based on 802 Teachers Mutual Bank product 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 29 March 2024. 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

6.79% p.a.

8.08% p.a.

$0.00

$850

6.39% p.a.

7.96% p.a.

$0.00

$850

7.09% p.a.

8.37% p.a.

$0.00

$850

6.69% p.a.

8.25% p.a.

$0.00

$850

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

6.54% p.a.

6.60% p.a.

$0.00

$850

7.29% p.a.

7.36% p.a.

$0.00

$850

6.14% p.a.

6.20% p.a.

$0.00

$850

6.89% p.a.

6.96% p.a.

$0.00

$850

8.94% p.a.

8.79% p.a.

$0.00

$850

8.54% p.a.

8.61% p.a.

$0.00

$850

6.84% p.a.

6.91% p.a.

$0.00

$850

7.59% p.a.

7.66% p.a.

$0.00

$850

6.44% p.a.

6.50% p.a.

$0.00

$850

7.19% p.a.

7.26% p.a.

$0.00

$850

9.24% p.a.

9.10% p.a.

$0.00

$850

8.84% p.a.

8.91% p.a.

$0.00

$850

Fixed Package Home Loan

Home loan repayments calculator

years

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

7.09% p.a.

6.87% p.a.

$300.00 yearly

$250

7.09% p.a.

7.05% p.a.

$300.00 yearly

$250

7.09% p.a.

6.87% p.a.

$300.00 yearly

$250

6.69% p.a.

6.77% p.a.

$300.00 yearly

$250

6.69% p.a.

6.95% p.a.

$300.00 yearly

$250

6.69% p.a.

6.77% p.a.

$300.00 yearly

$250

7.39% p.a.

7.18% p.a.

$300.00 yearly

$250

7.39% p.a.

7.35% p.a.

$300.00 yearly

$250

7.39% p.a.

7.18% p.a.

$300.00 yearly

$250

6.99% p.a.

7.07% p.a.

$300.00 yearly

$250

6.99% p.a.

7.24% p.a.

$300.00 yearly

$250

6.99% p.a.

7.07% p.a.

$300.00 yearly

$250

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

6.79% p.a.

6.84% p.a.

$300.00 yearly

$250

7.04% p.a.

7.09% p.a.

$300.00 yearly

$250

7.29% p.a.

7.34% p.a.

$300.00 yearly

$250

6.79% p.a.

6.84% p.a.

$300.00 yearly

$250

6.39% p.a.

6.68% p.a.

$300.00 yearly

$250

6.64% p.a.

6.92% p.a.

$300.00 yearly

$250

6.89% p.a.

7.17% p.a.

$300.00 yearly

$250

6.39% p.a.

6.68% p.a.

$300.00 yearly

$250

7.09% p.a.

7.14% p.a.

$300.00 yearly

$250

7.34% p.a.

7.39% p.a.

$300.00 yearly

$250

7.59% p.a.

7.64% p.a.

$300.00 yearly

$250

7.09% p.a.

7.14% p.a.

$300.00 yearly

$250

6.69% p.a.

6.97% p.a.

$300.00 yearly

$250

6.94% p.a.

7.22% p.a.

$300.00 yearly

$250

7.19% p.a.

7.47% p.a.

$300.00 yearly

$250

6.69% p.a.

6.97% p.a.

$300.00 yearly

$250

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
Price
Features
Customer service
Convenience
Trust

87 Reviews

Recent Teachers Mutual Bank home loan reviews

Teachers Mutual Bank Home Loan
Overall 10/10
Great product, competitive rates, fast approval

I recently purchased a property with a Your Way Plus Home Loan from Teachers Mutual Bank. I chose them for their low interest rates as well as their offset account options. I found them to be really fast in turning around finance approvals. Before I started seriously looking at properties, I applied for pre-approval with Teachers Mutual. That took about a week for them to process and approve. Later, when my offer on a property was accepted, Teachers Mutual made finance approval unconditional in about a week, exceptionally fast in the hot property market. Bankers Jo-Anna Howell and Hollie Welsh were also very helpful and responsive throughout the entire process - thanks both. I'm writing this review because Teachers Mutual doesn't show up on a lot of comparison websites. If I hadn't heard about them through a friend, I wouldn't have known to look them up, which is a shame because I did a lot of research on home loans (from about 15 or so different financial institutions) and Teachers Mutual has one of the best products on the market. I highly recommend considering the Teachers Mutual products.

