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.
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
Limited branch network can make banking in person difficult
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:
You will also need:
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.
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.
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.
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.
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.
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.