Teachers Mutual Bank car loans

Teachers Mutual Bank
Teachers Mutual Bank's overall rating for car loans

(as rated by the Mozo community)

8.2 / 10

based on 26 reviews

Since Teachers Mutual Bank opened its doors to workers in the industry over 50 years ago, the provider has grown to offer two secured car loans and an unsecured option. The best part is, these competitive loans are not only offered to current teachers but retired education workers and their families too. If you're considering a variable rate Teachers loan to finance the car of your dreams, you’ve landed on the right page as we’ll run through each one in detail below.

Teachers Mutual Bank offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee

8.95% p.a.

10.64% p.a.based on $10,000
over 3 years


13.19% p.a.

13.90% p.a.based on $10,000
over 3 years


Car Loan (Fixed, Secured)
Teachers Mutual Bank

6.95% p.a.

7.13% p.a.based on $10,000
over 3 years


Car Loan (Variable, Secured)
Teachers Mutual Bank

9.95% p.a.

10.64% p.a.based on $10,000
over 3 years


Secured New Car Loan (Variable)
Teachers Mutual Bank

8.39% p.a.

8.53% p.a.based on $30,000
over 5 years


*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Teachers Mutual Bank car loan FAQs

What is a variable interest rate?

It’s simply a rate Teachers Mutual Bank can increase or decrease while you repay your loan, which will influence the amount you’re billed in interest against your debt. But don’t worry too much, as Teachers’ car loan interest rates are competitively low compared to major market providers. You also have the opportunity to payout your loan earlier than required, without forking out the extra cash in fees.

Should I secure my car to the loan?

Would you like to pay less in interest? Then tie the car you’re looking to purchase against your loan as security, essentially giving Teachers the power to repossess the vehicle in a loan default situation. If you’d rather ditch the extra paperwork and go for an unsecured car loan instead (dubbed the “All Purpose Loan”), keep in mind your interest rate will be higher.

How much can I borrow?

It really depends on your personal financial situation, but Teachers Mutual Bank secured car loans can range from $2k to $50k, and the unsecured version up to $80k. Choose a loan amount you can comfortably afford to repay for the length of your contract.

Can I buy a used car?

For sure. In fact, you can even use a Teachers Mutual Bank secured loan to purchase a classic car over 30 years old (a rarity among car loan providers)! Your interest rate will be a little higher than if you used the loan to buy a new set of wheels, but still far less in comparison to the unsecured version. Of course, the preloved car still needs to meet eligibility requirements such as being roadworthy and resaleable. Alternatively, you can also choose not to secure the ride.

How frequently will I need to make repayments?

Either each week, fortnight or month. It’s your choice!

Can I make additional loan repayments and use a redraw facility?

Absolutely, you can do both of these things at no extra cost.

How long can I take to pay off my loan?

Secured loans can range from 1 to 8 years, while terms on unsecured loans are capped at 6.

What will happen if I repay my loan early?

You won’t be charged a break fee.  

What’s the car loan application process like?

Super easy, only taking a few minutes of your time online, over the phone or at a branch near you. If you’re not a member already, you’ll need to become one first. The application process will include you providing info such as your:

You should hear back from Teachers Mutual Bank on your car loan outcome within a few days. Best of luck and enjoy the ride!

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