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Home Loan Interest Rate News - Tuesday, 4 June 2019

Changes to a range of our variable interest rates

BankSA will be making a range of interest rate cuts for our variable home loan customers, including a reduction of 0.20% p.a. for owner occupier customers and a reduction of 0.20% p.a. for investor customers with principal and interest repayments.

The following interest rate changes will come into effect on Tuesday, 18 June 2019.

  • Owner occupier principal & interest home loan variable rate decreasing by 0.20% p.a. to 5.15% p.a. (comparison rate 5.32% p.a.*)
  • Owner occupier interest only home loan variable rate decreasing by 0.20% p.a. to 5.74% p.a. (comparison rate 5.90% p.a.*)
  • Residential investment principal & interest home loan variable rate decreasing by 0.20% p.a. to 5.72% p.a. (comparison rate 5.88% p.a.*)
  • Residential investment interest only home loan variable rate decreasing by 0.35% p.a. to 6.11% p.a. (comparison rate 6.27% p.a.*). Excludes Portfolio Loans.

Please note rate reductions will also apply to our Basic Loans and some grandfathered variable rate products. The above rates do not include any discounts offered under the Advantage Package1.

Switching from interest only to principal and interest repayments

We offer lower interest rates to customers who make principal and interest repayments to encourage them to pay down their debt and own their home faster.

If you wish to pay your variable home loan sooner by switching to principal and interest repayments, you can do so without paying a switch fee by contacting us on 13 13 76 and we’ll talk through your options.

What is the impact on my repayments?

If you are currently paying interest only repayments on your home loan

Your repayments are adjusted automatically. The repayments will change from the first repayment date after the interest rate change becomes effective.

If you are currently paying principal and interest repayments on your home loan

The contractual repayments will be adjusted and letters will be sent to you. These will detail both the new minimum monthly repayment amount and the date the new repayment commences, ensuring there is time for you to adjust arrangements.

Fixed interest rates home loans

Repayments are not affected by variable interest rate changes during the fixed period of your home loan.

Terms & conditions

Credit criteria, fees and charges apply. Terms & conditions apply. Based on BankSA’s credit criteria, residential lending is not available for Non-Australian resident borrowers.

*Comparison rates are 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.

1 Advantage Package: Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible BankSA transaction account. Before deciding to acquire a BankSA transaction account, read the terms and conditions, and consider if the product is right for you. Refer to banksa.com.au.