Teachers Mutual Bank

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Teachers Mutual Bank

Founded: 1966

Lender Type: Mutual Bank

Owned by: Customer Owned

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
No fees and charges on bank transactions
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

Drawbacks

Limited branch network can make banking in person difficult

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.

What types of home loans does Teachers Mutual Bank offer?

Compare Home Loans

Home Loans Description

My First Home Loan

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

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

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

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

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.

Teachers Mutual Bank’s mortgage features

  • Fee-free redraw facility
  • 100% offset accounts
  • No monthly fees
  • Ability to split loan
  • 24/7 access to phone banking, mobile banking, internet banking
  • Ability to borrow up to 95% of the property value including LMI
  • Repayment pause
  • No penalty for early repayment

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