Save on your home loan

There are some great ways to save on your home loan!

While it’s easy to think of your home loan as ‘set and forget’, understanding your features and how to use them can save you money.

Great ways to save on your home loan!

1.   Check that you have the right loan

Yes, it will cost to switch to another loan, but being in the right home loan to suit your current circumstances can save you money in the long run. Take a look at just a few examples:

You started with….	And now could benefit more from….
A Basic Home Loan	Advantage Package - a package deal with interest rate discounts and fee savings on your home loan, credit card and transaction account.1
A variable rate home loan	Protecting yourself against potential interest rate rises with a Fixed Interest Rate or by splitting your home loan.
A fixed rate home loan	Portfolio Loan, a line of credit that lets you use your home equity and start building assets.
To switch home loans, call us on 13 13 76 or drop by any BankSA branch

2.   Use your home loan features to your advantage

A quick review of your home loan features may encourage you to use them more!

Do you have…	You can use it to save…
100% interest offset	Deposit your salary into your offset account If you have interest free days option on your credit card, use it to keep your cash in your offset account longer
Extra repayments and Redraw	Calculate what you could save over the life of your loan by making extra repayments3 You can make a Redraw request if you need the extra funds.2
Interest in advance	Receive 0.2% p.a. off the standard fixed rate for paying interest in advance Advantage Package customers receive an additional 0.15% p.a. discount.1
Weekly or fortnightly repayment option	Make your repayments weekly or fortnightly to pay off your home loan sooner if you are making principal and interest repayments Calculate what you’ll save.

3.   Minimise fees

Learn more about these easy strategies to minimise your home loan fees.

• Consolidate all your loans – if possible, consolidate your other loans into your BankSA home loan to save on administration fees and interest charges
• Save on transaction account fees – automatically deduct your home loan repayments from your BankSA Complete Freedom account to save on monthly transaction account service fees
• Avoid exception fees – monitor your transaction account balance to make sure you have funds available for repayments. It’s easy with Internet Banking, Mobile Banking or Phone Banking. You can also get mini-transaction histories on most BankSA transaction accounts at any BankSA ATM.
• Redraw electronically – save on redraw fees when you make a redraw request via Internet Banking or Phone Banking. Download, complete and return the Redraw registration form and you’ll be ready to Redraw when you need to.

4.   Calculate what you could save

Try our calculators…	See what you could save…
Home Loan Repayments	Calculate weekly, fortnightly or monthly loan repayments
Home Loan Comparison	Compare our home loans using varying interest rates, loan amounts, loan terms and more
Principal & Interest	See the benefits of making Principal and Interest repayments
Mortgage Interest Offset	Find out how much money you’ll save and how much sooner you’ll pay off your home loan
Extra Payments	See how much sooner you’ll pay off your home loan
Lump Sum Payments	Calculate how much time and interest you’ll save
Splitting your loan	See the benefits of having part of your loan at a variable interest rate and part at a fixed interest rate
Line of Credit	Use a line of credit loan to build your assets