What are the monthly repayments for a $500,000 loan at Bank of us?

For a $500,000 loan at 6.19% over 30 years, the monthly repayment would be $3,059, with a total interest of $601,276.

Does Bank of us offer any special programs for first-time home buyers?

Yes, Bank of us participates in the Australian Government 5% Deposit Scheme, which supports eligible first-time home buyers.

What is the discharge fee if I pay off my home loan early with Bank of us?

The discharge fee for closing your home loan early with Bank of us is $395.

How much can I save by refinancing to Bank of us?

Refinancing a $500,000 loan to Bank of us could save you $101 per month, totaling $36,446 over 30 years.

Does Bank of us offer support for shared equity home purchases?

Yes, Bank of us offers the MyHome Shared Equity Program for eligible retail customers meeting Tasmanian Government criteria.

How long does full approval take after pre-approval with Bank of us?

Full approval usually takes 5 to 10 business days after pre-approval, depending on the complexity of your application and lender responsiveness.

Are there any hidden fees I should be aware of with Bank of us home loans?

There are no hidden fees identified, but be aware of the $395 discharge fee if you pay off your loan early.

What kind of savings can I expect with a $1,000,000 loan from Bank of us?

With a $1,000,000 loan, you could save $202 per month compared to market rates, totaling $72,892 over 30 years.

Does Bank of us provide digital banking services for home loan management?

Yes, Bank of us offers free access to digital statements and account personalization through their Internet Banking service.

UPDATED JUL 7, 2026

Bank of us Home Loans: The 2026 Review

Unlock savings with our lower comparison rate and ethical lending. Watch out for the $395 discharge fee if planning early loan payoff. Ready to explore your options?

Bheja Verdict

Very Good

4.0/5

✓

Highly competitive rates across products

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Wide range of loan options

Check Eligibility

Bank of us Home Loans At a Glance

🏷️Best Rate Available

6.09%

Variable • Owner Occupied

💳Application Fee

$300

Upfront fee applies

📅Monthly Fee

$10

Ongoing service fee

Loan Range:$20K - $2.5M

LVR:Up to 96%

Products:85 variations

Offset Account:Available

Current Bank of us Home Loan Rates

Last updated: July 2026

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Average Rate: 6.38%
Best Rate: 6.14%
Monthly Payment: $3,043

Advanced

Sort By

Flexidiscount Home Loan
Bank of us
20%-30% DepositRedraw
6.14%
Interest Rate
Variable
6.16%
Comparison Rate*
$3,043
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application
$300
Discharge
$395+ other fees may apply
Flexidiscount Home Guarantee Scheme Home Loan
Bank of us
10%-20% DepositRedraw
6.14%
Interest Rate
Variable
6.18%
Comparison Rate*
$3,043
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application
$300
Discharge
$395+ other fees may apply
TOPLINE HOME LOAN
Bank of us
Min 20% DepositOffsetRedraw
6.19%
Interest Rate
Variable
6.21%
Comparison Rate*
$3,059
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application
$300
Discharge
$395+ other fees may apply
Flexidiscount Home Loan
Bank of us
10%-20% DepositRedraw
6.44%
Interest Rate
Variable
6.48%
Comparison Rate*
$3,141
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application
$300
Discharge
$395+ other fees may apply
TOPLINE HOME LOAN
Bank of us
10%-20% DepositOffsetRedraw
6.49%
Interest Rate
Variable
6.53%
Comparison Rate*
$3,157
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application
$300
Discharge
$395+ other fees may apply
FLEXICHOICE HOME LOAN
Bank of us
Min 20% DepositOffsetRedraw
6.86%
Interest Rate
Variable
7.07%
Comparison Rate*
$3,280
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application $500
Ongoing/month
$10
Discharge
$395+ other fees may apply

Bank of us Product Statistics

Real-time insights and market analysis

Bank of us offers 7 home loan products across 85 variations, the average variable rate is 6.66% p.a., the best available rate is 6.09% p.a..

