Bank of us Home Loans: The 2026 Review

Bank of us, legally known as B&E Ltd, was established to serve the financial needs of the Tasmanian community. Over the years, the bank has grown from its humble beginnings into a significant player in the local financial sector. Its community-owned structure ensures that profits are reinvested into the community, supporting local initiatives and fostering economic growth.

Today, Bank of us is recognised for its strong market position in Tasmania, particularly in owner-occupied housing finance. As an independent entity, it differentiates itself from larger banks by offering tailored financial solutions and maintaining a close connection with its customers. The bank operates through both physical branches and online platforms, providing a comprehensive service model.

Bank of us primarily serves Tasmanians, focusing on first home buyers and local residents seeking personalised banking solutions. Its offerings, such as the MyHome Shared Equity Program and extended loan terms, are designed to enhance affordability and accessibility. By prioritising local engagement and competitive rates, Bank of us remains a preferred choice for those valuing community-focused banking.

• Legal Name: B&E Ltd
• ABN: 32087652088
• ACN: 087652088
• Headquarters: Tasmania, Australia
• Type: Community-Owned Bank
• Ownership: Independent

• Website: https://bankofus.com.au
• Phone: 1300 306 716

Bank of us offers a range of flexible home loan features tailored to Tasmanian residents, emphasising affordability and community-focused solutions.

• Extra Repayments: Allows borrowers to make additional repayments without incurring fees, including for Buy Now, Pay Later (BNPL) services or lines of credit. This flexibility helps reduce the loan principal faster, saving on interest over time.
• Online Banking Access: Provides comprehensive online banking features, allowing borrowers to manage their home loan conveniently from any location. This includes tracking payments, viewing statements, and managing accounts efficiently.
• Redraw Facility: Offers a redraw facility, enabling borrowers to access extra funds they have paid into their loan. This feature provides financial flexibility for unexpected expenses or investment opportunities, although some conditions may apply.
• NPP Payments: Supports receiving funds via BSB/Number based NPP payments, ensuring fast and secure transactions. This feature enhances the ease of managing finances by enabling quick transfers and payments.
• Offset Account: An offset account can be linked to the home loan, reducing the interest payable by offsetting the loan balance with the account balance. This feature is beneficial for borrowers looking to minimise interest costs effectively.
• FlexiDiscount Home Loan: Specifically designed for Tasmanian residents, this product offers competitive rates and extended terms up to 40 years. It provides local borrowers with affordable and flexible repayment options.
• MyHome Shared Equity Program: Targets first home buyers by offering shared equity options, making home ownership more attainable. This program reflects the bank's commitment to supporting the community and enhancing housing accessibility.
• Break Cost Fees: While the bank provides several fee waivers, borrowers should be aware of break cost fees for early termination of fixed-rate loans. Understanding these fees is crucial for financial planning and loan management.
• Digital Features: Includes a mobile app and automated valuations, providing borrowers with convenient tools to manage their loans and assess property values efficiently. These digital features enhance the overall banking experience.

Bank of us maintains a transparent fee structure, providing clarity on costs associated with various home loan products, especially for Tasmanian residents.

• Home Loan Application Fee: $300 - Applies to residential investment lending and may be waived if the loan-to-valuation ratio (LVR) is below 90%.
• Progress Inspection Fees: Variable - Charged for progress inspections of security properties, typically for construction loans, with costs determined at each inspection.
• Title Search Fee: Variable - Payable for obtaining information from the Land Titles Office related to the credit contract, charged at cost.
• Loan Documentation Costs: $325 - Additional costs may apply for complex ownership structures. Waived for loans with LVR below 80%.
• Settlement Fee: $350 - Charged at the time of loan settlement.
• Monthly Service Fee: $10 (Monthly) - Debited monthly on the last day of each month as part of the loan repayment process.
• Discharge Fee: $395 - Payable upon the discharge of any security.
• Rate Lock Fee: $500 or 0.15% of loan amount - Payable to lock in an interest rate for 90 days between application submission and settlement.

Bank of us provides home loans primarily to Tasmanian residents, focusing on accessibility and community support through tailored financial solutions.

• Must be at least 18 years old to apply.
• Applicant must be an Australian citizen or permanent resident. Temporary residents may qualify if holding an acceptable employer-supported visa.
• Applicants should demonstrate a stable income sufficient to meet repayment obligations.
• A satisfactory credit history is required to qualify for a home loan.
• Applicants must be natural persons, not legal entities.
• Loan-to-Value Ratio (LVR) typically should not exceed 80% without Lenders Mortgage Insurance (LMI).
• A minimum deposit of 5% may be accepted with a guarantor, depending on the product.
• Property must be located in Tasmania to qualify for specific local offers like the FlexiDiscount Home Loan.

• LVR above 80% may require Lenders Mortgage Insurance (LMI).
• The MyHome Shared Equity Program supports first home buyers by reducing initial deposit requirements.
• Break cost fees apply for early termination of fixed-rate loans.