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2023-12-22 2:05 pm

Basic Home Loan

Best variable rate
Comparison rate*
LVR ≤ 60% applies.
Effective 12 March 2024

Our Basic Home Loan is anything but, with a low rate, low fees and feel-good features.

Straightforward home loan for a better planet

You might be starting out or have done this before. Either way, our Basic Home Loan is a new way to look at your property purchasing, refinancing and construction.

It’s a low rate home loan like you’d expect, without the extras that you just don’t need. A portion of interest paid on home loans funds projects that benefit people and the planet.

Basic Home Loan variable rates

MOZO People’s Choice 2022
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Variable rate
LVR ≤ 60% applies.
Effective 12 March 2024
Comparison rate*
Based on a loan of $150,000 for 25 years
Fees and charges may apply
Comparison rate warning
View full rates table
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Why choose this loan?

  • Competitive fixed and variable rates
  • Handy redraw with variable rate loans
  • Buy, refinance or build
  • Customer-owned bank

Is this product right for you? Find out more

Signature features

"easy process and really personalised service from my Lending Consultant and both loans are at very competitive interest rates"
Rob from NSW
It might be called our Basic Home Loan, but it’s anything but. If you’re a buyer, refinancer or investor looking for a straight-up home loan with extra features, here’s why this one’s for you.

Standard features

This straightforward home loan comes with helpful features to help you manage your loan and potentially pay it off faster.

Low rates and fees

Lower variable rates for larger deposits and your choice of variable and fixed rates or split rate home loans. You could lock in a fixed rate for 1, 2, 3 and 5 years.

On your terms

Choose terms of 1 to 30 years. Note with Interest-Only repayments (available on investment loans) the Interest Only term is capped at 5 years.

Pay extra and redraw

You can make extra repayments on variable rate loans and access the cash when you need it at no cost with our redraw. Redraw is not available on fixed rate loans, or if you’re making Interest Only repayments.

Flexible repayments

Make principle and interest repayments weekly, fortnightly or monthly. And make extra repayments for variable rates anytime, with no early repayment penalty. Cap of $30,000 applies to fixed loans for the term of the fixed rate loan.

Fixed rate lock

With our rate lock you can apply for a fixed interest rate on your home loan and lock in the rate while your home loan settles. Learn about rate lock and whether it’s right for you.

Construction loan

We offer this loan for construction purposes, too. Each year we protect an area equal to the size of the building lots of all the construction loans we finance on our conservation reserve.

Compare loan features
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What to expect when you apply

  • You tell us about your situation, including income and debts – either by phone or online.

    Allow about 20 minutes

  • If it looks good on paper, we offer conditional approval and let you know if we need any documentation.

    Allow 3–7 days

  • Once we verify your credit score and financial position, and conduct a property valuation, you receive formal approval.

    Allow up to 10 days

Above: Sarah, Bank Australia customer, gender equity and sustainability advocate

Customer story

Sarah wants a better world

“There are so many things you can do when you’re feeling disempowered. Things that don’t cost money would include switching banks, changing your phone plan, just changing where you shop in general.”

Read more impact stories

Fees and charges

Here’s what to expect with our Basic Home Loan. Be sure to factor in related costs like stamp duty, legal fees, building reports, and insurance.
What's it for
Home loan establishment fee (existing mortgage*)
Home loan establishment fee (new mortgage*)
Annual package fee
Monthly fee
Redraw fee
1st valuation fee
Construction progress inspection
Discharge fee
$250 + government fees

Insurance disclosures
*Establishment fees do not apply to loan packages

Loan details and key documents

Banking done differently

We’re 100% customer-owned, which means you have voting rights. We don’t pay our execs bonuses, which means more funds are used to support people and the planet. And we’ll never use your money (or anyone’s, for that matter) to fund harmful industries like fossil fuels, live animal exports or nuclear weapons.

Why us

Things you need to know


  • *Comparison Rate: The Comparison Rate is based on a loan of $150,000 for 25 years. Fees and charges may be applicable.
  • Any information and advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and seek any third party advice you need.
  • Before deciding to apply, we provide and recommend you read our Financial Services Guide.
  • All applications are subject to a credit assessment and approval. Terms and conditions apply. All applicable terms and conditions will be included in our loan offer.
  • Additional fees and charges may be payable – all relevant details will be included in our loan offer.
  • Information and interest rates are current as at the date of publication and are subject to change at any time, at the discretion of Bank Australia Limited.
  • This document does not constitute a contract for finance.
  • Terms and conditions, fees and charges apply. Loans subject to normal lending criteria and approval.


  1. Minimum new borrowings of $10,000 for an Owner Occupied Home Loan or for an Investment Home Loan, and $10,000 in additional borrowings for further advances to existing home loans.
  2. Available to new borrowers who submit their loan application on or after 12 March 2024.
  3. For all our rates including interest rates for Interest Only payments view our Loan Rates.
  4. The Establishment Fee of $595 is debited to the loan balance on funding. Other fees and charges may be payable. Refer to the Loan Fees schedule available from or by calling 132 888 for more details.
  5. Fixed Rate Loans. If a Fixed Rate is selected, then that rate may vary from the date of application anytime up until the date of funding, unless a rate lock agreement applies. Additional repayments are capped at $30,000 for the term of the fixed rate loan, and cannot be redrawn. Repayments in excess of the cap may be subject to a Break Fee.
  6. Redraw is not available on home loans with fixed rates, or during the Interest Only period of the loan and the amount available for redraw is governed by the terms set out in your Loan Offer.
  7. For construction loans, Bank Australia protects an equivalent amount of land on the Bank Australia Conservation Reserve as is being constructed to help offset the environmental impact of land clearing. Homes constructed on large lots of land such as hobby farms will be offset according to the amount of land occupied by the dwelling.
  8. Repayment Pause. Loans must be established for a full 12 months and a maximum Loan to Value Ratio of 90% (Family-Pause) or 90% (Eco-Pause) applies. Pausing repayments will result in interest continuing to accrue on the loan, potentially increasing the term of your loan. Full conditions available from Bank Australia.
  9. Insurance. This insurance is issued by Allianz Australia Insurance Limited ABN 15 000 122850 AFSL 234708. Bank Australia ABN 21 087 651 607 AFS Licence No. 238431321acts as an agent of Allianz and not as your agent. Before making a decision about this insurance, please refer to the relevant Product Disclosure Statement available on 132888 or visit Up to 10% discount applies to Building, Contents and Comprehensive Motor Insurance, and/or standalone building insurance, when you sign up for this home loan package. Minimum premiums apply. Any discounts/entitlements only apply to the extent that any minimum premium is not reached. If you are eligible for more than one, we also apply each of them in a predetermined order to the premium (excluding applicable taxes and government charges) as reduced by any prior applied discounts / entitlements. Discounts may not be applied to the premium for optional covers. For existing policies, the discount will take effect and will be applied at the next policy renewal.  This discount is not available online or in conjunction with other discounts.