based on 597 Bank Australia product reviews as rated by Mozo community

Bank Australia home loans

Bank Australia is Australia’s first customer owned responsible bank with origins dating back to 1957. Today Bank Australia boasts more than 185,000 personal customers, 11 branches throughout Australia and a 90% customer satisfaction rating. What makes Bank Australia different from other banks is a genuine commitment to uphold social and environmental responsibility in the various operations of the bank. But it’s not just for greenies, anyone looking for an extensive range of competitive home loans should consider this bank.

In fact, Bank Australia bagged a 2023 Mozo Experts Choice Home Loan Award for best Fixed Rate Home Loan and Investor Fixed Home Loan!

What home loans do Bank Australia offer?

Rates and fees verified as correct at 19 April 2024. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

Bank Australia’s fixed rate home loans are available for loans starting from $10,000, with the basic option allowing customers to borrow up to 95% LVR and the premium option available for LVRs up to 80%. There are a number of fixed terms which you can choose from starting from 1 year up to a 5 year fixed period, and you can opt for weekly, fortnightly or monthly repayments. With Bank Australia’s fixed rate loan, you can make extra repayments up to $20,000 without breakout costs and there is a complimentary redraw facility should you ever need to free up funds later on. If you want save in interest over the term of your loan, an offset savings account is available but you’ll have to pay a monthly fee to use it.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

6.09% p.a.

6.17% p.a.

$0.00

$595

6.09% p.a.

6.17% p.a.

$0.00

$595

6.09% p.a.

6.17% p.a.

$0.00

$595

6.29% p.a.

6.41% p.a.

$0.00

$595

6.49% p.a.

6.65% p.a.

$0.00

$595

5.79% p.a.

6.39% p.a.

$350.00 yearly

$0

5.89% p.a.

6.41% p.a.

$350.00 yearly

$0

6.49% p.a.

6.35% p.a.

$0.00

$595

6.49% p.a.

6.43% p.a.

$0.00

$595

6.49% p.a.

6.43% p.a.

$0.00

$595

6.29% p.a.

6.37% p.a.

$0.00

$595

6.29% p.a.

6.37% p.a.

$0.00

$595

6.29% p.a.

6.37% p.a.

$0.00

$595

Variable Rate Home Loans

From a no-frills, basic home loan starting at $10,000 to a full featured home loan starting from $100,000, Bank Australia’s variable loans give you the most in terms of variety. Designed to save you money and benefit the environment, Bank Australia’s variable rate loans have a range of quality features including additional repayment flexibility, a free redraw facility and a construction offset feature whereby Bank Australia pledges to protect an equivalent amount of land to what's being constructed, in order to offset the environmental impact of land clearing. 

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

6.14% p.a.

6.19% p.a.

$0.00

$595

6.14% p.a.

6.19% p.a.

$0.00

$595

6.14% p.a.

6.19% p.a.

$0.00

$595

6.39% p.a.

6.44% p.a.

$0.00

$595

6.65% p.a.

6.70% p.a.

$0.00

$595

5.88% p.a.variable for 60 months and then 6.18% p.a.

6.37% p.a.

$350.00 yearly

$0

5.98% p.a.variable for 60 months and then 6.18% p.a.

6.41% p.a.

$350.00 yearly

$0

6.54% p.a.

6.47% p.a.

$0.00

$595

6.34% p.a.

6.39% p.a.

$0.00

$595

6.54% p.a.

6.47% p.a.

$0.00

$595

6.34% p.a.

6.39% p.a.

$0.00

$595

6.54% p.a.

6.47% p.a.

$0.00

$595

6.34% p.a.

6.39% p.a.

$0.00

$595

Fixed Package Home Loan

If you want to combine all of your banking to get better rates and pay lower fees, a home loan package from Bank Australia could be a good choice. For instance, the Premium Package offers heaps of money saving features including 10% off your general insurance premiums, as well as waived annual fees and a 0% balance transfer rate for 12 months if you have a Platinum Rewards VISA credit card. Alternatively, if you're looking for an option that rewards conscious consumers, there's the Clean Energy Fixed Home Loan which gives customers a 0.40% p.a. discount off their interest rate for up to five years, if they buy or build a NatTHERS (Nationwide House Energy Rating Scheme) rate 7 Star or higher home.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

6.29% p.a.

6.68% p.a.

$350.00 yearly

$0

6.49% p.a.

7.08% p.a.

$350.00 yearly

$0

6.09% p.a.

6.47% p.a.

$350.00 yearly

$0

6.09% p.a.

6.47% p.a.

$350.00 yearly

$0

6.09% p.a.

6.47% p.a.

$350.00 yearly

$0

6.49% p.a.

6.70% p.a.

$350.00 yearly

$0

6.49% p.a.

6.70% p.a.

$350.00 yearly

$0

6.49% p.a.

6.70% p.a.

$350.00 yearly

$0

6.29% p.a.

6.64% p.a.

$350.00 yearly

$0

6.29% p.a.

6.64% p.a.

$350.00 yearly

$0

6.29% p.a.

6.64% p.a.

