Teachers Mutual Bank Home Loans

Teachers Mutual Bank Home Loans

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Everything you need to know about a Teachers Mutual Bank Home Loan

A member bank for the education sector, Teachers Mutual Bank offers great rates, as well as the occasional special offer, which can make home loans significantly more affordable than those offered by the major banks. Something unique to this lender is the long loan terms, which can span up to 40 years.

Key Benefits

  • Special rates for education sector
  • Variety of account offerings from everyday accounts, savings accounts and term deposits
  • Easy access to information with phone, mobile and online banking options
  • Term deposits can be opened by non-members which is a unique feature for a mutual bank


  • Limited branch network can make banking in person difficult

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Teachers Mutual Bank Home Loan Products Breakdown

My First Home Loan

  • 100% offset
  • No monthly fees
  • Split loans

Enjoy your first home with the benefits of a 100% offset account

While the interest rate isn’t that low, this loan product does come with some attractive features including a 100% offset facility and fee free redraw. You also have the option to split your loan between a variable and fixed rate and there are no penalties for early repayments.

Classic Home Loan

  • Repayment pause
  • No monthly fees
  • 24/7 customer support

Keep it simple with no monthly fees

This is an owner-occupier only loan which offers a fairly competitive variable rate and no monthly fees. You’ll also have the ability to make additional repayments or redraw when necessary without paying any fees. The classic home loan also comes with 24/7 access to online, mobile, and phone banking services.

Solutions Plus Home Loan

  • Rewards package
  • Repayment pause
  • Ability to refinance

A simple, no-fuss home loan that rewards your saving efforts

For members, you’ll enjoy discounted rates for the life of the loan with the Rewards Package. Under the Solutions Plus Home loan you can pay down your loan faster or access extra funds via a fee free redraw facility. You can also split your loan or enjoy a repayment pause when you get ahead.

Interest Only Variable Home Loan

  • 100% offset
  • Repayment pause
  • No monthly fees

Build or renovate your dream home with a great rate loan

While Teachers Mutual Bank doesn’t have a specific construction home loan, they have developed an interest only loan product that can make new builds affordable. While the rate may not be very competitive, you have the option to pause repayments, have a 100% offset facility or split the loan. Minimum loan amounts are as low as $25,000.

Flexi Choice Home Loan

  • Max. 30 year home loan
  • Flexible repayments
  • Unlimited payments

Enjoy the peace of mind that comes with a flexible home loan

Depending on your financial goals, flexibility may be more important than a low rate. With the Flexi Choice Home Loan, you can pay down your loan as you like while paying no ongoing fees or penalties for early repayment. You also can cut interest costs with an offset account and can borrow up to 95% of the loan to value ratio.

Fixed rate home loan

  • Minimum amount of $25,000
  • Interest only available
  • No ongoing fees

A loan that provides you with certainty and security

If you dislike not knowing what the future holds, then this may be the loan for you, as the fixed rate option will give you the certainty you desire. You’ll be given a secure fixed rate that lasts up to 5 years. After five years lapses, you have the choice to refix for another five years or try out the Flexichoice loan. You really get the best of both worlds with this loan, and a plethora of other great features such as no ongoing fees and interest only options.

Teachers Mutual Bank Home Loan Products Comparison


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Estimated Refinancing Savings

Potential Lender Options

Competitive Interest Rates

Estimated Borrowing Power

Estimated Monthly Loan Repayments

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How to apply for a home loan with Teachers Mutual Bank

If you have browsed the products of Teachers Mutual bank and have decided they suit your financial situation you can apply to become a member. You can apply online, in person or over the phone.

Along with being a member of the education sector, you must:

  • Be at least 18 years old.
  • Be an Australian citizen or a permanent resident of Australia.
  • Pay $10 for a member share.

You will also need:

  • Identification to verify identify.
  • A tax file number.

With this, you can apply to become a member of the Teachers Mutual Bank. You will receive your debit card via post and this will need to be activated to link up with your account.