Finty

Bank of us Residentially Secured Personal Loan

SecuredVariable rate

This personal loan is designed for current Bank of us home loan customers needing extra funds for any worthwhile purpose - and all at a discounted rate.

Written byDavid Boyd
Interest rate a year, from
6.29%
Comparison rate, from
6.57%
Establishment fee
$200
Monthly fee
Not published
Borrow
$3,000 to $100,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 6.29%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$611
Total repayments
$21,999
Interest
$1,999

Loan details

Rates

Interest rate (a year)
6.29%
Comparison rate (a year)
6.57%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
$3,000 to $100,000
Loan term
Not published
Establishment fee
$200
Monthly fee
Not published

How it compares

Against the other secured personal loans we compare. Typical means the middle half of them.

Comparison rate

6.57%

From 6.57%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$3,562

Interest and fees at its starting rate. Typical is $4,624.

Setup fee

$200

A typical setup fee is $250.

Most you can borrow

$100,000

Typically you can borrow up to $100,000.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.57%, below the typical 8.63%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 6.29%, so the rate you see is the rate you get.
  • 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.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • A $40 late payment fee. Setting up automatic repayments avoids it.

Similar loans

Secured loans from other lenders that start at a similar comparison rate.