Teachers Mutual Bank have been offering competitive financial products to people employed in the Australian education sector since 1966. Back then, it held meetings in a tennis shed, but luckily its upgraded since - its current 174,000 members might not have fit otherwise.
Rates and fees verified as correct at 15 July, 2020. Other information correct at the time of writing.
If you like the security of a set monthly budget, check out the fixed rate home loan from Teachers Mutual Bank. You can borrow up to 95% of the property’s value, starting from $25,000. The option to split your loan between fixed and variable rates is available, plus the choice between weekly, monthly or fortnightly repayments, and the use of an offset account. Keep in mind there are upfront application and settlement fees to budget for.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 2.49% p.a. | 4.05% p.a. | $0.00 | $930 | ||
| 2.34% p.a. | 3.91% p.a. | $0.00 | $930 | ||
| 2.34% p.a. | 4.01% p.a. | $0.00 | $930 | ||
| 2.19% p.a. | 3.87% p.a. | $0.00 | $930 |
For a flexible home loan, allowing you to borrow up to 95% of the property’s value, check out the different offers from Teachers Mutual Bank. There are a few different mortgage options to choose from, but whichever one you choose, you’ll have the ability to make unlimited free additional repayments, free redraws and the chance to take a repayment holiday. Most options also come with the use of an offset account and the ability to split your loan between fixed and variable rates. But don’t forget, Teachers Mutual Bank variable rate home loans also come with upfront application and settlement fees.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 2.55% p.a.fixed for 12 months and then 3.04% p.a. | 3.06% p.a. | $0.00 | $930 | ||
| 3.19% p.a. | 3.25% p.a. | $0.00 | $930 | ||
| 3.04% p.a. | 3.10% p.a. | $0.00 | $930 | ||
| 4.37% p.a. | 4.43% p.a. | $0.00 | $930 | ||
| 4.37% p.a. | 4.43% p.a. | $0.00 | $930 | ||
| 4.52% p.a. | 4.58% p.a. | $0.00 | $930 | ||
| 4.52% p.a. | 4.58% p.a. | $0.00 | $930 | ||
| 4.16% p.a. | 4.18% p.a. | $0.00 | $330 |
Love bundling perks? Then the variable rate home loan package from Teachers Mutual Bank might be for you. You can borrow amounts starting at $150,000, up to 95% of the property’s value, but keep in mind you’ll pay application, settlement and yearly service fees. In terms of features, you can make unlimited fee free extra repayments, make free redraws, and take a repayment holiday if you need to. You’ll also have the use of an offset account and the ability to split your loan between fixed and variable rates. Package benefits on offer include discounts on insurance cover, a fee free Everyday Access account and bonus interest on term deposits.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.28% p.a. | 4.62% p.a. | $300.00 yearly | $600 | ||
| 4.21% p.a. | 4.55% p.a. | $300.00 yearly | $600 | ||
| 4.14% p.a. | 4.48% p.a. | $300.00 yearly | $600 | ||
| 4.24% p.a. | 4.58% p.a. | $300.00 yearly | $600 | ||
| 3.24% p.a. | 3.59% p.a. | $300.00 yearly | $600 | ||
| 3.22% p.a. | 3.57% p.a. | $300.00 yearly | $600 | ||
| 3.20% p.a. | 3.55% p.a. | $300.00 yearly | $600 | ||
| 3.18% p.a. | 3.53% p.a. | $300.00 yearly | $600 | ||
| 3.09% p.a. | 3.44% p.a. | $300.00 yearly | $600 | ||
| 3.07% p.a. | 3.43% p.a. | $300.00 yearly | $600 | ||
| 3.05% p.a. | 3.41% p.a. | $300.00 yearly | $600 | ||
| 3.03% p.a. | 3.39% p.a. | $300.00 yearly | $600 | ||
| 4.28% p.a. | 4.62% p.a. | $300.00 yearly | $600 | ||
| 4.28% p.a. | 4.62% p.a. | $300.00 yearly | $600 | ||
