Bank of us
Bank of Us is Tasmania’s only customer-owned bank and has a history dating back as far as the 19th century.
With only eight branches serving members within Tasmania, Bank of Us is an online bank for the rest of Australia.
In addition to personal loans, Bank of Us also offers its customers everyday bank accounts, savings accounts, credit cards, home loans and insurance.
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Bank of us personal loan repayment calculator
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Pros and cons
- Very low interest rates available
- Loan terms up to 10 years
- No early exit penalty fee
- Lack of branches outside Tasmania
- No redraw facility
- Upfront and ongoing fees
Bank of us personal loans rates
Product | Advertised Rate | Comparison Rate* | Repayment | Upfront Fee | Features | Go to site | Company | |
|---|---|---|---|---|---|---|---|---|
5.31% Variable | 5.59% | $570 based on $30,000 loan amount for 5 years | $200 | Redraw facility Extra repayments Fully drawn advance Secured | | More details | ||
9.99% Variable | 10.28% | $637 based on $30,000 loan amount for 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | | More details |
Features of a Bank of Us personal loans
Bank of Us offers secured and unsecured personal loans for its members to choose from. Both lending options come with variable interest rates.
Bank of Us personal loan rates range from very low to moderately low depending on which borrowing option is chosen. Use RateCity’s personal loans comparison tool to find a personal loan with interest rates that are right for you.
Bank of Us borrowers could receive up to $100,000 depending on the loan type.
The maximum loan term for Bank of Us personal loans is 10 years.
Upfront fees, missed payment fees and ongoing monthly fees apply to Bank of Us personal loans.
Bank of Us personal loans - customer service
There are only eight Bank of Us branches to visit and all of them are located in Tasmania. Customers outside Tasmania do not have branch access. Online banking, email and phone services are available for Bank of Us customers who need assistance.
Who is eligible for a Bank of Us personal loan?
Bank of Us stipulates the following eligibility criteria for personal loans applications:
- Be a Bank of Us member
- Employed with history of income
- Good credit
- At least 18
- Secured loans must be paired with a Bank of Us home loan
How to apply for a Bank of Us personal loan
The following application options are available for those who wish to borrow from Bank of Us:
- Phone application
- In-person application at a branch
- Online application
Bank of Us personal loans review
Bank of Us personal loans have variable interest rates. Borrowers have secured and unsecured lending options to choose from - although please note that to get a secured personal loan you need to have a home loan with Bank of Us.
Bank of Us interest rates range from very low to moderately low, which could be useful for borrowers looking to save on interest.
Ongoing fees are comparable to those of the major banks. The upfront fees are moderate and there are no early exit penalty fees.
Bank of Us borrowers should be mindful of the moderately high late payment penalty fees.
Loan terms of up to 10 years could be useful for borrowers who need more time to pay off their personal loans.
Compare personal loan rates with RateCity to find the best personal loan rates available for your circumstances.
Learn more about Bank of us
Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
What do single mothers need to apply for a personal loan?
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term