Bank of us Topline Turbo Loan

Features

Bank of us is a smaller, member-owned lender based in Tasmania offering borrowers good discounts on its Topline Turbo Loan. The mortgage comes with decent features which will allow you to reduce interest costs on the loan. The discount from Bank of us’s standard variable rate is 1 per cent for loan amounts $250,000 and above and 0.90 per cent for loans valued $100,000 to $249,999.

Bank of us offers a 100 percent offset account, allowing you to save money on interest. You can also make additional repayments without penalty and repay early. A redraw facility offers borrowers the chance to access extra funds paid onto their loan. You can also make weekly, fortnightly or monthly repayments, with more regular repayments allowing you to reduce interest costs on the loan. Bank of us allows interest only repayments for up to five years on its Topline Turbo Loan.

This may appeal to investors or borrowers wanting to free up their cash flow in the first few years of the loan - but watch out, interest costs can accumulate compared to repaying a principal and interest loan. With lenders mortgage insurance, you can borrow up to 90 per cent of the property's value.

For continuing eligibility on the interest rate discounts, all Topline Turbo Loans must remain at or below this 90 per cent threshold. The minimum loan amount of $100,000.

Who is the Bank of us Topline Turbo Loan good for?

Those looking for fully featured loan with a smaller customer oriented lender may be attracted to Bank of us’s Topline Turbo Loan. It may suit first home buyers through to the investors or refinancers borrowing over $100,000 who are after a relatively inexpensive fully featured loan.

Review - What RateCity says

A Tasmanian focused lender with origins as a building society, B&E offers a fully featured home loan that compares favourably with those offered by larger institutions. A real plus is that there are no ongoing fees on the loan.

B&E charges only a moderate upfront fee and while there are fees on redraws, you’re not likely to need to make redraws as you can always access your money for free in the offset account. So overall, if you’re not put off by the lack of a national branch network, given the flexibility and features on this variable loan, it’s a good one to take into account.

Bank of us Topline Turbo Loan Options

A smaller community based, member owned lender with options to suit first home buyers or investors, with their range of suitable loans.

Pros
  • A 100 per cent offset account is offered.
  • Low interest rates.
  • Redraw facility is available.
Cons
  • Redraw fees apply.
  • Interest only repayment option capped at five years.
  • No national branch network.
Eligibility

Subject to satisfying the minimum monthly repayment commitment.

Must be 18 years of age or older to apply.

About Bank of us

Bank of us was originally formed from two former building societies in Tasmania. Today, Bank of us prides itself on being a member-owned institution. Bank of us can be contacted through a customer service centre or via email. Bank of us offers 24-hour internet access, a mobile banking app and operates a small branch network in Tasmania. It is also part of one of Australia's largest ATM networks, rediATM.

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