Backing our customers and the community

“We have supported Tasmanians for 150 years through good times and bad, and we want to assure our customers that we are here for them,” said Bank of us, CEO Paul Ranson.

In response to the current situation and in support of the recent RBA decision to reduce the cash rate Bank of us have introduced a number of financial support measures.

“We understand that these are challenging times, and this is not a time for a ‘one-size fits all’ solution. We know everyone’s circumstances are different, that’s why we are encouraging our customers who are doing it tough as a result of COVID-19 to talk to us, so we can help them get back on track.

“We have reduced our fixed loan interest rates so that from 1 April, Tasmanians have the option to fix their home loan at our lowest ever rate of 2.59%p.a. (Comparison rate 2.89%p.a.#) for 2 years, with no further change to variable rates at this time,” said Mr Ranson

Bank of us has also released the following measures to support COVID-19 effected customers:

• Offering up to six-months payment deferral on loan repayments
• Allowing customers to continue to access their redraw balance fee-free
• Having the option to convert from a principal and interest loan to interest only

“As the only Tasmanian customer owned bank, we have a long and proud history of supporting our customers and the Tasmanian community and we will continue to monitor the impact of COVID-19 on our customers during these unprecedented times”, Mr Ranson said.

The small, small print

#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.