BankSA Home Loans Review for Australian Expats
Formerly known as Bank of South Australia, BankSA offers a wide range of financial products and services, including savings accounts, term deposits, credit cards, home loans, personal loans, and insurance. It is financially strong and stable, with a reputation for friendly and helpful customer service, which is also demonstrated in its commitment to supporting the local community.
Discover if BankSA is the ideal lender for your home loan.
- Borrow up to 90% of the property purchase price
- Expat home loan package available
- Dedicated expat lending team
BankSA Home Loan Options
BankSA offers the following home loan products to Australian expats living overseas.
Expat Mortgage Package
Repayment Holiday
International Currency Lending
This home loan package is specifically designed for Australian expats who are looking to buy property in Australia. It offers a number of features that are designed to make it easier for you to get a home loan, such as a dedicated expat lending team, flexible repayment options, and access to international banking services.
The expat mortgage with repayment holiday option allows expats to take a break from their repayments for up to 6 months. This can be useful if you are experiencing financial difficulties or if you are going to be out of the country for an extended period of time.
However, interest will still accrue on the loan during the repayment holiday. This means that you will owe more money on their loan at the end of the repayment holiday.
This loan allows expats to borrow money in their home currency. This can be helpful if you are worried about the Australian dollar depreciating against your home currency. It can also help you to budget for your monthly repayments, as you will know exactly how much you will need to pay in your home currency.
BankSA Home Loans Review
Here are the pros and cons of choosing a BankSA home loan to buy property in Australia.
| Pros | Cons |
|---|---|
Friendly and helpful customer service. | Some people have complained about the bank's fees. |
Long history of lending to expats. | May charge a higher interest rate to expats. |
Well-established bank with a strong financial performance. | Limited number of branches and ATMs outside of South Australia. |
Flexible repayment options. |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
BankSA Home Loan Features
BankSA offers the following home loan features.
| Feature | Details |
|---|---|
Offset Account | Used to reduce the interest you pay on your home loan. The balance of your offset account is deducted from your home loan balance, so you only pay interest on the difference. This can save you a significant amount of money on your interest payments. |
Redraw Facility | Allows you to access some of the money you have already paid off your home loan. This can be useful for unexpected expenses or for making renovations to your home. |
Rate Lock | Agreement with your lender that guarantees your interest rate for a certain period of time, usually 6 months or 12 months. This can be useful if you are buying a property and you want to lock in a low interest rate before rates start to rise. |
Family Pledge | Allows your family members to help you get a home loan by pledging their own assets as security. This can be a good option if you do not have enough equity in your own property to get a loan on your own. |
Facts About BankSA
BankSA is a full-service bank headquartered in Adelaide, South Australia. It was founded in 1848 and acquired by Westpac Banking Corporation in 2008. It was rebranded to BankSA in 2014.
It is a member of the Australian Banking Association (ABA) and Financial Services Council (FSC).
The bank is included in the Australian Prudential Banking Deposit Scheme, which provides government guarantees for all deposits made in these banks in case of financial crises (APRA, 2021).
How Do I Apply for an Expat Mortgage with BankSA?
Here are the steps on how to apply for an Australian expat home loan with BankSA while living overseas:
- Contact BankSA or a mortgage broker to discuss your loan requirements and eligibility.
- Gather the required documentation, such as proof of identity and proof of income.
- Complete the loan application form.
- Submit your application to BankSA.
BankSA will assess your application and let you know their decision. If your application is approved, BankSA will provide you with a loan contract. Once you sign the contract, you will be able to proceed with the purchase of your property.
Here are some additional tips for applying for an Australian expat home loan with BankSA while living overseas:
- Be prepared to provide detailed documentation about your income and assets.
- Be aware of the lending restrictions that apply to expat borrowers.
- Work with a mortgage broker who specialises in expat loans. A mortgage broker can help you understand the lending criteria and requirements of different lenders, and they can help you find the best loan for your needs.
Odin Mortgage specialises in home loans for Australian expatriates, permanent residents, and foreign investors living overseas. We can help you with your mortgage application and property purchase.
Who is Eligible?
Australian expats and Aussie permanent residents who are living overseas are eligible for a home loan with BankSA, but they will need to meet strict lending criteria. They will need to provide more documentation, and they may be required to pay a higher interest rate.
