Your selected car loans
Flat variable interest rate, meaning even those with lower credit scores receive the same rate
Low application fee of $150
Loan terms from 1 to 6 years
Borrow between $5,000 to $80,000.
Flat interest rate at 9.99% p.a. (10.21% p.a. comparison rate*)
With a low application fee, and flexible loan terms and amounts, Teachers Mutual Bank’s Car Loan (Secured) is worth checking out if you’ve ever been employed in the Australian education sector and want to bank with an institution that understands your industry.
The application fee is just $150, which is quite low compared to a lot of the other car loans in Mozo’s database (although, there are a few providers charging no application fees whatsoever).
It’s a pretty flexible car loan, with the option to borrow between $5,000 and $80,000 and pay it off over 1 to 6 years.
Teachers Mutual Bank offers its customers a flat variable rate of 9.99% p.a. (10.21% p.a. comparison rate*), which is a little higher than most providers in the Mozo database (as at 1 November 2024).
However, unlike most car loan lenders, your credit score will not result in you paying a higher interest rate. That means a member with a perfect credit score and a member with a lower credit score would be offered the same rate.
Your selected car loans
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Write a reviewAs it’s a mutual bank, anyone that wants to take out a product with Teachers Mutual Bank needs to become a member (essentially a shareholder of the bank) by paying a fee.
Those eligible for membership with Teachers Mutual Bank are limited to Australian citizens or permanent residents that have worked in, or currently work in, the education sector. Families of members are also welcome to join.
The membership sign-up process can be completed when you apply for a car loan through the bank.
Teachers Mutual Bank says it will take around 10-15 minutes to complete your car loan application over the phone or online. It also says the bank aims to get back to you with conditional approval within 24 hours on weekdays.
Teachers Mutual Bank lets borrowers make additional payments on their car loans for free, as long as it’s a variable rate loan. If you have a fixed rate loan from Teachers Mutual bank, then you won’t be able to make extra repayments.
Yes, you can choose the repayment frequency that best suits your pay cycle or preferences. This includes weekly, fortnightly, and monthly options.
* WARNING: 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. 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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