We've introduced support measures to help customers and businesses impacted by the outbreak of COVID-19 in Australia.
Support for retail customers
Fixed Rate Home Loans under the Advantage Package (AP*) (effective 27 March 2020).
Fixed Rate Owner Occupier Loan with Principal & Interest repayments.
Available with new fixed rate loans or to existing variable rate loan customers looking to fix all or part of their loan. These rates do not apply to existing fixed rate loans.
The below rates are for LVR^^ above 60% and up to 80% (includes LVR discount of 0.05% p.a. to standard rate).
|Interest Rate Change % p.a.||New Rate (on AP*) p.a.||New Comparison Rate** (on AP*) p.a.|
Changes have also been made to our Fixed Rate Investment Property Loans - both with Principal & Interest repayments and Interest Only repayments. View our Home Loans Interest Rates page for further information.
Mortgage repayment deferral
BankSA customers who have lost their job or suffered loss of income as a result of COVID-19 can contact us for three months deferral on their home loan mortgage repayments, with extension for a further three months available after review.***
Virtual solutions in response to COVID-19
To assist when you’re not able to meet your clients face-to-face, we now accept the use of Adobe signatures on our home loan application form.
We've also introduced temporary new virtual Verification of Identity (Vol) and other processes to assist you and your customers:
•Electronic VoI for new to bank customers.
•A new video conference VoI process.
•Virtual guarantor appointments.
•Virtual signing of loan documents (NSW and VIC only).
More information on these new processes and virtual solutions is available under Training Documents on the secure portal.
Phone and internet banking access for elderly customers
Introduction of a nationwide plan to help elderly customers access telephone and internet banking, including a specialist call centre available to help people register for and use telephone and online banking.
Support for business customers
•Eligible BankSA business customers who need help with managing their cash flow can defer principal and interest payments# of business term loans, business auto loans, equipment finance facilities and equipment loans##, for six months.
•2% p.a. interest rate reduction on overdrafts for new and existing customers, effective Monday 6 April 2020.
•1% p.a. interest rate reduction for small business cash-based loans for new and existing customers, effective Monday 6 April 2020.
•Merchant terminal rental fee refunds for 3 months.###
How you can help your customers
If your customer needs to defer their Home Loan repayments, they can fill out this form.
Consumer customers can also request assistance by completing the Financial Hardship form. After filling in the form customers will then receive a phone call from us.
Business customers can also go here for help.
To find out more detail on what is available to support your customers, you can also visit our website here.
These FAQs are to help explain what’s available as part of our COVID-19 Customer Help Package to assist you with your clients.
Support for Brokers
In circumstances where repayments are deferred as part of our COVID-19 relief measures, your trail income will not be impacted and will continue to be paid as part of your normal monthly commission entitlements.
For Brokers operating within the context of being a small to medium size business, we've supplemented government relief arrangements available with additional benefits for BankSA business customers and are looking at other relief options to support you, should your business' conditions change.
We are here to help, so if you are experiencing hardship and require additional support, please reach out to your BDM to talk through the ways we may be able to help.
Things you should know
Credit criteria, fees and charges apply. Terms and conditions available on request. Based on BankSA's credit criteria, residential lending is not available for Non-Australian Resident borrowers.
*Advantage Package Conditions of Use apply and are available at www.banksa.com.au. Annual package fee of $395 applies. Not available to company and trust account holders. You must either hold or be approved for a BankSA transaction account in order to qualify and continue to receive the benefits of the Advantage Package. Applications must also meet our approval guidelines on individual products to qualify for relevant package discounts.
Fixed interest rates: Interest Rates displayed are for Australian residents only. The Bank will apply the fixed rate that is available at the loan settlement date. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan interest rate unless a new fixed rate term is selected and then the fixed rate is determined two business days prior to the refix.
^Rate Lock: The Bank will apply the fixed rate that is available at the loan settlement date, unless the customer locks a fixed rate in on the loan using our Rate Lock feature. The rate lock fee is 0.10% of the loan amount. At the end of the fixed rate period the interest rate will revert to the applicable variable home loan interest rate unless a new fixed rate term is selected and then the fixed rate is determined two business days prior to the refix.
**The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^^LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. The interest rates below are for new loans. Home loan rates are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.
***Interest deferred will be capitalised.
#Interest deferred will be capitalised. Terms and Conditions and eligibility criteria apply. For Equipment Finance facilities and loans only, instalments will be deferred and finance charges will still apply over the deferred period. Instalments will be recalculated at the end of the deferral payment period and will include finance charges.
##Please note that customers with an overdraft facility should utilise their available balance in the first instance and speak to their Relationship Manager if further assistance is required. Customers with cashflow/invoice/trade finance and commercial bill facilities requiring assistance should also refer to their Relationship Manager.
###Available for merchant customers with a total card spend of less than $5 million per annum.