Read full review

I recently purchased a property with a Your Way Plus Home Loan from Teachers Mutual Bank. I chose them for their low interest rates as well as their offset account options. I found them to be really fast in turning around finance approvals. Before I started seriously looking at properties, I applied for pre-approval with Teachers Mutual. That took about a week for them to process and approve. Later, when my offer on a property was accepted, Teachers Mutual made finance approval unconditional in about a week, exceptionally fast in the hot property market. Bankers Jo-Anna Howell and Hollie Welsh were also very helpful and responsive throughout the entire process - thanks both. I'm writing this review because Teachers Mutual doesn't show up on a lot of comparison websites. If I hadn't heard about them through a friend, I wouldn't have known to look them up, which is a shame because I did a lot of research on home loans (from about 15 or so different financial institutions) and Teachers Mutual has one of the best products on the market. I highly recommend considering the Teachers Mutual products.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Dani, Western Australia, reviewed about 2 years ago
Teachers Mutual Bank Home Loan
Overall 2/10
ATTENTION DO NOT USE THIS BANK

This bank was great until they decided to increase our 1.95% fixed interest rate to 2.14% on the settlement day of the purchase of our first home. They didn't even, call but gave us the information via email on settlement day. They said they contacted our broker prior to settlement, however this is false. It's safe to say this definitely put a dampener on what should have been a positive experience. My partner and I are first year teachers and this banks mantra of "supporting teachers" in my experience is rubbish and the complete contrary. Furthermore, they were rude, arrogant and not understanding at all on the phone. Not even willing to negotiate or help in anyway. Once our 4 year term is up we are 100% going elsewhere. Very negative experience.

Read full review

This bank was great until they decided to increase our 1.95% fixed interest rate to 2.14% on the settlement day of the purchase of our first home. They didn't even, call but gave us the information via email on settlement day. They said they contacted our broker prior to settlement, however this is false. It's safe to say this definitely put a dampener on what should have been a positive experience. My partner and I are first year teachers and this banks mantra of "supporting teachers" in my experience is rubbish and the complete contrary. Furthermore, they were rude, arrogant and not understanding at all on the phone. Not even willing to negotiate or help in anyway. Once our 4 year term is up we are 100% going elsewhere. Very negative experience.

Price
1/10
Features
4/10
Customer service
1/10
Convenience
3/10
Trust
1/10
Less
Dylan, New South Wales, reviewed over 2 years ago
Teachers Mutual Bank Classic Home Loan
Overall 10/10
TMBank has been fabulous for me!

I have found Teachers Mutual Bank to have fantastic customer service. When looking at housing loans there are a lot of variables but they gave me clear, concise information so I clearly understood the terms & conditions. I've also found their rates to be very competitive which made it an easy decision for me. TMBank has such a reliable on-line service but I’ve also used their mobile service which means a bank representative comes to your house with all the paperwork ready to complete. Easy! No brokers only a bank employee which I found fabulous. I changed my loan to TMBank because of the service, ease of changing & their cheaper rate but to cap it all off, at the time there was a $1500. cash back so changing banks cost me nothing. In fact I came out with a profit! I chose the Classic Home Loan due to its flexibility of no penalties for paying extra or early finishing of the loan. I highly recommend TMBank.

Read full review

I have found Teachers Mutual Bank to have fantastic customer service. When looking at housing loans there are a lot of variables but they gave me clear, concise information so I clearly understood the terms & conditions. I've also found their rates to be very competitive which made it an easy decision for me. TMBank has such a reliable on-line service but I’ve also used their mobile service which means a bank representative comes to your house with all the paperwork ready to complete. Easy! No brokers only a bank employee which I found fabulous. I changed my loan to TMBank because of the service, ease of changing & their cheaper rate but to cap it all off, at the time there was a $1500. cash back so changing banks cost me nothing. In fact I came out with a profit! I chose the Classic Home Loan due to its flexibility of no penalties for paying extra or early finishing of the loan. I highly recommend TMBank.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Maryanne, Queensland, reviewed over 2 years ago
Teachers Mutual Bank My First Home Loan
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 about 3 years ago
Teachers Mutual Bank Flexi Choice Home Loan
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 about 3 years 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:

Home loan quick links