Average Variable Rate

6.66%

20 products

Average Fixed Rate

6.88%

65 products

Best Available Rate

6.09%

Variable • Owner Occupied • P&I

Total Products

85 variations

Fee Summary

Application Fee

$300 - $500

Monthly Fee

$10

Discharge Fee

$395

Late Payment Fee

$12 - $40

Key Features

Across Bank of us's range: 12 include an offset account, 85 offer redraw, 85 allow extra repayments.

Offset Account

14%

Redraw Facility

100%

Extra Repayments

100%

Split Loan

—

Product Ranges

Bank of us's interest rates range from 6.09% to 8.86% p.a., maximum LVR from 60% to 96%, loan amounts span $20,000 to $2,500,000.

Interest Rates6.09% — 8.86%

Max LVR60% — 96%

Loan Amount$20K — $2.5M

Disclaimer: The key features displayed highlight what's available across the lender's home loan range. Individual products and variations may differ. Use the product table to search for a loan with the specific features you're looking for.

How Bank of us Compares

FEATURE	Bank of us	Australian Mutual Bank LTD	Hume Bank	Fire Service Credit Union	Newcastle Permanent Building Society
Best Variable Rate	6.09%	5.64%	5.99%	5.89%	5.99%
Best Fixed Rate (3yr)	6.59%	6.14%	6.39%	—	6.39%
Application Fee	$300	$250	$199	$150	$350
Monthly Admin Fee	$10	$0	$0	$0	$0
Offset Account
Redraw Facility
Product Variations	85	182	115	5	109

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Bheja Insight: Bank of us offers offset accounts like most community-owned lenders, helping reduce interest while keeping funds accessible.

About Bank of us

Company overview and contact information

Bank of us, established in 1870, began as the Launceston Equitable Building & Investment Society. It has grown into a community-owned bank, meaning its customers are also its owners. As an Authorised Deposit-Taking Institution (ADI) regulated by APRA, Bank of us holds an Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL), ensuring secure and reliable banking services.

Offering a diverse range of seven home loan products with 85 variations, Bank of us caters to a wide array of customer needs. With competitive rates starting from 6.19%, they provide options such as the MyHome Shared Equity Program, designed for eligible Tasmanian residents. Their focus on ethical lending practices ensures responsible financial solutions for their clients.

What sets Bank of us apart is their commitment to local service and customer ownership. They offer no ongoing fees and provide pre-approval to help customers assess their borrowing capacity. Their dedication to ethical broker partnerships and responsible lending further enhances their reputation as a trusted community bank.

Company Details

Legal Name: Bank of us

ABN: 32087652088

ACN: 087652088

Established: 1870

Ownership: customer-owned

AFSL: 236870

Key Features

Bank of us offers a range of flexible home loan products featuring no ongoing fees, local customer service, and participation in government schemes like the Australian Government 5% Deposit Scheme and MyHome Shared Equity Program.

Online Banking Access

Bank of us provides comprehensive online banking features, allowing borrowers to manage their home loans conveniently through digital platforms. This includes access to digital statements and account personalisation, enhancing user experience and control.

Redraw Facility

A redraw facility is available on select Bank of us home loans, enabling borrowers to access extra repayments made on their loan. This feature provides financial flexibility by allowing access to funds when needed, without additional fees.

Extra Repayments

Bank of us allows extra repayments without fees on various products, including options like Buy Now, Pay Later (BNPL) or line of credit. This feature helps borrowers reduce their loan balance faster and save on interest over time.

NPP Payments

Borrowers can receive funds via BSB/Number-based NPP payments, providing a fast and efficient way to manage transactions and access loan funds. This ensures timely payments and improved cash flow management.

Offset Account

An offset account can be linked to select Bank of us home loans, helping reduce the interest payable by offsetting the loan balance with the account balance. For example, a $100,000 offset can save $516 per month, equating to $6,192 annually.

