Finty

Bank of us Flexidiscount Home Loan

Variable or Fixed rateRedraw

If you want a home loan with great pricing and flexibility, but without the need for an offset account, then our FlexiDiscount Home Loan with the option of either a very competitive variable or fixed

Written byDavid Boyd
Interest rate a year, from
6.19%
Comparison rate
6.19%
Upfront fees
$1,250
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.19% (variable, live in, interest only). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,095
Total repayments
$1,714,200
Interest
$1,114,200

Rates

Every rate Bank of us publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inInterest onlyUp to 60%6.19%6.19%
VariableLive inInterest only60% to 70%6.19%6.19%
VariableLive inInterest only70% to 80%6.19%6.19%
VariableLive inInterest only80% to 90%6.19%6.19%
VariableLive inInterest onlyOver 90%7.34%7.41%
1 year fixedLive inInterest onlyUp to 60%6.54%6.23%
1 year fixedLive inInterest only60% to 70%6.54%6.23%
1 year fixedLive inInterest only70% to 80%6.59%6.23%
1 year fixedLive inInterest only80% to 90%6.74%6.25%
1 year fixedLive inInterest onlyOver 90%6.84%7.36%
2 year fixedLive inInterest onlyUp to 60%6.54%6.26%
2 year fixedLive inInterest only60% to 70%6.54%6.26%
2 year fixedLive inInterest only70% to 80%6.59%6.27%
2 year fixedLive inInterest only80% to 90%6.74%6.30%
2 year fixedLive inInterest onlyOver 90%6.84%7.31%
3 year fixedLive inInterest onlyUp to 60%6.59%6.30%
3 year fixedLive inInterest only60% to 70%6.59%6.30%
3 year fixedLive inInterest only70% to 80%6.64%6.32%
3 year fixedLive inInterest only80% to 90%6.89%6.39%
3 year fixedLive inInterest onlyOver 90%6.99%7.31%
4 year fixedLive inInterest onlyUp to 60%6.69%6.37%
4 year fixedLive inInterest only60% to 70%6.69%6.37%
4 year fixedLive inInterest only70% to 80%6.74%6.39%
4 year fixedLive inInterest only80% to 90%6.89%6.45%
4 year fixedLive inInterest onlyOver 90%6.99%7.28%
5 year fixedLive inInterest onlyUp to 60%6.89%6.50%
5 year fixedLive inInterest only60% to 70%6.89%6.50%
5 year fixedLive inInterest only70% to 80%6.94%6.52%
5 year fixedLive inInterest only80% to 90%7.09%6.59%
5 year fixedLive inInterest onlyOver 90%7.19%7.34%

Comparison rates are for an example loan of $150,000 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.

Fees and features

Fees

Upfront fees
$1,250
Annual fee
Not published
Monthly fee
Not published

Features

Offset account
No
Redraw
Yes
Highest LVR
90%
Loan amount
Not published

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Upfront fees

$1,250

Typical upfront fees are $600.

Smallest deposit

10%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • Fixed rates on offer. You can fix for 1 to 5 years if you'd like repayments that don't change for a while.
  • Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.

Cons

  • Higher upfront fees. $1,250, above the typical $600, which adds to the cash you need at settlement.
  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
  • A $40 late payment fee. Setting up automatic repayments avoids it.