eChoice have a selection of lenders on their panel. These range from big, well-known Australian banks, credit unions and building societies to those that are smaller less, well-known lending institutions. While many of us know who the bigger lenders are, most of us are not familiar with smaller entities. Therefore, we’ve decided to create a lender profile so that you can become acquainted with our lenders. This month’s lender profile is Teachers Mutual Bank, a new lender that’s just joined the eChoice lending panel. Here’s a little more about them.
Who are Teachers Mutual Bank?
First formed in 1966 as the Teachers Credit Union, Teachers Mutual Bank was established by teachers, for teachers and was renamed in 2012. Since then, the lender has grown from 29 members and $644 in deposits to more than 150,000 members and $4 billion in assets.
Who is Teachers Mutual Bank Governed By?
Teachers Mutual Bank, its board, and management have to adhere to the 1959 Banking Act and the 2001 Corporations Act that are regulated by the Australian Prudential Regulatory Act (APRA) and the Australian Securities and Investment Commission (ASIC) respectively. This means that the bank has to comply to the laws and rules for credit and fair-trading that the Australian Federal Government impose on all lending institutions.
What can Teachers Mutual Bank Offer Me?
As a financial lending institution that has a strong reputation, Teachers Mutual Bank can over your the following:
- Competitive financial services.
- Excellent and sound operational performance.
- Outstanding member relations.
- Strong governance.
- Longstanding community responsibility.
What Products do Teachers Mutual Bank Offer?
Teachers Mutual Bank can offer you a vast and competitive range of financial products. These include the following:
- Variable and fixed rate home loans.
- Refinancing options.
- Construction home loans.
- Members can also take out personal loans, have access to insurance, credit cards and even travel services.
How Do I Join Teachers Mutual Bank?
In order to be eligible to join Teachers Mutual Bank, a prospective member must fall into one of the following categories.
- Employed within the education sector in Australia at one of the following:
– A government school or education department
– A tertiary education institution (i.e. university or TAFE)
– Other education institution (i.e. pre-school, private/denominational school)
- A member of Teachers Health Fund
- Studying an education degree or course in Australia
- A member of an educational industrial association (e.g. Australian Education Union, NSW Teachers Federation, SSTUWAor Queensland Teachers Union)
- A retiree to whom the above categories formerly applied.
- An immediate relative, family member or the partner of a current member of Teachers Mutual Bank
Not sure if you are eligible to join? Or want to know more about a Teachers Mutual Bank home loan? If so, then contact eChoice today
Written by eChoice