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Bank of us Secured Residential Loan

Secure a lower interest rate and save by securing your personal loan. Interest charges and fees apply.

Bank of us home loan customers can use their residential real estate to secure lower interest rates on their personal loans. This loan comes with variable interest and unlimited extra repayments. You can borrow from $3,000 up to $100,000, with a loan term from 1 to 10 years. This loan is only available for existing Bank of us home loan customers.

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From 5.31% (variable)

Interest Rate (p.a.)

5.59%

Comparison Rate (p.a.)

$3,000

Min Loan Amount

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Details

Product NameBank of us Secured Personal Loan (SECURED BY RESIDENTIAL REAL ESTATE)
Interest Rate (p.a.)
From 5.31% (variable)
Comparison Rate (p.a.)5.59%
Interest Rate TypeVariable
Min Loan Amount$3,000
Max. Loan Amount$100,000
Loan SecuritySecured

How does the Secured Residential Loan work? 

This personal loan is for Bank of us home loan customers. It offers a lower rate when secured by residential real estate, compared to its unsecured option. The loan funds can be used for the purchase of a new car, home renovations or extensions or holidays. The loan comes with a variable rate of interest. 

What features does the Secured Residential Loan offer?

  • Secured loan. If you’re a Bank of us home loan customer, you can use your residential real estate to secure this loan and get a lower rate (when compared to the unsecured loan).
  • Variable rate. With a variable rate, your repayments may fluctuate based on the market rate. It could go down if the rate reduces, or increase if the rate goes up.
  • Flexible loan term. Your loan term can be between 1 and 10 years.
  • Borrow from $3,000 upwards. The minimum loan amount is $3,000. You can borrow up to $100,000.
  • Flexible repayments. You can make weekly, fortnightly or monthly repayments, based on what suits you.
  • Additional repayments. You can make unlimited additional repayments.
  • Early repayments. You can pay off your loan early without facing a penalty.
  • Redraw facility. You will also be able to redraw the additional repayments made.

How much does the Secured Residential Loan cost? 

There are a number of costs associated with the Secured Residential Loan. These include:

  • Loan principal
  • Variable interest rate of 5.31% p.a.
  • An application fee

This loan does not charge monthly or annual account keeping fees. The comparison rate, which includes interest and fees, is 5.59% p.a.

What are the pros and cons of the Secured Residential Loan? 

Pros 

  • Lower rate. When you use your residential property to secure the loan, you get a lower rate. You’ll be paying less and saving more with a lower rate. 
  • Flexible features. You can make as many additional repayments as you want and redraw it. You can also pay off the loan early without having to pay a fee. 
  • No monthly fees. No pesky monthly or annual fees adding to the cost of your loan. 

Cons

  • Risk to asset. You risk putting your asset in jeopardy by using it as loan security. If you default on your loan, your asset could be repossessed to pay for the lender’s loss. 

Am I eligible for the Secured Residential Loan? 

To be eligible for the Secured Residential Loan, you must be: 

  • Aged 18 or older. 
  • A resident of Tasmania (the product may be offered to interstate customers, in some instances).
  • A current Bank of us home loan customer for a minimum of 6 months. 

How do I apply for the Secured Residential Loan? 

You can apply for this loan through the Bank of us website. You will be required to provide information on your finances, including debts, and details of your current employer. Keep all the required documents on hand to speed up the process.

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