Bank of us offers a range of home loans tailored to cater to different borrowing needs.

Mortgage products from the Tasmanian customer-owned bank come with generally competitive fixed or variable rates and attractive features that have garnered positive customer feedback.

Bank of us home financing features zero application and ongoing fees, reducing the overall cost of the loan. It also offers mortgage products with an optional offset account and flexible payment options with fee-free redraws.

Home Loans Available at Bank of us

FlexiDiscount Home Loan Variable Rate

What is it: A variable rate residential home loan with flexible repayment options and a redraw facility.

Suitable for: Borrowers seeking variable-rate financing to purchase an existing home to live in (owner occupier), build a new home to live in, refinance an existing home loan, or renovate their existing home.

Features:

• Variable interest rate

• Loan amount: $20,000 - $2.5 million

• $0 ongoing fees

• $0 application fee*

• Redraw facility

• Unlimited additional repayments

• Principal and interest (P&I) and interest only (IO) repayments

FlexiDiscount Home Loan Fixed Rate

What it is: An owner-occupier home loan with an interest rate fixed for 1-5 years.

Suitable for: Residential home loan borrowers seeking funds to buy or build a home, or refinance an existing home loan with an interest rate fixed for up to five years.

Features:

• Fixed interest rate of 1-5 years

• Loan amount: $20,000 - $2.5 million

• $0 ongoing fees

• $0 application fee*

• Flexible repayment frequency

• Free additional repayments up to $10,000 per annum

• Principal and interest (P&I) and interest only (IO) repayments

Topline Home Loan

What is it: A variable rate home loan with flexible repayment options and a linked offset account.

Suitable for: Borrowers seeking financing to purchase an owner occupier home, build a new home, refinance an existing loan, or renovate an existing residence.

Features:

• Variable interest rate

• Loan amount: $20,000 - $2.5 million

• $0 ongoing fees

• $0 application fee*

• Flexible repayment frequency

• Unlimited additional repayments

• Redraw facility

• Principal and interest (P&I) and interest only (IO) repayments

*No application fee applies unless the loan is for construction purposes or is a top-up loan

Investment Home Loans

Bank of us offers an investment home loan option for each of the aforementioned products.

Bank of us 40-Year Loan Term

Residential home loan borrowers who may struggle to be approved for a typical 30-year term due to high repayments and income constraints can apply for Bank of us' extended home loan term of up to 40 years.

The longer timeframe spreads the financial cost of the loan over a longer period, resulting in lower monthly repayments. However, a 40-year mortgage will be more costly in the long term compared to a 30-year loan as the extended period means you'll be paying interest for an additional 10 years.

Bank of us Home Loan Fees

Some Bank of us home loan fees vary depending on the loan purpose and the loan-to-value ratio (LVR).

For residential loans, borrowers need not pay an application fee unless the loan will be used for construction purposes or is a top-up loan. The same applies to investment home loans.

Other applicable fees may include valuation charges, solicitor's fees, progress inspection fees (for construction loans only), and rate lock and break cost fees (for fixed loans only).

How to Apply for a Home Loan with Bank of us

Interested customers must be a member of Bank of us and an existing resident in Tasmania to be eligible to apply for a home loan.

In addition to these two criteria, would-be borrowers must:

• Be at least 18 years old

• Have a regular source of income

Bank of us may also request the contact details of your current employer and a list of current financial commitments such as mortgages, credit card debts, and personal loans.

Eligible applicants can apply in branches or online. Customers may also apply for pre-approval on the bank's website to get an initial assessment of their borrowing power. According to the bank, customers will be contacted within one to two business days of submitting their home loan pre-approval application.

Documents required may include the following:

• Passport or driver's licence

• Proof of income (recent payslips)

• List of assets

• List of current debts

• List of ongoing expenses

• Property details (if applicable)

As with most lenders, approval time and the entire application procedure depend on several factors, including the complexity of the application, the completeness of the documents provided, and the bank's current processing workload.