Below are some additional details about the eligibility criteria for Australian expats and Aussie permanent residents living overseas who want to get a home loan from BankSA.
- They must be Australian citizens or permanent residents.
- They must have a valid visa that allows them to live and work in the country where they are currently residing.
- They must have a minimum income of AUD$100,000 per year.
- They must have a minimum deposit of 10% of the property value.
- They must have a good credit history.
- Aussie PRs must have lived in Australia for at least 2 years in the past 5 years.
It is important to note that these are just the minimum requirements for getting a home loan with BankSA as an Australian expat or Aussie permanent resident living overseas. BankSA may also consider other factors, such as your employment history, your financial situation, and your repayment capacity when assessing your application.
What Documents Do I Require?
Here are the documents that BankSA in Australia requires for a home loan from overseas with them.
Proof of Identity
This could be a copy of your passport, driver's license, or birth certificate.
Proof of Residency
This could be a copy of your visa, residency permit, or utility bill.
Proof of Income
This could be a copy of your payslips, tax returns, or bank statements.
Proof of Assets
This could be a copy of your property title, investment statements, or other financial assets.
Letter From your Employer
This letter should confirm your employment, salary, and length of service.
Bank Statement
This statement should show your current account balance and recent transactions. This could be a copy of your visa, residency permit, or utility bill.
It is important to note that these are just the minimum documents required for a home loan with BankSA from overseas. BankSA may also request additional documents, such as a credit report or a letter from your financial advisor.
Here are some additional tips for gathering the required documentation for a home loan with BankSA from overseas:
- Make sure that all of your documents are translated into English if they are not already in English.
- Get certified copies of all of your documents.
- Organise your documents in a clear and concise way.
- Be prepared to provide the originals of your documents if requested.
Other Related Products from BankSA
Investment Loan
BankSA offers investment loans to borrowers who want to buy properties to rent out. These loans have different features and requirements than standard home loans, so it’s important to speak to a mortgage broker who specialises in investment lending to find out if you qualify.
Investment loans typically have higher interest rates than standard home loans, as the lender takes on more risk when lending to an investor. However, investment loans may also offer features that can help investors save money, such as the ability to claim depreciation on the property.
To qualify for an investment loan, you will typically need to have a good credit score, a stable income, and a large deposit. You may also need to provide proof of rental income.
Low-doc Loan
BankSA offers low-doc loans to borrowers who have difficulty providing traditional documentation, such as payslips and bank statements.
These loans are typically more expensive than standard home loans, as the lender takes on more risk when lending to a borrower who cannot provide traditional documentation. However, low-doc loans may also offer features that can help borrowers save money, such as the ability to borrow more money than you would with a standard home loan.
To qualify for a low-doc loan, you will typically need to have a good credit score and a stable income. You may also need to provide proof of assets and liabilities.
Construction Loan
BankSA offers construction loans to borrowers who want to build a new home. It offers a number of features that can help you build your dream home. This includes flexible repayment options, access to construction finance experts, and a faster approval process.
To qualify, you will typically need to have a good credit score, stable income, a 20% deposit, and provide a copy of the building contract along with proof of building costs.
Need a Home Loan with BankSA?
BankSA’s home loans offer a promising option for Australian expats looking to invest in property back home. Their tailored solutions, experienced expat lending team, and understanding of expat needs make them a strong contender in the market.
Odin Mortgage is the expert in overseas home loans to buy property in Australia. Our specialists know how to deal with complex situations and negotiate great deals with lenders all over the land Down Under.
Simply contact us to discuss your details and find out how we can help you secure a mortgage to achieve your property ownership or investment dreams!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About BankSA
Can Australian expats apply for BankSA home loans from overseas?
Yes, BankSA allows expats to apply for home loans online, making it convenient for those living abroad.
What documentation is required for expats to apply for a home loan with BankSA?
BankSA typically requires proof of income, residency status, and employment history as part of the documentation.
Are BankSA's interest rates competitive for expats?
Yes, BankSA aims to offer competitive interest rates to make property investment feasible for expats.
Does BankSA offer options for refinancing existing home loans for expats?
Yes, BankSA provides options for refinancing existing home loans, catering to the needs of expats.
How can Australian expats manage their BankSA home loan accounts from overseas?
BankSA offers an intuitive online account management platform, allowing expats to handle their home loan accounts remotely.
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