Teachers Mutual Bank

Teachers Mutual Bank

Founded: 1966

Lender Type: Mutual Bank

Owned by: Customer Owned


A niche 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 long loan terms, which can go up to 40 years. This can make home ownership more affordable for young families. This is, of course, a member bank. You have to be in education to be a member and to enjoy the special rates and discounts.

Key Benefits

Special rates for education sector
LMI not expensive
Good for low deposit loans

Drawbacks

Limited branch network
Only worthwhile for members
Rates not that low

Home Loan Products

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Home Loans Description

My First Home Loan

While the interest rate isn’t that low, this loan product does come with some excellent features to help you make the most of your loan, including a 100% offset facility and fee free redraw. You can split your loan between a variable and fixed rate. You have plenty of space to pay down your loan quickly with additional repayments without penalty. You can also enjoy savings on new home and contents insurance policies.

Classic Home Loan

This is an owner-occupier only loan which offers a decently 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. There is no minimum redraw. Teachers Mutual Bank also comes with 24/7 access to online, mobile, and phone banking services so you get a little added convenience in your busy life.

Solutions Plus Home Loan

For members, this is an exceptional home loan product. You’ll enjoy discounted rates for the life of the loan with the Rewards Package. Enjoy a full-featured product so you can pay down your loan faster or access extra funds. You can split your loan or even 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. You get a competitive rate and can pay interest only for a set period. You can also use this loan to renovate your home or to purchase vacant land for a new build. 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.

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