$350.00 yearly

$0

Variable Package Home Loan

For a little more flexibility with your repayment options, you could opt for a variable home loan from Bank Australia. The same options as the fixed rate alternative are available - the Premium Home Loan and the Clean Energy Home Loan. The same annual fee and great features apply, but you’ll have more choice in regards to how much you’d like to put into extra repayments. You’ll also receive a 100% offset account, and the option of a split loan facility if you want to split your loan between a fixed and variable rate portion.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

6.39% p.a.

6.71% p.a.

$350.00 yearly

$0

6.89% p.a.

7.21% p.a.

$350.00 yearly

$0

6.18% p.a.

6.50% p.a.

$350.00 yearly

$0

6.18% p.a.

6.50% p.a.

$350.00 yearly

$0

6.18% p.a.

6.51% p.a.

$350.00 yearly

$0

6.54% p.a.

6.47% p.a.

$350.00 yearly

$0

6.54% p.a.

6.47% p.a.

$350.00 yearly

$0

6.54% p.a.

6.47% p.a.

$350.00 yearly

$0

6.34% p.a.

6.39% p.a.

$350.00 yearly

$0

6.34% p.a.

6.39% p.a.

$350.00 yearly

$0

6.34% p.a.

6.39% p.a.

$350.00 yearly

$0

Bank Australia home loan features in a glance

Image of coins

No service fees

You won’t pay any monthly service fees with Bank Australia’s fixed and variable home loans.

Repayment Icon

Additional repayments

Most of Bank Australia’s home loans including variable, package and investment allow you to make unlimited additional repayments without penalty. You can make additional repayments with the Bank Australia’s fixed rate loan but there is an annual limit of $20,000.

Image of coins

Construction offset feature 

As part of Bank Australia’s commitment to sustainability and social responsibility, many of its home loans have a construction offset feature whereby Bank Australia will conserve land equal to the size being constructed. 

Pause icon

Repayment pause

With Bank Australia’s fixed, basic variable and package home loans, you can apply for a 3 month break in repayments, or a 6 month reduction (up to half) of your loan repayments if you ever need to free up funds (conditions apply). There are two types:

Eco-pause: This feature allows you to take a break from your loan repayments to assist with the purchase of energy or water saving devices such as solar panels, batteries and rainwater tanks (conditions apply).

Family pause: Available for loans up to 90% LVR, this feature allows you to take leave from your loan repayments while you’re starting a family (i.e. you’re on maternity leave).

How are Bank Australia home loans rated?

Mozo users have rated Bank Australia home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Bank Australia home loans
Overall
Price
Features
Customer service
Convenience
Trust

98 Reviews

Recent Bank Australia home loan reviews

Bank Australia Home Loan
Overall 8/10
I am happy of the services and products offered .

The Bank’s services and products are good and interest rates are competitive.

Read full review

The Bank’s services and products are good and interest rates are competitive.

Price
7/10
Features
9/10
Customer service
8/10
Convenience
5/10
Trust
9/10
Less
Kunchee, Victoria, reviewed 16 days ago
Bank Australia Home Loan
Overall 5/10
I am disappointed with my bank.

They are not very competitive..don't have the customers best interests.

Read full review

They are not very competitive..don't have the customers best interests.

Price
1/10
Features
1/10
Customer service
6/10
Convenience
8/10
Trust
3/10
Less
Emma, South Australia, reviewed 5 months ago
Bank Australia Basic Home Loan
Overall 1/10
Good

Approved for a loan we own a house with under 30,000 to pay then they changed their mind after we already started to move

Read full review

Approved for a loan we own a house with under 30,000 to pay then they changed their mind after we already started to move

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Tony, New South Wales, reviewed 7 months ago
Bank Australia Home Loan
Overall 9/10
Great benefits

They are a 'green bank' and provide an offsett account for your mortgage.

Read full review

They are a 'green bank' and provide an offsett account for your mortgage.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Rebecca, New South Wales, reviewed 7 months ago
Bank Australia Home Loan
Overall 8/10
Member owned, great service, competitive rates

Member-owned, green and socially responsible profile. Allowing a green pause on the mortgage payments was a useful way to be able to install solar ahead of the massive electricity price rises. App and website have everything you need for managing current accounts and home loans. I've always found the call centre helpful and responsive, and comms via the secure email via online banking have also been good. Probably not for you if you like visiting local bank branches (but who does that?). There is one in Brisbane though and the only time I had to visit was when I wanted a cash FX transaction ahead of an overseas trip, and that experience was positive.

Read full review

Member-owned, green and socially responsible profile. Allowing a green pause on the mortgage payments was a useful way to be able to install solar ahead of the massive electricity price rises. App and website have everything you need for managing current accounts and home loans. I've always found the call centre helpful and responsive, and comms via the secure email via online banking have also been good. Probably not for you if you like visiting local bank branches (but who does that?). There is one in Brisbane though and the only time I had to visit was when I wanted a cash FX transaction ahead of an overseas trip, and that experience was positive.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
7/10
Trust
9/10
Less
Elton, Queensland, reviewed 10 months ago

What do you need to apply for a Bank Australia home loan?

Applying for a home loan with Bank Australia is easy and can be done over the phone, online or in person at a branch. Whatever way you choose to apply, ensure you have the following details ready to get your application off to a good start:

If you’re not a current Bank Australia customer, you may need to verify your identity online by providing either:

Home loan quick links