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Home loan opportunities for first home owners have never been better

Tasmania’s only customer owned bank, Bank of us, revealed its lowest fixed rate yet.

Tasmania’s only customer owned bank, Bank of us, revealed its lowest fixed rate yet – 1.79%^p.a. for new lending in the Tasmanian market.

The Bank of us announcement is timely considering the Department of Premier and Cabinet has increased benefits for first home owners, as well as pensioners looking to downsize.

In the recent State Budget, it was announced that the First Home Owners Grant has increased from $20,000 to $30,000 for eligible transactions until 30 June 2022; and the property value threshold for the 50 per cent stamp duty concession is also increasing for First Home Buyers and Pensioners downsizing.

Bank of us CEO Paul Ranson said that the bank understands that given the current circumstances, purchasing a new home can come with hurdles that many Tasmanians can’t face alone.

“We’re committed to supporting Tasmanians now just as we have for the past 151 years. We ourselves are Tasmanian, so we understand just how much of a positive impact this low interest rate could have on those in our community who are waiting for that opportunity to take the leap into home ownership.

“With this in mind, we’ve gone ahead and reduced our FlexiDiscount Home Loan 1 year fixed rate for new lending up to 80% property value to a competitive 1.79%p.a. with a comparison rate of just 2.45%p.a.

“We are fully committed to offering the benefits that can only come from choosing a 100 per cent Tasmanian owned bank - local and personal customer service and competitive banking products and services – that have been designed by Tasmanians for Tasmanians.”

The fixed rate special is effective now and available for a limited time only

Lending criteria, terms, conditions, fees, charges apply. ^Limited time offer for Tasmanian residents only and available for new approved lending through to 10 December 2021. Interest rate for loans up to 80% of property value. Bank of us reserves the right to withdraw or alter this offer at any time.

#Comparison rate based on $150,000 secured loan over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.