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Pros and cons

  • Suitable for low deposits.
  • Long loan terms of up to 45 years.
  • Flexible repayment schedule with weekly, fortnightly and monthly repayment options.
  • Offers discounts on interest rates.
  • Products are only available to residents of Tasmania.
  • Some products include fees.
  • Early break fees apply across the home loan product range.

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
FlexiDiscount Home Loan (Min Deposit 20%)
2.49% p.a.
2.51% p.a. Comparison rate
n/a
1 Year FlexiDiscount Home Loan (Min Deposit 20%)
1.99% p.a.
2.47% p.a. Comparison rate
n/a
2 Year FlexiDiscount Home Loan (Min Deposit 20%)
1.99% p.a.
2.43% p.a. Comparison rate
n/a
3 Year FlexiDiscount Home Loan (Min Deposit 20%)
2.19% p.a.
2.44% p.a. Comparison rate
n/a
3 Year FlexiDiscount Home Loan (Min Deposit 10%)
2.29% p.a.
2.7% p.a. Comparison rate
n/a
2 Year FlexiDiscount Home Loan (Min Deposit 10%)
2.09% p.a.
2.71% p.a. Comparison rate
n/a
1 Year FlexiDiscount Home Loan (Min Deposit 10%)
2.09% p.a.
2.77% p.a. Comparison rate
n/a
FlexiDiscount Home Loan (Min Deposit 10%)
2.79% p.a.
2.83% p.a. Comparison rate
n/a
3 Year FlexiDiscount Home Loan (Min Deposit 5%)
2.39% p.a.
2.98% p.a. Comparison rate
n/a
2 Year FlexiDiscount Home Loan (Min Deposit 5%)
2.19% p.a.
3% p.a. Comparison rate
n/a
1 Year FlexiDiscount Home Loan (Min Deposit 5%)
2.19% p.a.
3.08% p.a. Comparison rate
n/a
FlexiDiscount Home Loan (Min Deposit 5%)
3.1% p.a.
3.16% p.a. Comparison rate
n/a
TopLine Home Loan (Min Deposit 20%)
3.19% p.a.
3.21% p.a. Comparison rate
n/a
TopLine Home Loan (Min Deposit 10%)
3.29% p.a.
3.33% p.a. Comparison rate
n/a
TopLine Home Loan (Min Deposit 5%)
3.99% p.a.
4.05% p.a. Comparison rate
n/a
FlexiLine Home Loan (Min Deposit 5%)
4.61% p.a.
4.78% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
1 Year FlexiChoice Home Loan (Min Deposit 20%)
2.59% p.a.
2.96% p.a. Comparison rate
n/a
FlexiChoice Home Loan (Min Deposit 20%)
2.79% p.a.
2.96% p.a. Comparison rate
n/a
TopLine Home Loan (Min Deposit 20%)
3.19% p.a.
3.21% p.a. Comparison rate
n/a
TopLine Home Loan (Min Deposit 10%)
3.29% p.a.
3.33% p.a. Comparison rate
n/a
FlexiChoice Home Loan (Min Deposit 10%)
3.39% p.a.
3.57% p.a. Comparison rate
n/a
1 Year FlexiChoice Home Loan (Min Deposit 10%)
3.39% p.a.
3.57% p.a. Comparison rate
n/a
FlexiChoice Home Loan (Min Deposit 5%)
3.49% p.a.
3.69% p.a. Comparison rate
n/a
1 Year FlexiChoice Home Loan (Min Deposit 5%)
3.49% p.a.
3.69% p.a. Comparison rate
n/a
TopLine Home Loan (Min Deposit 5%)
3.99% p.a.
4.05% p.a. Comparison rate
n/a
3 Year FlexiChoice Home Loan (Min Deposit 20%)
2.39% p.a.
4.51% p.a. Comparison rate
n/a
3 Year FlexiChoice Home Loan (Min Deposit 10%)
2.49% p.a.
4.56% p.a. Comparison rate
n/a
2 Year FlexiChoice Home Loan (Min Deposit 20%)
2.39% p.a.
4.73% p.a. Comparison rate
n/a
2 Year FlexiChoice Home Loan (Min Deposit 10%)
2.49% p.a.
4.76% p.a. Comparison rate
n/a
3 Year FlexiChoice Home Loan (Min Deposit 5%)
4.38% p.a.
5.07% p.a. Comparison rate
n/a
2 Year FlexiChoice Home Loan (Min Deposit 5%)
4.38% p.a.
5.13% p.a. Comparison rate
n/a
FlexiLine Home Loan (Min Deposit 5%)
5.06% p.a.
5.22% p.a. Comparison rate
n/a

Home loan repayment calculator

Thinking about taking out a home loan with Bank of us? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bank of us home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.59%

Total interest payable

$0

Total loan repayments

$0

Bank of us customer service

Bank of us is a local bank and as such face-to-face banking is only available in a select number of branches in Tasmania. The customer service centre can handle all manner of enquiries if customers would prefer to speak to someone. Alternatively, they can email Bank of us. Bank of us home loan customers can access their accounts online 24-hours a day via online banking and the company’s mobile banking app.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Branch

How to Apply

To apply for a home loan from Bank of us customers can enquire within a Tasmanian branch or get in touch with the customer service centre by phone. To simplify the process for customers Bank of us offers a call back service, or alternatively customers can apply online 24-hours a day. Before applying for any loan product customers should carefully calculate how much they can afford to borrow based on their earnings and expenses.  In addition to completing an application form Bank of us will require customers to supply a series of documents including:

  • Personal identification.
  • Personal income details.
  • Details of current debts and assets.

Learn more about home loans

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

How do I find out my current interest rate and how much is owing on my loan?

