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B&E Personal Banking FlexiDiscount Loan

Features

The Bank of us Personal Banking FlexiDiscount Loan offers very low starting variable interest rates for owner-occupiers and refinancers if borrowing less than 80 per cent of a property’s value.  If you’re borrowing more than 80 per cent, the variable interest rate is higher, however, there is no upfront cost for establishing this loan.

Customers of this loan can make monthly, fortnightly and weekly repayments as well as early repayments. While there is a redraw facility available to redraw any early repayments you make, you will be charged a fee for its use. The Bank of us FlexiDiscount Loan also offers the Bank of us Home Advantage transaction account fee-free for customers of this loan.

However, this is not a 100 per cent offset account, which is not offered with this loan. This transaction account gives you a Bank of us Visa debit card with unlimited access to select rediATMs and EFTPOS, internet and mobile banking transactions.

You will also have full Bank of us branch access. However, you must meet the minimum home loan amount and credit your salary directly into this transaction account in order to be eligible. Bank of us also offers repayment insurance on this home loan if you become unable to make repayments. 

Who is the Bank of us FlexiDiscount Loan good for?

The Bank of us FlexiDiscount Loan is good for owner-occupiers and refinancers, as it’s not offered to investors. This home loan is good for customers looking for a loan without a 100 per cent offset account, but with the ability to make extra repayments and redraws.

Review - What RateCity says

The B&E Personal Banking FlexiDiscount Loan can be a good option if you’re looking to borrow less than 80 per cent of a property’s value, since these are the customers who are offered the low variable interest rate. If you’re borrowing more, it might be worth considering your options since there is a higher interest rate for borrowing more than 80 per cent of your property’s value.

A great feature of this loan is that there is $0 charged in establishment fees, however there is a fee charged for making redraws of any extra repayments you may make. Weighing the pros and cons of this loan is a good idea to see if it’s best suited for your needs.

Bank of us FlexiDiscount Loan Options

Bank of us offers options for FlexiDiscount Loan at different borrowing amounts. To find out more information about each, click the corresponding links.

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Fixed Rates from

3.79%

Advertised rate

3.79%

Comparison rate

Variable Rates from

3.79%

Advertised rate

3.79%

Comparison rate
Pros
  • Very low variable interest rates available.
  • No establishment fees.
  • Redraw facility.
Cons
  • Very high interest rate if borrowing more than 80 per cent of property’s value.
  • Monthly account-keeping fee.
  • No 100 per cent offset account.
Eligibility

Must reside in Tasmania.

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.  

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $1150
  • Discharge fees: $350
  • Ongoing fees: $10 monthly

While this home loan features $0 in establishment fees, there is a monthly fee and moderate to moderately high discharge fee charged at the completion of your loan term. There is also a fee for using the redraw facility to redraw any extra repayments made.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Bank of us

Located in Tasmania, Bank of us is a customer-owned bank offering personal banking products and services in-branch and through online banking. Bank of us customers have access to ATMs throughout Australia.

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