Find home loans in SA

More than any other state in Australia, the majority of the South Australia population resides in the capital, Adelaide. The capital therefore experiences a high demand for property from people currently living in the state or intending to move to the area from other states. 

The South Australia economy fluctuates with the national and international economy and some local factors. The state government offers a variety of incentives to encourage people to build properties as well as tempting first home buyers into the property market.   

Due to the availability of jobs, established industry, cultural and entertainment elements in South Australia’s capital, there is always a demand for property in this city. Looking beyond Adelaide, towns such as Mount Gambier, Whyalla, and Port Lincoln are population centres with established industries.

The state economy is dominated by agricultural, manufacturing and mining industries and can be affected by the volatility of these industries. The state’s rental market is usually strong with low vacancy rates. 

Prices for properties in and around the Adelaide area are often lower than those in comparable capital cities. In addition, due to demand, these properties may be easier to resell or rent. In other South Australian towns, the lifestyle benefits or access to industry could also appeal, both to owner occupiers and tenants of investment properties. 

South Australian mortgage lenders such as BankSA, Bendigo & Adelaide Bank, Credit Union SA and many more, offer a variety of different home loan options to suit the needs of different borrowers, including fixed rate and variable rate home loans for owner occupiers or investors wanting to make principal & interest or interest only loan repayments. Consider which home loan features and benefits, such as offset and redraw, may best suit your needs, whether you're buying your first home or planning to refinance.

As well as comparing banks, credit unions and other mortgage lenders, you may be able to apply for a home loan with the help of HomeStart Finance, which is backed by the South Australian government.

If you're unsure of the best SA home loan for your needs, a mortgage broker in South Australia may be able to offer assistance.

The South Australian government has similar laws and regulations regarding home loans as other states in Australia. However, the economy can be heavily influenced by national and international impacts on the mining and agricultural industries and that may affect property prices and housing availability. 

Also, the state is subject to extreme weather and natural events, including fire, high temperatures and monsoon type rain events, and flooding. The risks vary with location so do your research before purchase.

It's important to compare SA home loans from different financial institutions, check the eligibility requirements, and consider which options may best suit your financial situation before you apply.

Like all Australian states, if purchasing a property in South Australia in most cases you will have to pay a Stamp Duty on Transfer of Real Property and an annual Land Tax. The Stamp Duty can be a substantial amount and you should budget for it before applying for a home loan. It is calculated based on the value of the property and can often be in the tens of thousands of dollars. 

An Emergency Services Levy is also charged by the state government annually for each fixed property owned. You will also have to look into the ongoing rates and levies charged by the council region your property is located in.

Like elsewhere in Australia, you may be charged Lenders Mortgage Insurance (LMI) as an upfront cost on your SA home loan, depending on your loan amount compared to the price of the property. The lower your deposit, the higher your loan to value ratio (LVR), and the more you may have to pay in LMI.

The South Australian government offers discounts and exemptions for people in special circumstances. These include if the property is transferred between married couples or domestic partners or if it is part of a deceased’s estate. 

The government also provides a First Home Owner Grant (FHOG) of between $5,000 and $20,000 for first home buyers who are purchasing or building a new home (rather than an existing property). There are many conditions attached to these grants and they are subject to change.