Your bank statements and/or your internet banking should show these details. If you are not sure, call your bank or estimate.

How do I apply for a home loan pre-approval from Commonwealth Bank?

To apply for a Commbank home loan pre-approval, you can either call the bank at 13 2224 or meet one of the bank’s lending specialists. You can set up a meeting online if you wish. You’ll need to do some homework before contacting the bank, such as gathering information on the kind of properties you’d like to buy and their prices.

Preparing a financial summary, which lists all your income sources as well as significant expenses, can also help determine how much you can afford to borrow. You may also want to check your credit score before applying for pre-approval.

It’s worth remembering that a CBA home loan pre-approval doesn’t guarantee that you’ll get the loan. Once you get the pre-approval, you’ll have about three to six months to decide on a property and apply for the home loan. The bank will then confirm that the property is suitable for the loan before fully approving it.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

What are the benefits of getting a pre-approved home loan from Citibank?

While hunting for your dream home, getting a Citibank home loan pre-approval can have multiple benefits, which include:

  • You'll have an idea on your personal price range, which can save time to find your home.
  • With a pre-approved home loan, you may find yourself with more financial control to better decide how much you can spend.
  • A Citibank pre-approved home loan is a commitment  by a lender that signals you're ready to jump into the property market.

You can apply for pre-approval by providing basic details, such as name, email, and phone number on the bank’s website. Alternatively, you can contact the bank on 1300 361 922 or find a home lending officer on the website.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

What does unconditional approval from Aussie Home Loans mean for first time home buyers?

As an Aussie home loan first time home buyer, your loan application passes through multiple stages. Early in the process, you’ll receive conditional approval, which means the lender approves your loan application as long as you meet certain conditions. Some of these criteria include selling another property or repaying existing debt.

The next stage is unconditional approval which is the final decision from the lender. After considering all the relevant information, the lender is willing to offer you a certain amount to buy a specific property.

Unconditional approval is also known as formal or full approval but receiving this doesn’t mean you need to accept the money. If you choose to proceed and accept the funds, you’ll sign the loan documents to finalise the loan and receive the money. You can, at this time, clarify any doubts you have with your Aussie broker.

You’re likely to get conditional approval, sometimes called pre-approval, when you want to get clear on your budget. You’ll then apply for unconditional or formal approval once you’ve found a property and made an offer. This process will involve the lender reviewing your finances and the details of the property you wish to purchase to make sure you can repay a loan on that property.

As a first time buyer, it may help you with the purchasing process to seek pre-approval or conditional approval. This may speed up the final purchasing process and help you through the home loan process in steps rather than all at once.

Is a second mortgage tax deductible?

If you take out a loan to invest in a property, you can claim a tax deduction on the interest you pay as long as the property is earning income. In other words, if you rent the property for the entire year, you can claim a tax deduction for 12 months of interest payments. But, if you use the home for six months and rent it for the other six months, you can claim deduction only for 50 per cent of the interest amount.

You also get tax benefits for items that lose value over the years. But, the entire amount is not allowed as a tax deduction in the same year; instead you’ll have to claim a portion each year over a number of years. 

Additional borrowing costs, such as maintenance fees, stamp duty, offset account setting up fees, Lenders Mortgage Insurance (LMI), and establishment fees, can also be claimed as tax deductions.

Before you claim second mortgage tax deductions, it’s often worth checking with an experienced tax expert.

What is a secured home loan?

When the lender creates a mortgage on your property, they’re offering you a secured home loan. It means you’re offering the property as security to the lender who holds this security against the risk of default or any delays in home loan repayments. Suppose you’re unable to repay the loan. In this case, the lender can take ownership of your property and sell it to recover any outstanding funds you owe. The lender retains this hold over your property until you repay the entire loan amount.

If you take out a secured home loan, you may be charged a lower interest rate. The amount you can borrow depends on the property’s value and the deposit you can pay upfront. Generally, lenders allow you to borrow between 80 per cent and 90 per cent of the property value as the loan. Often, you’ll need Lenders Mortgage Insurance (LMI) if the deposit is less than 20 per cent of the property value. Lenders will also do a property valuation to ensure you’re borrowing enough to cover the purchase. 

Does the family tax benefit count as income?

The family tax benefits are one of several government support payments that are not considered taxable income. Other such payments include child care subsidies, economic support payments, rent assistance, and carer allowances. If you file a tax return, you typically don’t need to mention such income on the return. However, some home loan lenders may accept family tax benefits as an income source when reviewing your home loan application. You’ll still need to meet other lending requirements, such as having a sufficiently high credit score and enough savings for a deposit before the loan will be approved.

Aussies receiving family tax benefits usually have an adjusted taxable income of no more than $55,626 a year. Alternatively, one spouse can be receiving income support payments from the government to be eligible. Most importantly, they need to have children dependent on them for care at least 35 per cent of the time. Children between the ages of 16 and 19 should be either full-time secondary students or have a somewhat comparable study load unless the government exempts them from these study requirements. 

What is the ANZ home loan settlement process?

Settlement is the procedure for the official transfer of ownership between the seller and buyer. It’s often done without the seller or buyers input but between both parties’ the financial and legal representatives.

Here is how the ANZ home loan settlement process works:

  1. The solicitor or conveyancer prepares the Transfer of Land document at least two weeks before the settlement date.
  2. The signed document is registered at the state or territory land registry office.
  3. Your solicitor or conveyancer will connect with the ANZ home loan settlement contact and the seller’s solicitor or conveyancer to finalise the date, time, and place of settlement.
  4. You must deposit any applicable amount into your ANZ account three days before the settlement date.
  5. After the settlement is completed, your solicitor or conveyancer will send you a Statement of Adjustment confirming the disbursal of funds from your home loan amongst the involved parties.