Bank of us Home Loans: The 2026 Review

Bank of us, legally known as B&E Ltd, has its roots deeply embedded in Tasmania. Originally established as B&E Ltd, the bank underwent a significant rebranding to become Bank of us, reflecting its commitment to the local community. As a community-owned institution, it was founded with the aim of providing tailored financial solutions to Tasmanians, emphasising local expertise and involvement.

Today, Bank of us operates as an independent, community-focused bank, distinguishing itself from the Big 4 banks through its customer-owned model. With a headquarters in Tasmania, the bank offers a diverse range of seven financial products, encompassing 85 variations, delivered through both physical branches and online platforms. This dual delivery model allows it to cater to a wide range of customer needs while maintaining a high level of personalised service.

Targeting Tasmanians who value local banking solutions, Bank of us focuses on providing competitive home loan products with features such as redraw facilities and offset accounts. Its participation in government schemes like the MyHome program underscores its commitment to supporting first-time buyers. By offering no application fees for home loans and maintaining a strong community presence, Bank of us positions itself as a preferred choice for residents seeking personalised and community-oriented banking services.

• Legal Name: B&E Ltd
• ABN: 32087652088
• ACN: 087652088
• Headquarters: Tasmania
• 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 products tailored for Tasmanian borrowers, featuring no application fees and participation in government programs like MyHome for first-time buyers.

• Online Banking Access: Bank of us provides comprehensive online banking features, allowing borrowers to manage their home loans conveniently from anywhere. This includes checking balances, making payments, and accessing statements, enhancing accessibility and control over loan management.
• Redraw Facility: The redraw facility allows borrowers to access extra funds paid into their home loan, offering financial flexibility. This feature can be beneficial for managing unexpected expenses or taking advantage of investment opportunities without the need for additional loans.
• Extra Repayments: Borrowers can make extra repayments without incurring fees, including payments for Buy Now Pay Later (BNPL) services or lines of credit. This flexibility helps reduce the loan balance faster, potentially saving on interest over the loan term.
• Offset Account: Linking an offset account to a home loan can significantly reduce the interest payable by offsetting the loan balance with the account balance. This feature provides a practical way to save on interest while maintaining easy access to funds.
• NPP Payments: Bank of us supports receiving funds through BSB/Number-based NPP payments, ensuring fast and secure transactions. This feature enhances the ease of managing loan repayments and other financial transactions.
• No Application Fees: Bank of us does not charge application fees for home loans, reducing the initial costs for borrowers. This cost-saving feature makes the bank an attractive option for those looking to minimise upfront expenses.
• Flexible Loan Terms: Offering loan terms up to 40 years, Bank of us provides borrowers with the flexibility to choose repayment schedules that suit their financial circumstances. Longer terms can lower monthly payments, making home ownership more accessible.
• Government Scheme Participation: Participation in programs like the MyHome scheme provides additional support for first-time buyers. This feature can help eligible borrowers enter the housing market with more favourable terms and conditions.
• Break Cost Fees: While offering flexible terms, borrowers should be aware of potential break cost fees for early repayment of fixed-rate loans. Understanding these fees is crucial for borrowers considering early loan termination.

Bank of us maintains a transparent fee structure with specific conditions for waivers and variations, ensuring borrowers understand the costs associated with their home loans.

• Home Loan Application Fee: $300 - Applies to residential investment lending. May be waived if the loan-to-valuation ratio (LVR) is below 90%.
• Progress Inspection Fees: Variable - Charged for inspections of security properties, typically for construction loans. The amount is determined at each inspection.
• Loan Documentation Costs: $325 - Additional costs may apply for complex ownership structures. Waived for loans with LVR below 80%.
• Settlement Fee: $350 - Payable at the time of loan settlement.
• Discharge Fee: $395 - Charged when discharging any security.
• Rate Lock Fee: $500 or 0.15% of loan amount - Payable to lock in an interest rate for 90 days. The fee is the lesser of $500 or 0.15% of the loan amount.
• Variation Fee: $300 - Charged for requests to vary the terms of the credit contract, such as changing interest rates or product types.
• Arrears Fee: $40 - Applied each time there is a default under the contract.
• Lender's Mortgage Insurance Premium: Variable - Required for loans with LVR above 80%. The premium is determined by the mortgage insurer and payable upon loan funding.

Bank of us provides home loans primarily to Tasmanian residents, with a focus on accessibility for first-time buyers and those seeking flexible loan terms.

• Applicants must be at least 18 years old.
• Applicants must be Australian citizens or permanent residents. Temporary residents may qualify with an acceptable employer-sponsored visa.
• Applicants must demonstrate the ability to repay the loan, typically through stable income and employment.
• A satisfactory credit history is required, with no significant defaults or bankruptcies.
• A minimum deposit of 5% may be required, with some products allowing guarantor support.
• Loan-to-Value Ratio (LVR) can be up to 95% for some products, but generally 80% without Lenders Mortgage Insurance (LMI).
• Applicants must be natural persons, not corporations or other legal entities.

• LMI is required for loans with an LVR above 80%.
• The MyHome program offers additional support for first-time buyers, enhancing accessibility.
• Break cost fees may apply for early repayment of fixed-rate loans.