[TAS] 3yr Fixed Home Loan - 1.99% (Comparison Rate 2.73%) - Bank of Us

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enemyofaverage on 30/06/2020 - 14:17 bankofus.com.au (333 clicks)
Last edited 30/06/2020 - 16:09 by 1 other user

I have been shopping around for a new fixed rate and came across these guys. Sadly, I am in SA so I am not eligible but I thought some of our Tassie OzBargainers may be interested. I haven't heard of them either, so not sure on reputation etc.

Small print from Website
Lending criteria, terms, conditions, fees, charges apply. ^Limited time offer available for new lending, interest rate for loans up to 90% of property value. Bank of us reserves the right to withdraw or alter this offer at any time. # The comparison rate is calculated on the basis of a secured loan of $150,000 over a term of 25 years. WARNING: This comparison rate only applies to the example given. Different amounts and terms will result in a different comparison rate. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers or loan offset accounts, are not included in the comparison rate, but may influence the cost of the loan. Bank of us is a trading name of B&E Ltd ABN 32 087 652 088 AFSL and Australian Credit Licence 236870.

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  BrownManWalking on 30/06/2020 - 14:20

  Gee that's a good deal.

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  dust on 30/06/2020 - 14:21

  Finally cracked the 2% barrier! (Even if only for TAS customers.)

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  nafe on 30/06/2020 - 14:23

  -1

  Comparison rate doesnt seem as competitive though?

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    dust on 30/06/2020 - 14:24

    +3

    The comparison rate is calculated on the basis of a secured loan of $150,000 over a term of 25 years.

    Comparison rate isn't super useful unless you fit this criteria exactly.

    • 

      nafe on 30/06/2020 - 14:26

      This is what's always confusing. You see great rates and then the comparison rate is awful.
      Is there an easy online calculator to figure these things out?

      • 

        thestig on 30/06/2020 - 14:40

        +4

        Forget the comparison rate. It is meaningless with a fixed rate. Look at the fixed rate and check for any fees you are charged and make a decision. The comparison rate is based on you staying with the bank at their current standard variable rate with no discount after the fixed period for a total of 25 years. You won't do that so ignore it.

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  webtherapist on 30/06/2020 - 14:32

  +2

  some people are unfortunately stuck due to job losses while on mortgages :(

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  netjock on 30/06/2020 - 14:33

  +1

  Giving out such a low interest rate in such a small state as Tas means they are running an awful credit risk if things go wrong with COVID. There will probably be like 10k people in Tas that would be top notch credit quality and they might be all self funded retires struggling to get the cash out to get the $25k grant for home renovations.

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  JerryB on 30/06/2020 - 20:00

  +2

  I haven't heard of them

  Previously B&E Ltd and Bass & Equitable Building Society before that. Historically Bass Building Society and Equitable Building Society before they merged. Mum used to have her Christmas Club account with Bass about 35 years ago. I've been with them since the Bass & Equitable days about 25 years ago.