Teachers Mutual Bank home loans

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

(as rated by the Mozo community)

8.7 / 10

based on 77 reviews

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 23 January, 2019. Other information correct at the time of writing.

What home loans do Teachers Mutual Bank offer?

Fixed Rate Home Loans Fixed Rate Home Loans

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.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

5.00% p.a.

5.31% p.a.

$0.00

$750

4.40% p.a.

5.01% p.a.

$0.00

$750

4.50% p.a.

5.18% p.a.

$0.00

$750

3.98% p.a.

4.89% p.a.

$0.00

$750

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Variable Rate Home Loans Variable Rate Home Loans

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.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

3.85% p.a.

3.90% p.a.

$0.00

$750

5.16% p.a.

5.21% p.a.

$0.00

$750

5.16% p.a.

5.21% p.a.

$0.00

$750

5.66% p.a.

5.71% p.a.

$0.00

$750

5.86% p.a.

5.91% p.a.

$0.00

$750

5.11% p.a.

5.11% p.a.

$0.00

$0

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Variable Package Home Loan Variable Package Home Loan

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.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

5.10% p.a.

5.34% p.a.

$200.00 yearly

$750

4.97% p.a.

5.21% p.a.

$200.00 yearly

$750

4.90% p.a.

5.14% p.a.

$200.00 yearly

$750

5.00% p.a.

5.24% p.a.

$200.00 yearly

$750

4.74% p.a.

4.98% p.a.

$200.00 yearly

$750

4.80% p.a.

5.04% p.a.

$200.00 yearly

$750

4.87% p.a.

5.11% p.a.

$200.00 yearly

$750

4.85% p.a.

5.09% p.a.

$200.00 yearly

$750

4.44% p.a.

4.69% p.a.

$200.00 yearly

$750

4.09% p.a.

4.34% p.a.

$200.00 yearly

$750

4.09% p.a.

4.34% p.a.

$200.00 yearly

$750

4.09% p.a.

4.34% p.a.

$200.00 yearly

$750

5.34% p.a.

5.58% p.a.

$200.00 yearly

$750

5.14% p.a.

5.38% p.a.

$200.00 yearly

$750

5.04% p.a.

5.28% p.a.

$200.00 yearly

$750

4.97% p.a.

5.21% p.a.

$200.00 yearly

$750

5.04% p.a.

5.28% p.a.

$200.00 yearly

$750

4.59% p.a.

4.84% p.a.

$200.00 yearly

$750

4.54% p.a.

4.79% p.a.

$200.00 yearly

$750

4.47% p.a.

4.72% p.a.

$200.00 yearly

$750

5.60% p.a.

5.84% p.a.

$200.00 yearly

$750

5.40% p.a.

5.64% p.a.

$200.00 yearly

$750

5.47% p.a.

5.71% p.a.

$200.00 yearly

$750

5.40% p.a.

5.64% p.a.

$200.00 yearly

$750

4.72% p.a.

4.96% p.a.

$200.00 yearly

$750

4.69% p.a.

4.93% p.a.

$200.00 yearly

$750

4.77% p.a.

5.01% p.a.

$200.00 yearly

$750

4.75% p.a.

4.99% p.a.

$200.00 yearly

$750

3.99% p.a.

4.24% p.a.

$200.00 yearly

$750

3.99% p.a.

4.24% p.a.

$200.00 yearly

$750

4.09% p.a.

4.34% p.a.

$200.00 yearly

$750

4.09% p.a.

4.34% p.a.

$200.00 yearly

$750

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*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. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

‡ 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.

Teachers Mutual Bank home loan features in a glance

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.

How are Teachers Mutual Bank home loans rated?

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.

Teachers Mutual Bank home loans

Overall 8.7

Price

Features

Customer service

Convenience

Trust

77 Reviews

Recent Teachers Mutual Bank home loan reviews Recent Teachers Mutual Bank home loan reviews

Teachers Mutual Bank

Teachers Mutual Bank Solutions Plus Home Loan (LVR<60%, Owner Occupier, Principal & Interest) (Rewards Package) home loan review

Overall rating   10 / 10

TMBank - The Bank for Educators

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.

Full review

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.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Andrew, New South Wales, reviewed about 3 years ago

Teachers Mutual Bank

Teachers Mutual Bank Fixed Option Home Loan (Owner Occupier, Principal & Interest) home loan review

Overall rating   8 / 10

Competitive products and amazing customer services

Good service and products.

Full review

Good service and products.

    Price   6 / 10

    Features   7 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   9 / 10

Less

V, Queensland, reviewed about 3 years ago

Teachers Mutual Bank

Teachers Mutual Bank home loan review

Overall rating   5 / 10

Rude

Rude customer service from loans department - not a service orientated credit union.

Full review

Rude customer service from loans department - not a service orientated credit union.

    Price   9 / 10

    Features   9 / 10

    Customer service   0 / 10

    Convenience   5 / 10

    Trust   6 / 10

Less

Fioan, New South Wales, reviewed over 3 years ago

Teachers Mutual Bank

Teachers Mutual Bank Fixed Option Home Loan (Owner Occupier, Principal & Interest) home loan review

Overall rating   10 / 10

Excellent service; great rates.

I have been with this bank for nearly 40 years and they consistently provide very competitive rates and a high level of service.

Full review

I have been with this bank for nearly 40 years and they consistently provide very competitive rates and a high level of service.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Susan, New South Wales, reviewed over 3 years ago

Teachers Mutual Bank

Teachers Mutual Bank Flexi Choice Home Loan (Owner Occupier) home loan review

Overall rating   8 / 10

Good service

Good service and good rates.

Full review

Good service and good rates.

    Price   8 / 10

    Features   8 / 10

    Customer service   9 / 10

    Convenience   8 / 10

    Trust   9 / 10

Less

Neil, Western Australia, reviewed over 3 years ago

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What do you need to apply for a Teachers Mutual Bank home loan? What do you need to apply for a Teachers Mutual Bank home loan?

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:

  • Your personal details - phone number, email, address, etc.
  • Employment details - contact details for employer, salary and recent payslips
  • Details of assets or extra income - for example, rental properties, savings, or investments
  • Details of debts - could include other loans or credit cards you’re responsible for
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