We now offer an extended home loan term option to give more Tasmanians the chance to own their own home.

Picture this: you've been struggling to be approved for a home loan over a typical 30 year term because the repayments have been too high. 

At Bank of us, we now have the option of assessing your home loan over a longer term of up to 40 years, reducing the monthly repayments which may just be the help you need to get into your own home sooner. 

How does the extended home loan term option work?

Typically, a home loan term is over 30 years, our extended home loan term is available for up to 40 years.

The longer timeframe spreads the financial cost of the loan over a longer period. This means your monthly repayments are lower than if you had a 30 year loan.

Discover how an extended home loan term option could make a difference for you, using our handy calculators.1 

Adjusting the term from 30 up to 40 years might be the key to owning your own home sooner than you think.

Enquire now about our Extended Home Loan Term Option

Read our scenarios to see examples of how an extended home loan term can work for different homebuyers.

Eligible products with an extended home loan term option

*Interest rates for LVR >80% ≤90%*


FlexiDiscount Home Loan Variable Rate

A straightforward home loan with great pricing and flexibility.


FlexiDiscount Fixed Rate Home Loan

Get peace of mind with a great fixed rate.


Topline Home Loan

A home loan with great features like an offset account.

Frequently asked questions

What sort of property can I purchase under an extended home loan term?

The extended home loan term option can be used for home purchase or new home construction. You can purchase a house, unit, townhouse, villa– all property types are eligible, excluding vacant land unless the land part of a land plus construction loan application.

The extended home loan term option excludes refinance, debt consolidation & any requirement for equity release.

Can the repayments be interest only?

The repayments are Principal and Interest. If you are building a new home, they can be Interest Only during the construction before reverting to Principal and Interest at completion.

My application to buy an investment property was not approved. Can my loan be assessed over an extended home loan term?

No. The extended home loan term option applies to Owner Occupier lending only.

What home loan products are eligible for the option?

Our FlexiDiscount and our Topline Home Loans are eligible for the extended home loan term option.

I'm over 45, and my home loan was not approved over the standard 30 year term. Am I eligible to be assessed for an extended home loan term?

Yes. There is no age limit as long as you can demonstrate how you will be able to continue making your loan repayments or pay out the loan in full, at your likely retirement age (otherwise known as an exit strategy).

I've been approved for a 30 year loan term, can I take up the extended home loan term option?

No. The extended home loan term option is only available to customers who can't meet the 30 year loan term affordability assessment criteria.

Find out more about our extended home loan term option

Other ways you could get your foot in the door of your own home sooner.



MyHome is a Tasmanian Government initiative aimed at assisting eligible home buyers to build or purchase a home to live in. Under MyHome, an eligible home buyer’s home will be jointly purchased with Homes Tasmania, helping owner occupier home buyers to buy their own home sooner.


Home Guarantee Scheme^^

The Home Guarantee Scheme (HGS) is an Australian Government initiative to support eligible home buyers purchase a home sooner. The Scheme is administered by Housing Australia. The HGS includes the following Guarantees: First Home Guarantee (FHBG), Family Home Guarantee (FHG) and Regional First Home Buyer Guarantee (RFHBG).

Bank of us lending criteria, terms and conditions, including fees and charges apply. Full details are available on application.

*Interest rates are for loans >80% ≤90% property value. The rates provided above are for new lending only and are subject to change.

#The comparison rates are calculated on the basis of a secured loan of $150,000 over a term of 25 years.
WARNING: These comparison rates apply only to the examples given. Different amounts and terms will result in different comparison rates. 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.

1. The results from any online calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. Bank of us may not provide loans with the details indicated in the calculator. The specific details of your loan will be provided to you in your loan contract. It is advised that you consult your financial adviser before taking out a loan.

^MyHome is a Homes Tasmania initiative. To learn more about Homes Tasmania click here: Homes Tasmania - MyHome. MyHome eligibility criteria and conditions apply.

^^The Home Guarantee Scheme (HGS) is an Australian Government initiative to support eligible home buyers purchase a home sooner. For more information see our Home Guarantee Scheme webpage.

Bank of us is a trading name of B&E Ltd ABN 32 087 652 088 AFSL & Australian Credit Licence 236870