What should be your first option to look into if youre having trouble making your monthly payments?

Change can be a good thing, especially if your personal circumstances mean a change in tack could keep your home ownership goals in sight.

A fixed rate could do the trick for up to 5 years of certainty. Logon to switch or re-fix online.

You may be able to use equity, or apply for a loan increase, to upgrade your home to keep or sell.

Make your home loan repayments work for you

Keeping track of your home loan repayments can all be done online, either by logging on to Internet Banking or the Mobile App. You can check your loan balance, current rate and repayments and even change the amount or frequency of repayments. Find out how. 

Request interest only home loan repayments 

Whether you're applying for a new loan or want to switch an existing loan from principal and interest to interest only repayments, a term of up to 5 years on an owner-occupied loan or up to 10 years on an investment loan could be handy if you need to free up some cash. 

Applying to pause or reduce your repayments 

If you’ve had your loan more than one year, and are looking for some short-term breathing space, you may be eligible to pause your home loan repayments, or just reduce them for up to 12 months. Find out how to apply.  

Need help with making ends meet?

We understand that life is unpredictable. Financial difficulty can arise anytime from a loss or change in income, illness, relationship breakdown, reduced cash flow or events like natural disasters. Rest assured that you're not alone. We're here for you. 

How do I check or change my home loan repayments?

Logon to Internet Banking or the Mobile App and click your home loan account, then: 

Mobile App: Tap the Details tab

Internet Banking: Click Account details

You’ll see your loan details, like your rate, term and whether you’re paying weekly, fortnightly, or monthly. Your home loan balance includes any extra repayments you’ve made, shown underneath as Available funds.
 

2. Change repayment amount or frequency

Logon to Internet Banking or the Mobile App and go to Services, then:

Mobile App: Tap Scheduled Payments, then select Scheduled & past payments

Internet Banking: Go to Transfers, payments & BPAY, then Scheduled Payments

Make your selection from the list of scheduled payments. From here, you can: 

• Pay only the minimum amount to free up short-term extra cash
• Pay more, so over time, you could pay your loan off sooner
• Change the frequency to monthly, fortnightly, or weekly
• Suspend or delete it, as long as you don’t miss a minimum repayment.
   

If you need to speak to us about your repayments, call 13 13 76 7:30am-7:30pm, Mon-Sat or request a call back.

How can I keep my home loan if I’m selling my home and buying a new one?

You can use your home loan’s portability feature, sometimes called a 'substitution of security' or 'security swap'. Portability lets you swap the property securing your home loan from one property to another, saving all the hassles and costs of refinancing. You can also do it on a fixed rate home loan without worrying about break costs. You could even consider increasing your loan amount before porting your home loan if you need more funds to cover the new property purchase.
 

What options do I have to pay off my home loan sooner?

There are several loan features and options that you could adopt to reduce the amount of interest you’ll have to pay, saving you money in the long run and helping you to pay off your home loan faster.
 

1. Check your interest rate

If you have any concerns about your rate your first action should always be to give us a call. We can discuss your rate with you and help you find ways to make savings, especially if there are loan features that you’re not making the most of. 

If you need to speak to us about your home loan or interest rate, call 13 13 76 7:30am-7:30pm, Mon-Sat or request a call back.
 

2. Save using the Advantage package#

If you haven’t yet looked at our home loan package, it might be a great way for you to save thousands on your existing BankSA home loan. Here's how you could save:

• An interest rate discount
• No home loan fees for maintenance, increase, portability or switching
• No annual fee on any BankSA credit card. Other fees and charges may apply
• Discounts on selected insurance products
• All for a $395 annual package fee.

Your standard variable home loan comes with a full interest offset facility – designed to save you thousands in interest and reduce the life of your loan. That's because every dollar in a linked transaction account counts towards paying off your home loan. You’ll need:

• A Complete Freedom offset account in the same name(s) as your home loan account. You can open one online in less than 3 minutes, with no account-keeping fees if your home loan's packaged.
• To link the Complete Freedom account to your home loan.

If you’d like to setup or link an offset account, call 13 13 76 7:30am-7:30pm, Mon-Sat or request a call back.
 

4. Pay your repayments more frequently

Simply switching repayment frequency from monthly to fortnightly or weekly could significantly reduce your loan term, meaning you'll save thousands and shave years off your loan. Paying more frequently means when interest is calculated monthly on the loan balance, the balance will be reduced after a week or fortnight rather than a whole month. You can change your home loan repayment frequency online using Internet Banking or the Mobile App.

If you're just paying the minimum monthly repayment and making principal and interest repayments, you'll be paying back your home loan within the agreed-upon loan term. For many customers, that could be 20 to 30 years. However, you could make a significant dent by increasing your repayment, even by a small amount each month. You'd be surprised how little it takes to reduce your loan term by years. If you're making minimum repayments on an interest only loan, remember that because you're not making payments towards reducing your loan balance, the longer you are on interest only, the longer your loan term. With owner-occupied loans, you can only stay on interest only repayments for up to 5 years over the life of the loan and up to 10 years on an investment loan. So, at some point, you'll need to pay principal and interest repayments to start paying back your loan.