No Ongoing Fees

Bank of us offers home loans with no ongoing fees, reducing the overall cost of borrowing. This feature provides cost savings and simplifies financial management for borrowers.

Local Customer Service

With a focus on community, Bank of us provides local customer service, ensuring personalised support and advice tailored to borrowers' needs. This enhances the overall customer experience and satisfaction.

Pre-Approval

Pre-approval is available to help borrowers assess their borrowing capacity before committing to a loan. This feature provides clarity and confidence in financial planning and decision-making.

Government Scheme Participation

Bank of us participates in the Australian Government 5% Deposit Scheme and the MyHome Shared Equity Program, supporting eligible home buyers with lower deposit requirements and shared equity options. This makes home ownership more accessible.

Fees & Charges

Bank of us offers a comprehensive range of home loan products with a detailed fee structure. While some fees are fixed, others vary based on specific loan conditions, providing transparency and flexibility for borrowers.

Fee Type

Amount

Description

Further Application Fee

$300

Payable when you request an increase in your credit amount.

Progress Inspection Fees

Variable

Charged for progress inspections of security properties, typically for construction loans.

Loan Documentation Costs

$325

Applies to complex documentation scenarios; may be waived for certain LVR conditions.

Duplicate Statement Fee

Charged for each duplicate paper copy of your monthly statement requested.

Settlement Fee

$350

Payable at the settlement of the loan.

Discharge Fee

$395

Payable when discharging any security.

Break Cost Fee

Variable

May apply if a fixed rate loan is repaid in full during the fixed rate period.

Arrears Fee

$40

Charged each time you are in default under the contract.

Lender's Mortgage Insurance Premium

Variable

Required for loans with an LVR above 80%, payable at loan funding.

Variation Fee

$300

Charged when varying the terms of your credit contract.

Home Loan Application Fee

$300

Applies to residential investment lending; may be waived for LVR below 90%.

Rate Lock Fee

$500 or 0.15% of the loan amount

Payable to lock in an interest rate for 90 days between application and settlement.

Monthly Service Fee

$10/month

Charged monthly on the loan account.

Overseas VISA Debit Card Replacement Fee

$120

Charged for replacing a VISA debit card overseas.

Telegraphic Transfers Fee

$10.00-$45.00

Varies based on currency and direction of transfer.

Fees subject to change. Refer to lender documentation for current rates.

Eligibility Criteria

Bank of us offers home loans to individuals who meet specific age, residency, and financial criteria, ensuring accessibility for a wide range of borrowers. As a community-owned bank, they provide flexible options tailored to the needs of Australian residents.

Must be at least 18 years old.

Must be a citizen or permanent resident of Australia. Temporary residents may qualify with an acceptable employer-supported visa.

Must be a natural person, not a legal entity.

Loan-to-Value Ratio (LVR) must be between 60% and 96%.

Loan amounts range from $20,000 to $2,500,000.

Eligible for the Australian Government 5% Deposit Scheme if criteria are met.

Participation in the MyHome Shared Equity Program is available for those meeting Tasmanian Government criteria.

Important Notes

LMI may be required for loans with high LVRs above 80%.
The Australian Government 5% Deposit Scheme supports eligible home buyers with lower deposit requirements.
The MyHome Shared Equity Program offers additional support for eligible buyers in Tasmania.

Bank of us Home Loan Pros & Cons

Our expert take on whether Bank of us is right for you

Pros

+Significant savings on larger loans
+No ongoing fees
+Flexible repayment options with no fees
+Access to online banking and digital statements
+Local customer service

Cons

–Higher discharge fee of $395
–Interest rates generally above market average

Best For

Borrowers seeking community-owned banking
Homebuyers interested in offset accounts
Customers valuing local customer service
Borrowers wanting flexible repayment options
Tasmanian residents eligible for shared equity programs

Not Ideal For

Borrowers seeking the lowest possible interest rates
Customers needing LMI waivers

💡

Bheja Verdict: Bank of us offers competitive savings for larger loans despite higher rates, with strong community-focused features and no ongoing fees.

