How to minimise fees
How to minimise home loan fees
- Plan your banking
- Ways to reduce or avoid fees or charges on your home loans
- Tips to save money for Portfolio Loan customers
- Tips for customers increasing their home loan borrowings with BankSA
- BankSA's exception fees on home loans
- Monitor your home loan
Plan your banking
Do you have the right home loan for your needs?
BankSA has a range of award winning home loans and package options, with a wide variety of features and benefits, for you to choose from to best meet your borrowing needs. To see which of our loans suits you see our home loans: Which home loan suits my needs?
Ways to reduce or avoid fees on your home loan
Consolidate your loans with BankSA
Do you have loans across a number of different banks?
While there are many reasons why you would want to separate your borrowings (ie to keep your investments separate from your own home loan), you may be able to reduce the number of loans you have, which can help you save on monthly administration fees.
Make your redraws electronicallyMaking additional payments to your variable rate home loan is a great way to save on interest, while still having the flexibility to access your money when you need to by redrawing. Making your redraws over the phone or using internet banking is much cheaper than going into a branch.
Save on everyday banking feesArrange to have your BankSA home loan repayments (other than for Portfolio Loan) automatically deducted from your Complete Freedom or Freedom account, and save on account service fees on that account.
Tips to save money for Portfolio Loan customers
- Use your Portfolio Loan as your everyday banking account, so that you don't need to operate a separate transaction account.
- Do you have more than 2 sub-accounts? If so, you can save on fees by opting for our annual fee option, which can give you up to 10 sub-accounts to help you manage your finances, for a single annual fee.
Tips for customers increasing their home loan borrowings with BankSA
If you are increasing your borrowings with us, you may want to consider our Advantage Package (not available to all borrowers).
With an Advantage home loan Package you will not pay the usual renegotiation, switch or monthly administration fees on our most popular home loans. You will also receive the benefit of a Complete Freedom account with no monthly account service fee for your everyday banking, along with your choice of BankSA credit card with no annual fee.
BankSA's exception fees on home loans
Exception fees on your home loan are charged when you you don't have sufficient money in your nominated payment account to cover a payment. Exception fees on home loans include dishonour and honour payments. These fees are avoidable and fully disclosed upfront to customers as part of our terms and conditions.
| Payment dishonour fee - payable whenever a direct debit order for payment from another institution is dishonoured. | $15 per direct debit |
| For Portfolio Loans Payment Honour Fee – payable for each transaction we honour which exceeds available credit |
$38 |
| For Portfolio Loans Payment Dishonour Fee – insufficient funds in your account when a periodic payment, direct debit or cheque is presented and we do not process the payment |
$45 |
In order to avoid such fees it is important that you monitor your home loan and also ensure you have the right home loan for your needs.
Monitor your home loan
We have a number of ways for you to monitor the state of your home loan and ensure you avoid these types of fees. These include;
- Internet and Phone Banking
- Enquiring over the phone or at any BankSA branch
- BankSA ATM balance enquiries on Portfolio Loans
- SMS and email alerts on Portfolio Loans
If you would like more information on any of the fees that may apply to your home loan, please contact BankSA on 13 13 76 .