By making extra repayments to your home loan account, whether as frequent additional amounts above the minimum or as a lump sum, you'll pay off your loan faster and build up funds that could come in handy if anything unexpected should occur. With a variable rate home loan, you can make unlimited extra repayments, while with a fixed rate loan, the maximum you can pay in extra repayments per fixed term is limited to up to $30,000 if you want to avoid break costs. If you’re ahead on repayments and have already registered for redraw, you’ll have Available funds in your home loan which you can tap into whenever you need it. 

To ensure you don't incur fees or charges for missing a repayment it's a good idea to set up a direct debit. By setting one up, should we change your minimum repayment, your direct debit will automatically update. You can just set and leave it, assured you'll never miss a repayment. If you decide you no longer need it, you can make changes or cancel it. Whether your nominated account is with us or someone else, you'll need to complete the same process. Please give us 10 working days’ notice before your next scheduled repayment if you'd like to:

• change repayment amount/frequency
• stop or defer an individual repayment
• suspend future repayments
• cancel your repayments completely.

Are interest only repayments an option for you?

A period of interest only repayments, for up to 5 years on an owner-occupied loan and up to 10 years on an investment loan, may be beneficial to you if you want to:

1. Maximise your cash flow 

A new baby, illness, relationship breakdown, or loss of income could be some of the reasons why you may need to free up extra funds.
 

2. Reduce your repayments 

Life can be unpredictable at times, so a period of interest only repayments could see you through a difficult patch, by helping cover unexpected bills or with debt consolidation.
 

3. Take advantage of investor tax benefits

Interest only repayments could offer potential tax benefits for property investors, freeing up funds for repairs, making upgrades, or assisting with purchasing another investment property.
 

Pay only interest for a while

You can apply to pay just the interest component of your repayments for an approved interest only term, if:

• You have a variable rate home loan
• You're currently repaying principal & interest
• You’ve had your loan for more than one year
• You haven’t exceeded the maximum interest only term allowed for your loan
• Your loan wouldn’t mature within 2 months of your interest only expiry.

If you need to speak to us about applying for a period of interest only repayments, call 13 13 76 7:30am-7:30pm, Mon-Sat or request a call back.

Switch to a fixed rate or stay on variable?

Whether you should fix your interest rate or stay on a variable rate depends entirely on what fits best with your current financial position and if you want certainty or flexibility.
 

1. Switching from variable to fixed

You can do this yourself online. Logon to Internet Banking or the Mobile App, select your home loan and go to Services then, Switch to a fixed rate home loan. Choose your new fixed rate term and confirm. You can choose to lock in a fixed rate from 1 to 5 years.

Fixed rate facts

• You can't set up or link an offset account to reduce your interest
• You can only make up to $30,000 in extra repayments 
• Any changes to your fixed rate home loan during the fixed term could mean you'll need to pay break costs.  
   

2. Switching from fixed to variable 

If you're currently on a fixed rate, your rate will automatically switch to a variable rate when your fixed term ends unless you decide to re-fix it. If you try to end your fixed rate term early, you could attract break costs that may run into the thousands. To re-fix logon to Internet Banking or the Mobile App and select your home loan. Under Interest rate type, find the View options link. Choose your new fixed rate term from 1 to 5 years and confirm.

Get the best of both worlds – flexibility and certainty – by opening a new fixed rate home loan and splitting your current variable home loan balance across the two accounts. Here's how it works:

• Lock in a fixed term rate, knowing exactly what those repayments will be
• Choose how much of your variable loan balance you'd like to split into fixed
• Set your fixed loan to repay principal & interest, or interest only 
• Keep all your flexible variable account features, like unlimited extra repayments, redraw and your offset facility
• Packaging your loans will waive the loan split fee.

If you need to speak to us about switching, re-fixing or splitting you home loan, call 13 13 76 7:30am-7:30pm, Mon-Sat or request a call back.

How can I fund renovations or a deposit for a second property without cash?

If you don't have a lump sum amount ready and available to fund your renovations or stump up the deposit for a second property, the current equity in your home loan could be the answer.

What is equity?

It's the difference between your current home loan balance and your property's current market value. If you're in the fortunate position to have some equity and you'd like to use it, you'll need to get your property revalued by us. Then, we can give you a clearer picture of the usable equity in your home and if you can increase your current loan or apply for a supplementary one. From there, the next steps are up to you.
 

Home loan increase

For many, a loan increase or 'top up' is a more economical way to pay for things like a well-deserved holiday, new car, renovations or even a deposit for a second property. Home loan interest rates are often lower than personal loans and credit cards, and if your current loan is packaged, all the package benefits will extend to any new loans.

If you're taking on a major renovation or completing a new build, a Building Option loan may be the right fit. Unlike a standard home loan, a Building Option loan provides progressive payments during construction. Therefore, allowing you to draw down in stages as the security value of the property increases. You'll only make repayments on funds drawn down at any point in the construction process.

How should you fund your next home or investment property? The answer will depend on your circumstances, home ownership goals, and how you want to get there. Whether you use portability and keep your loan, use a relocation loan (or bridging loan) to buy first before you sell, or keep your home as an investment and buy a new one, there are options to suit your needs.

What fees will I need to pay when I make loan changes?