Alert

Interest rate announcement - 12 August 2022. Bank Australia will increase variable home loan and commercial variable rates in response the RBA’s recent decision to raise the official cash rate. From 18 August 2022, interest rates will increase by 0.50% for variable rate owner-occupier and investor loans, while commercial variable rate loans will also increase by 0.50%. For existing home loan customers, repayment changes will be effective from 1 October 2022. Read more here.

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2022-06-21 5:06 pm
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Premium Home Loan Package

The full-featured home loan packed with positives for future generations.

Home loan package with planetary perks

Property purchasing is a big investment, whether you’re a first time buyer, repeat investor, or a current property owner looking for a better deal on your home loan.

Our Premium Package Home Loan is packed with features to help you save what you can – like the 100% offset – and extra features to help you do your bit to save the planet – like eco pause for sustainable upgrades.

Why choose this loan?

  • Handy redraw on variable rate loans
  • Buy, refinance or build
  • Customer-owned bank

Is this product right for you? Find out more

Signature features

"It has been a smooth and easy process. I am very relieved I made the decision to work with BA for our mortgage.  I also really value the ethical aspect of the bank."
Fran from VIC
If you’re a buyer, refinancer or investor looking for a full featured home loan, the Premium Home Loan Package has it all, plus some extras unique to Bank Australia.

Standard features

This premium home loan comes with a full suite of features to help you pay less interest and manage your money your way.

Competitive rates

Lower variable rates for larger deposits and your choice of variable, fixed and 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 term is capped at 5 years.

100% offset

Link your loan to your transaction or savings account to reduce the amount of interest you pay. It’s our 100% offset with no monthly account keeping fees. Cap of $20,000 applies to fixed rate loans.

Redraw

You can make extra repayments 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 P&I (principal 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 for the term of the fixed rate loan.

No annual credit card fee

We waive the annual fee on our Platinum Rewards Visa Credit card and offer 0% for 12 months on balance transfers.

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.

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.

Other perks

More ways you’re rewarded include everyday banking, no establishment fee for personal loans, and an up to 10% discount on insurance for eligible customers.

Compare loan features

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 do a property valuation, you receive formal approval.

Allow up to 10 days

Above: Amalia, Small Matters, Bank Australia customer

Customer story

Amalia from Small Matters

"The main thing for us was that Bank Australia was not investing in fossil fuels, but we just really love that Bank Australia are making the world a better place".

Read more impact stories

Fees, charges and discounts

Here’s what to expect with our Premium Home Loan Package. Be sure to factor in related costs like stamp duty, legal fees, building reports, and insurance.
What's it for
Amount
Establishment fee (existing Bank Australia home loan)
$0
Annual package fee
$350
Monthly fee
$0
Redraw fee
$0
1st valuation fee
$0
Construction progress inspection
$0
Credit card annual fee
$0
Insurance
Up to 10% off
Discharge fee
$250 + government fees

See insurance fine print for discount conditions.

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

GENERAL ADVICE

  • 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.

*Comparison Rate. The Comparison Rate is based on a loan of $150,000 for 25 years. Fees and charges may be applicable.

IMPORTANT: The Comparison Rate applies only to the example given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees, early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

Terms and conditions, fees and charges apply. Loans subject to normal lending criteria and approval. Rates apply to new applications received from 28 July 2022 however are subject to change at anytime.

^PREMIUM HOME LOAN PACKAGE

  1. ^The Premium Home Loan Package variable interest rate of 3.30^% p.a. is for Owner Occupiers making Principal and Interest repayments with a Loan to Value (LVR) ratio of less than 60%.
  2. 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.
  3. Available to new borrowers who submit their loan application on or after 28 July 2022;
  4. To view all our rates including interest rates for Interest Only payments see Loan Rates.
  5. If a Fixed Rate is selected, then that rate may vary from the date of application anytime up until the date of funding
  6. 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.
  7. The Annual package fee of $350 is payable in advance and is non-refundable. The fee is debited to the loan balance on funding, and then annually on the anniversary date of funding. Package benefits cease to apply once the loan is repaid in full. Other fees and charges may be payable. Refer to the Loan Fees schedule available from bankaust.com.au or by calling 132 888 for more details.
  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. Redraw is not available on fixed home rate loans, 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.
  10. 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. Redraw is not available on package fixed rate loans. 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. A limit of one mortgage offset account applies to Fixed Rate Loans. Mortgage Offset accounts can be linked to one Fixed Rate Loan only.
  11. 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 bankaust.com.au. 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.