Media Release

BankSA has today announced it will decrease variable home loan rates by 0.25% per annum (p.a.).

This reduction means an owner-occupier customer with a standard variable home loan of $400,000 on principal and interest repayments will save an extra $60 per month, or $720 per year.

The following interest rate changes will come into effect on Tuesday 17 March 2020:

• Variable home loan (owner occupier) rate has been reduced by 0.25% p.a. to 4.55% p.a. for customers with principal and intest repayments.
• Variable residential investment property loan rate reduced by 0.25% p.a. to 5.12% p.a. for customers with principal and interest repayments.
• Variable home loan (owner occupier) rate reduced by 0.25% p.a. to 5.14% p.a. for customers with interest only repayments.
• Variable residential investment property loan rate reduced by 0.25% p.a. to 5.41% p.a. for customers with interest only repayments.

BankSA Chief Executive, Nick Reade, said the bank was pleased to be able to support South Australians by passing on the full rate cut.

“In the current economic environment, where conditions remain challenging and somewhat uncertain, this will provide a welcome boost for many customers.

“Borrowers can take advantage of our lowest variable home loan interest rates in 50 years to ease pressure on their household finances, pay more off their mortgage faster or purchase their next home.”

Customers who would like more information on this rate change are encouraged to contact their local branch, or call BankSA on 13 13 76, or visit banksa.com.au.

Bushfire home loan assistance:

BankSA is committed to helping customers impacted by the recent bushfires recover.

For home loan customers who have lost their principal place of residence due to the bushfires, BankSA will pay their mortgage repayments for one year (up to $1,200 per month).

Interest free home loans are also available for bushfire affected customers to cover the gap between insurance payouts and rebuilding costs, approved subject to credit criteria.

Customers seeking assistance or support following the bushfires are encouraged to contact their local branch, Relationship Manager or call the BankSA Assist team on 1800 679 461.