Teachers Mutual Bank home loans up for grabs under the FHLDS
Teachers Mutual Bank has announced it will be participating in the second release of the First Home Loan Deposit Scheme (FHLDS), with applications opening today.
If you’re considering purchasing your first slice of the property pie in Australia this new financial year, the FHLDS could get you on track sooner. The scheme allows first home buyers with a deposit under 20% of a property’s value to avoid costly Lenders Mortgage Insurance (LMI). This is done by the government guaranteeing the remainder of the deposit, covering the lender in the case of loan default.
It’ll allow prospective borrowers to affordably access home loan options from Teachers Mutual Bank, including its Fixed Option Home Loan for owner-occupiers paying off principal and interest. This rate sits at a pretty 2.19% p.a. (at the time of writing) for fixed one, two and three-year terms, although it does have a reasonably high revert rate of 4.37% p.a. once your term is up.
Fixed home loan rates under 2%
While the Teachers Mutual rate sits on the lower end of the spectrum for two and three-year fixed rates in Mozo’s database, there are a few other options that have pipped it to the post.
Bank Australia is currently leading the charge with their Clean Energy Fixed Home Loan (Fixed, Package). The two and three-year fixed options only see 1.84% p.a. interest charged with an LVR of 80%, and a revert rate of 3.13% p.a.
Bank of us has also just scraped in under the ‘2’ mark for two and three-year terms, offering an interest rate of 1.99% p.a. (reverting to 2.83% p.a.) with its FlexiDiscount Home Loan (Fixed). There are also a fair few other options hovering just above 2%, including offerings from Homestar, HSBC, bdc, Credit Union SA and more.
So if you are interested in taking out a home loan, make sure you shop around and check out more options below.
Compare home loans - rates updated daily
Fixed Rate Home Loan
Smart Home Loan 80
- Bank of QueenslandBank of Queensland
Economy Home Loan Discount Rate
Basic Home Loan
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