Bank of us personal loans are designed for Tasmanian borrowers seeking funds to buy a car, take a holiday, finance a wedding, or consolidate an existing debt.

The bank offers unsecured variable rate personal loans for general purposes and secured options using a vehicle or residential property as collateral. Customers can borrow up to $100,000, and terms are up to 10 years.

Bank of us personal loan rates are generally competitive and repayments are flexible, with options to choose payment frequency and to redraw funds.

The bank has received positive feedback on the back of its strength in customer service, providing clients with a quality and convenient banking experience.

Personal Loans Available at Bank of us

Unsecured Variable Rate Personal Loan

Bank of us' general purpose loan features a variable rate and flexible repayment options, ideal for customers who are unable or unwilling to offer a suitable security for the loan. Note, however, that as the loan is unsecured, interest rates are higher than a loan with collateral to back it up.

Features:

• Loan amounts: $3,000 - $30,000*

• Loan terms: 6 months - 7 years

• Flexible repayment frequency

• Additional and early repayments

• $0 monthly service fee

• Redraw available

*A higher limit may be considered, subject to credit assessment and eligibility.

Secured Variable Rate Personal Loan (Residential Security)

Existing Bank of us customers in need of funds to purchase a vehicle (car, boat, or caravan) or fund a home renovation or extension project, along with other worthwhile purposes may obtain a loan with a lower rate in exchange for offering their residential property as security.

To be eligible for a Bank of us variable rate secured personal loan, would-be borrowers must have been a home loan customer of the bank for at least six months.

Features:

• Loan amounts: $3,000 - $100,000

• Loan terms: 1-10 years

• Flexible repayment frequency

• Additional and early repayments

• $0 monthly service fee

• Redraw available

How to Apply for a Personal Loan with Bank of us

Bank of us personal loans are exclusively available to its members who are currently residents in Tasmania. However, in some cases, the products may be offered to interstate customers.

In addition to being a Tasmania resident, interested borrowers must:

• Be at least 18 years old

• Have a regular source of income

• Be an existing Bank of us home loan customer (for the residential security loan)

Applications can be done in-branch or online via the Bank of us website. While the bank doesn't charge ongoing fees, application and valuation fees, among other charges, may be payable.

Documents required may include the following:

• Passport or driver's licence

• Recent payslips

Approval is subject to Bank of us' credit assessment. We recommend contacting the bank's customer service for more information on its personal loan rates and other requirements.