FAQs about getting started

Here you'll find answers to questions about how much you can borrow, deposits required, the documents you'll need to apply and more. If you want to talk to a BankSA home loan expert, call us on 13 13 76.

1.  How do I know which loan best suits my needs?

   We have a large selection of home loan options to meet your individual needs. Our Home Loan Product Selector makes it easy to choose a suitable home loan to suit your needs or lifestyle. You can also compare Home Loan features or talk to a BankSA home loan expert on 13 13 76.

2.  My parents/family would like to help me buy a home. How does this work?

   BankSA Family Pledge is a way for your parents or family to help you purchase a home without actually providing money for a deposit. Instead, your parents or family use their own home equity to provide additional security for a portion of your loan amount.

   This solution reduces your loan to value ratio and can also save you a significant amount of money in Lender's Mortgage Insurance (LMI). Lender's Mortgage Insurance is generally payable on loans that exceed 80% of the value of the property. Learn more about Family Pledge.

3.  Do I need home loan approval before bidding at an auction?

   Yes, before you bid at auction you should get an approval in principle for your home loan application. With this, you can confidently bid knowing how much you can afford.

4.  How do I apply for a home loan?

   It's easy to apply for a home loan.
   
   You can apply online. Completing the application is quick and simple and should take you less than 15 minutes. Once you submit your application, you will receive an immediate acknowledgement that it has been received, along with an estimated repayment amount and next steps to gaining full approval. To save time and provide even more convenience, one of our Home Loan experts will contact you at a time of your choosing (between 8am & 10pm, 7 days a week, EST) to verify your information, discuss your loan needs and progress your application.
   
   You can drop by any BankSA branch or speak to a BankSA home loan expert on 13 13 76 You can use our document checklist of what you will need to apply.

5.  What documents will I need to provide to apply for a home loan?

   Basic requirements include proof of income (for example, salary statements, rent received, etc.) and evidence of savings. Self-employed and company applicants need to provide copies of recent tax returns and financial statements. Copies of the Contract of Sale or Building Contracts for new homes are required.

   If you're self-employed or own your own business, you can apply for a Low Doc Loan or a Low Doc Portfolio Loan with simplified financial documents.

   You can drop by any BankSA branch or speak a BankSA home loan expert on 13 13 76. You can also use our document checklist to find out what you need to apply.

6.  How much can I borrow?

   This will depend on your income, existing debts and other regular expenses. Use our online calculators to calculate your borrowing power.

   You can drop by a BankSA branch or speak to one of home loan experts on 13 13 76. You can also use our document checklist to find out what you need to apply.

7.  How much deposit do I need?

   The deposit you need depends on the type of loan you are taking.

   • Generally, a 20% deposit is required to borrow without mortgage insurance. However, with Lender's Mortgage Insurance you only need a 5% deposit if you've been a BankSA customer for at least 6 months, or 10% if you are new to BankSA.
   • With a Low Doc Home Loan or a Low Doc Portfolio Loan you will need a 40% deposit to borrow without mortgage insurance, and a 20% deposit with Lender's Mortgage Insurance.
   • With Portfolio Loan you will need a deposit of 20% to avoid Lender's Mortgage Insurance. With Lender's Mortgage Insurance, you'll need a deposit of 10%.

8.  What is the First Home Owner Grant (FHOG) and how can I get it?

   The First Home Owner Grant is an initiative of the Australian Government to assist first home buyers with a grant to help purchase their first owner occupied homes.

   To find out more, visit the government's First Home Owner Grant General Information page.

9.  What is a deposit bond and how do I arrange one?

   When you buy a home you'll often have to pay a deposit on your purchase, with the balance payable at settlement. To help you with the payment of your deposit we can provide a Deposit Bond to the seller on your behalf. 

   This acts a guarantee from the Bank to the seller saying that you will pay the deposit at settlement. Any of our lenders can help organise a Deposit Protect Bond for you.

10.  Will I need Lender's Mortgage Insurance and what does this cover?

    There are a number of variables that influence whether you'll need Lender's Mortgage Insurance and it is not necessary in all circumstances. Generally it is required if you are borrowing more than a specific value of the property (normally when you are borrowing more than 80%), however this condition varies depending on a number of factors including property type, location of the property and loan type.
    
    Lender's Mortgage Insurance protects the Bank against loss in the event that you default on the loan. In the case of a mortgagee exercising power of sale, if the property is subsequently sold at a price that does not cover the loan in full, this insurance will cover the debt owed to the Bank.

11.  When should I go to a solicitor?

    You should have a solicitor or conveyancer review the Contract of Sale for your new home, and you may want to speak with them when you sign your mortgage documents. You can learn more about choosing a Legal Professional or see a contact list of professionals.

12.  How long will it take for the Bank to approve my loan?

    We know this is an important part of the process for you so we try to approve all of our applications as quickly as possible. In some instances, you may get an approval in principle. We generally take 24 – 48 hours to give you an answer once all required documentation has been provided.

13.  How long before I will receive my loan funds?

    Timing does vary depending on circumstances. If you are refinancing from another lender to BankSA, we will have your loan switched over to BankSA as quickly as the other lender can release the security documents.

    If you are buying a new home, then once all checks on the security property are completed we can arrange to release the money. On average it takes about 4 – 6 weeks; however for properties in Queensland it can be much faster due to different legal requirements.

14.  What if I've found my new home but haven't sold my current home?

    This is where a BankSA Relocation Loan can help.

    You only make repayments on the part that corresponds to your new home, and you can choose what type of product suits you best for this. The loan that will be cleared when you sell your existing property is at a standard variable interest rate, not expensive bridging finance which can be expensive, and you can choose to capitalise the repayments until you sell.

15.  Does BankSA have building and contents insurance?

    BankSA offers competitive insurance to cover your needs, including home, contents and landlord insurance.

16.  How does 100% Offset work?

    A home loan offset account is a savings account linked to your loan. The balance in the savings account is offset against the amount owing on the home loan when interest is calculated. This means that savings in your offset account reduce your loan balance, which may help you to save money and repay your home loan sooner.

    For example, you might have a home loan of $200,000 and an interest offset balance in your linked savings account of $20,000. When interest is calculated on your home loan, it is based on $200,000 less $20,000, which means that interest is charged only on $180,000. Because you make your standard repayments for a $200,000 loan, it may help you repay your loan sooner, and save money over time. Learn more about Interest Offset.

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18. The information on our website is prepared without knowing your personal financial circumstances. Before you act on this general information, please consider if it's right for you. If you need help, call 13 13 76.