Expert Secrets (Why Use Us?)

Insider knowledge about Bank of us that most borrowers don't know

LMI Cost Examples

1For a $500,000 loan at 85% LVR, LMI costs $6,000.

2At 90% LVR, the LMI for a $500,000 loan rises to $12,500.

3A $500,000 loan at 95% LVR incurs a $21,000 LMI cost.

4For a $750,000 loan, LMI costs $9,000 at 85% LVR, $18,750 at 90% LVR, and $31,500 at 95% LVR.

Offset Benefits

A $10,000 offset account can save you $52 per month, totaling $624 annually.

With $25,000 in your offset account, you can save $129 monthly, amounting to $1,548 a year.

A $50,000 offset balance saves $258 each month, which is $3,096 annually.

Maximize savings with a $100,000 offset, reducing your interest by $516 monthly, or $6,192 per year.

Admin & Logistics (The Help Desk)

Everything you need to manage your loan

Application Process

4 Steps

Contact the Bank: Call Bank of us at 1300 306 716 during business hours (Mon-Fri 8:30am-5:00pm) to initiate the discharge process. (Tip: Ensure all loan repayments are up to date before making the call.)

Pay the Discharge Fee: Pay the discharge fee of $395 to proceed with the discharge of your loan. (Tip: Confirm the payment method with the bank to avoid delays.)

Complete Required Forms: Fill out any necessary forms provided by the bank to formalize the discharge request. (Tip: Ask for the forms in advance and prepare any required documentation to expedite the process.)

Await Confirmation: Wait for confirmation from the bank that the discharge has been completed. (Tip: Follow up with the bank if you haven’t received confirmation within the expected timeframe.)

Processing Times

Discharge Process10-14 business days

💡

Pro Tips

Request the discharge at least 2 weeks before your desired settlement date.
Keep a record of all communications with the bank for reference.
Ensure all documentation is accurate and complete to avoid processing delays.
Consider negotiating any additional fees if applicable.
Be aware of any potential impacts on your credit score.

Bank of us Mortgage Calculator

Estimate your repayments using current Bank of us home loan rates

Over 30 years, borrowing $480,000 at 6.09%, total cost including interest and known fees could be around $1,047,418. Estimated monthly repayment: $2,905.68.

Home loan option

Property price

Your deposit

Loan term (years)Repayment frequency

Estimated total cost over 30 years

$1,047,418

Estimated repayment

$2,905.68

monthly repayment

Amount you borrow: $480,000 · At 6.09% · Variable — can change with the market

Known fees in this estimate

Application fee: $300
Settlement fee: $350
Legal fee: $325
Document fee: $5
Discharge fee: $395
Total ongoing fees (30 yrs): $0

How is this calculated?

Estimated total cost includes the amount borrowed, interest over the full loan term, and any upfront, ongoing, and discharge fees published by the lender. It does not include stamp duty, LMI, or savings from an offset account.

The revert rate is the rate your loan may switch to when a fixed, introductory, or interest-only period ends. Where a lender hasn't published this rate, we use an estimate.

Cost breakdown

Amount you borrow: $480,000
Total interest: $566,043
Upfront fees: $980
Ongoing fees: $0
Discharge fee: $395
Estimated total cost: $1,047,418

These figures are estimates only. Your actual repayments and costs may differ. Confirm all details with your lender before making a decision.
Where a lender hasn't published their revert rate (the rate that applies after a fixed, introductory, or interest-only period ends), we estimate it. Your repayments may change when this period ends.
Split loans and offset accounts aren't included in this estimate.
For product comparison and comparison rates, see the rates table above.

Still Unsure? Let a human handle it.

Not sure if Bank of us is right for you? Our brokers can help you compare options.

Frequently Asked Questions

Pre-approval typically takes between 1 to 5 business days for straightforward PAYG borrowers, provided all necessary documents are ready.