Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .
BankSA, or the Bank of South Australia, was founded in 1848 as the Savings Bank of South Australia and, as of 2008, is a division of Westpac.
The bank has over 100 branches throughout South Australia and the Northern Territory and headquarters in Adelaide. BankSA offers financial services and products such as personal loans and banking, home loans, insurance, credits cards, investment and superannuation and financial planning advice.
BankSA has won a number of awards, including Money Magazine’s Business Bank of the Year in 2006.
Unlike some other banks, BankSA can trace it's history all the way back to one man and an operation that started in one small room. That man, John Hector, founded The Savings Bank of South Australia, on March 11, 1848. On the same day, an Afghan Shephard named Croppo Sing deposited his life's savings of 29 pounds with the bank, and ultimately they would record deposits of 172 pounds and six shillings on the first day of business.
From these inauspicious beginnings, the history of BankSA grew to become one of the most storied in Australian history, with former chairs including Robin Torrens and Henry Ayers. Needless to say, the bank now accepts deposits of Australian dollars. It is also the largest financial institution in South Australia.
While applicants are encouraged to apply for home loans online, they can also do it over the phone or in person at a local branch.
If you are interested in obtaining a mortgage with BankSA, you will need to be able to provide the following information:
- You will need to be at least 18 years of age
- Proof of Identification: Enough to pass the 100 point check, which can include your passport, birth certificate, etc. You will need at least one photographic ID and one other form of ID in most cases.
- You will need to be able to provide evidence of your financial details when you apply, so make sure you hang on to your tax returns, pay slips, and other financial details.
- A list of your income against your expenses, which will show the lender a more complete view of your current financial situation as far as incoming and outgoing cash flow is concerned.
- A list of assets and debts - assets include things like existing properties and investments as well as savings, while debts are any open lines of credit or other loans, etc.
- Details about the property you're planning to buy, such as the price of the property and how much you are looking to borrow.