| 4.28% p.a. | 4.62% p.a. | $300.00 yearly | $600 | ||
| 4.21% p.a. | 4.55% p.a. | $300.00 yearly | $600 | ||
| 4.28% p.a. | 4.62% p.a. | $300.00 yearly | $600 | ||
| 3.83% p.a. | 4.17% p.a. | $300.00 yearly | $600 | ||
| 3.78% p.a. | 4.12% p.a. | $300.00 yearly | $600 | ||
| 3.71% p.a. | 4.05% p.a. | $300.00 yearly | $600 | ||
| 4.28% p.a. | 4.62% p.a. | $300.00 yearly | $600 | ||
| 4.28% p.a. | 4.62% p.a. | $300.00 yearly | $600 | ||
| 4.28% p.a. | 4.62% p.a. | $300.00 yearly | $600 | ||
| 4.28% p.a. | 4.62% p.a. | $300.00 yearly | $600 | ||
| 3.19% p.a. | 3.54% p.a. | $300.00 yearly | $600 | ||
| 3.17% p.a. | 3.52% p.a. | $300.00 yearly | $600 | ||
| 3.15% p.a. | 3.50% p.a. | $300.00 yearly | $600 | ||
| 3.13% p.a. | 3.48% p.a. | $300.00 yearly | $600 | ||
| 3.04% p.a. | 3.40% p.a. | $300.00 yearly | $600 | ||
| 3.02% p.a. | 3.38% p.a. | $300.00 yearly | $600 | ||
| 3.00% p.a. | 3.36% p.a. | $300.00 yearly | $600 | ||
| 2.98% p.a. | 3.34% p.a. | $300.00 yearly | $600 |
‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.
| Offset accountOffset account | You’ll get the use of an offset account with just about any home loan option from Teachers Mutual Bank to help you cut back on interest costs and pay off your home loan sooner. |
| Fee-free extra repaymentsFee-free extra repayments | You can make unlimited fee-free additional repayments on your variable rate Teachers Mutual Bank home loan, and the best news is, there are no early break fees for paying off the entire home loan early. |
| Flexible repayment scheduleFlexible repayment schedule | How often do you want to make repayments? With a Teachers Mutual Bank home loan, you can choose between weekly, fortnightly or monthly repayments. |
Teachers Mutual Bank home loans sound pretty good, right? But don’t just take our word for it - check out our customer review section to see what Teachers Mutual Bank customers think of their home loan experience in areas like trust, convenience and customer service.
Very helpful. No monthly fees on loan.
Very helpful. No monthly fees on loan.
Janet, New South Wales, reviewed 8 months ago
There are very few branches and no ATMs that don't charge a fee for transactions. Their Solutions Plus Home Loan has low fees, offset and redraw and no penalties for advanced payments.
There are very few branches and no ATMs that don't charge a fee for transactions. Their Solutions Plus Home Loan has low fees, offset and redraw and no penalties for advanced payments.
Bronwyn, New South Wales, reviewed 9 months ago
They do not have the best rate. Works for me because they fund for a studio
They do not have the best rate. Works for me because they fund for a studio
Michael, Victoria, reviewed 9 months ago
Good service and products.
Good service and products.
V, Queensland, reviewed over 4 years ago
A great mutual bank for the education community and their families. Low fees and great rates coupled with some of the best member service around.
A great mutual bank for the education community and their families. Low fees and great rates coupled with some of the best member service around.
Andrew, New South Wales, reviewed over 4 years ago
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First of all, you’ll need to become a member of Teachers Mutual Bank before taking out a home loan with this lender. To be eligible for membership, you need to be a current or retired employee in the education sector or a relation of a member. You’ll also need to be an Australian citizen and over 18 years old.
Then you can get started applying for a home loan, at which point you’ll need: