8.5 / 10

based on 787 Teachers Mutual Bank reviews as rated by Mozo community

Teachers Mutual Bank home loans

Since 1966, Teachers Mutual Bank has been offering competitive financial products, including home loans, to people employed in the Australian education sector and it's now one of the largest mutual banks in the country with over 170,000 members. To delve down into the details of Teachers Mutual Bank's variable, fixed and package home loan offers, keep reading below. 

What home loans do Teachers Mutual Bank offer?

Rates and fees verified as correct at 15 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

If you like the security of a set monthly budget, you'll want to check out the fixed rate home loan from Teachers Mutual Bank. With the Fixed Option Home Loan you can borrow up to 95% of the property’s value, with loan amounts starting from $25,000. Both owner occupiers and investors will have the choice to lock in a rate for 1, 2, 3, 4 or 5 years, and they'll be able to make use of features such as splitting their loan between fixed and variable rates; the choice between weekly, monthly or fortnightly repayments; and the use of an offset account. Keep in mind there are upfront and discharge fees to budget for.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

2.24% p.a.

3.97% p.a.

$0.00

$600

2.04% p.a.

3.81% p.a.

$0.00

$600

2.54% p.a.

4.04% p.a.

$0.00

$600

2.34% p.a.

3.88% p.a.

$0.00

$600

Variable Rate Home Loans

For a more flexible home loan, check out the different variable rate options on offer to owner occupiers and investors from Teachers Mutual Bank: the My First Home Loan, the Flexi Choice Home Loan, the Classic Home Loan or the Interest Only Variable Home Loan. Whichever option you choose, you’ll have the ability to make unlimited free additional repayments, free redraws and the chance to take a repayment holiday. Most of the loans 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

2.55% p.a.fixed for 12 months and then 3.04% p.a.

3.04% p.a.

$0.00

$600

3.04% p.a.

3.08% p.a.

$0.00

$600

4.37% p.a.

4.41% p.a.

$0.00

$600

4.52% p.a.

4.56% p.a.

$0.00

$600

4.16% p.a.

4.16% p.a.

$0.00

$0

3.19% p.a.

3.23% p.a.

$0.00

$600

4.37% p.a.

4.41% p.a.

$0.00

$600

4.52% p.a.

4.56% p.a.

$0.00

$600

Variable Package Home Loan

Love bundling perks? Then the Solutions Plus Home Loan (Rewards Package) from Teachers Mutual Bank might be for you, and boy does it come with a lot of choice for owner occupier borrowers in terms of the type of repayments available (principal and interest or interest-only), the minimum deposit needed (5%-40%) and the minimum loan amount ($150,000-$750,000). 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, an application fee waiver on personal loans and bonus interest on term deposits. Keep in mind you’ll need to pay a yearly service fee as well as some other one-off fees with the package loan.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

4.24% p.a.

4.58% 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

4.14% p.a.

4.48% p.a.

$300.00 yearly

$600

3.18% p.a.

3.53% p.a.

$300.00 yearly

$600

3.20% p.a.

3.55% p.a.

$300.00 yearly

$600

3.22% p.a.

3.57% p.a.

$300.00 yearly

$600

3.24% p.a.

3.59% p.a.

$300.00 yearly

$600

3.07% p.a.

3.43% p.a.

$300.00 yearly

$600

3.09% p.a.

3.44% 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

4.21% p.a.

4.55% 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

3.83% 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

3.13% p.a.

3.48% p.a.

$300.00 yearly

$600

3.15% p.a.

3.50% p.a.

$300.00 yearly

$600

3.17% p.a.

3.52% p.a.

$300.00 yearly

$600

3.19% p.a.

3.54% p.a.

$300.00 yearly

$600

3.04% p.a.

3.40% p.a.

$300.00 yearly

$600

2.98% p.a.

3.34% p.a.

$300.00 yearly

$600

3.00% p.a.

3.36% p.a.

$300.00 yearly

$600

3.02% p.a.

3.38% p.a.

$300.00 yearly

$600

Teachers Mutual Bank home loan features in a glance

Offset icon

Offset account

You’ll get the use of an offset account with just about any variable or fixed rate home loan option from Teachers Mutual Bank to help you cut back on interest costs.

Image of coins

Fee-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.

Schedule icon

Flexible 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?

Mozo users have rated Teachers Mutual Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Teachers Mutual Bank home loans
Overall
8.5/10
Price
Features
Customer service
Convenience
Trust

84 Reviews

Recent Teachers Mutual Bank home loan reviews

Teachers Mutual Bank My First Home Loan review
Overall 8/10
A competitive bank

They are easy to deal with. Upfront about lending options and they are competitive.

Read full review

They are easy to deal with. Upfront about lending options and they are competitive.

Price
10/10
Features
7/10
Customer service
7/10
Convenience
8/10
Trust
7/10
Less
Hannah, New South Wales, reviewed 3 months ago
Teachers Mutual Bank Flexi Choice Home Loan review
Overall 6/10
They were OK as a credit union.

Although they're a mutual bank, they're acting like a 'big' player in the industry and treating customers like the Big 4 do. There is nothing personal or personable about this bank. As a credit union they were OK, as a bank they are not.

Read full review

Although they're a mutual bank, they're acting like a 'big' player in the industry and treating customers like the Big 4 do. There is nothing personal or personable about this bank. As a credit union they were OK, as a bank they are not.

Price
4/10
Features
2/10
Customer service
6/10
Convenience
6/10
Trust
8/10
Less
Robert, New South Wales, reviewed 3 months ago
Teachers Mutual Bank My First Home Loan review
Overall 1/10
Screwed over first home buyer at last moment

We chose this bank as they were highly recommended by us by family and our broker. To put things bluntly, Teachers mutual bank screwed us over at the last minute. We had a pre approval (twice!) for a loan on our land which they retracted 2 days before settlement due to a clause in the contract that our conveyancer/vendor/broker stated was a normal contractual clause. This caused us not only significant emotional stress but financial stress as we were unable to settle on time. We were left to find another lender within two days with no responsibility taken by TMB. To do that to two healthcare workers in the middle of covid-19 who have over the 20% deposit and a perfect credit score is ridiculous.

Read full review

We chose this bank as they were highly recommended by us by family and our broker. To put things bluntly, Teachers mutual bank screwed us over at the last minute. We had a pre approval (twice!) for a loan on our land which they retracted 2 days before settlement due to a clause in the contract that our conveyancer/vendor/broker stated was a normal contractual clause. This caused us not only significant emotional stress but financial stress as we were unable to settle on time. We were left to find another lender within two days with no responsibility taken by TMB. To do that to two healthcare workers in the middle of covid-19 who have over the 20% deposit and a perfect credit score is ridiculous.

Customer service
1/10
Trust
1/10
Less
H, Victoria, reviewed 4 months ago
Teachers Mutual Bank My First Home Loan review
Overall 9/10
Great App

I really like TMB because the app is easy to use and allows me to manage my offset account on from my phone. The interest rate is good, although they have gone lower since I joined TMB so that is an area for improvement. Overall, I am happy with the bank.

Read full review

I really like TMB because the app is easy to use and allows me to manage my offset account on from my phone. The interest rate is good, although they have gone lower since I joined TMB so that is an area for improvement. Overall, I am happy with the bank.

Price
7/10
Features
8/10
Customer service
8/10
Convenience
10/10
Trust
9/10
Less
Michelle, Western Australia, reviewed 5 months ago
Teachers Mutual Bank Classic Home Loan review
Overall 9/10
Friendly with less fees.

Very helpful. No monthly fees on loan.

Read full review

Very helpful. No monthly fees on loan.

Price
8/10
Features
9/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Janet, New South Wales, reviewed over 1 year ago

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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