Principal & Interest 0 Years · 80% LVR

8.80%

Construction Variable · Principal & Interest 0 Years · 95% LVR

9.10%

Owner Occupied Variable · Interest Only 0 Years · 70% LVR

7.29%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

BankSA charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.

Does BankSA Variable Home Loan comes with an offset account?

Yes, Variable Home Loan comes with a 100% offset account. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.

What are the costs to apply for BankSA Variable Home Loan?

There is upfront costs of $700 to apply for Variable Home Loan. Application fee: $600
Settlement fee: $100 Variable Home Loan also comes with ongoing account fees of $96 per year. Monthly fee: $8 per month

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with BankSA or a mortgage broker just to be sure. This information should be used as a guide only.