Victoria Teachers Mutual Bank home loans

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

(as rated by the Mozo community)

8.7 / 10

based on 9 reviews

At Victoria Teachers Mutual Bank, the customers are the owners, so when you take out a home loan with this lender, you can be sure your best interests are at the top of the priority list. Since starting with 48 customers in 1972, Victoria Teachers Mutual Bank has developed into an organisation 100,000 customers strong.

And if that’s not proof enough that you’ll find some great home loan deals here, then how about this: Victoria Teachers Mutual Bank took out no less than three 2016 Mozo Experts Choice Awards.

Rates and fees verified as correct at 05 December, 2016. Other information correct at the time of writing.

What home loans do Victoria Teachers Mutual Bank offer?

Fixed Rate Home Loans Fixed Rate Home Loans

If you’re after the security of a fixed rate home loan, then check out what’s on offer at Victoria Teachers Mutual. You can borrow up to 95% of the value of the property, starting from $50,000, and different rate tiers are available depending on your LVR and loan amount. You’ll pay an upfront application fee, but also have access to some great money saving features, including fee free additional repayments up to $30,000 over the fixed rate period, the ability to take a repayment holiday and a free redraw facility (minimum applies).

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

4.04% p.a.

4.27% p.a.

$0.00

$600

3.79% p.a.

3.91% p.a.

$0.00

$600

4.04% p.a.

4.42% p.a.

$0.00

$600

3.79% p.a.

4.06% p.a.

$0.00

$600

4.04% p.a.

4.78% p.a.

$0.00

$600

3.79% p.a.

4.43% p.a.

$0.00

$600

4.04% p.a.

4.93% p.a.

$0.00

$600

3.79% p.a.

4.57% p.a.

$0.00

$600


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Variable Rate Home Loans Variable Rate Home Loans

For homebuyers after a little extra flexibility, Victoria Teachers Mutual also offer some great variable rate home loan options. These are available for amounts up to 95% of the property’s value, and like the fixed rate alternative, different rate tiers apply to different LVRs and loan amounts. You’ll pay an application fee and get all the same flexible features as with the fixed rate loan, including free redraws (minimum applies) and the chance to take a repayment holiday, except on the variable rate option, you also have unlimited fee free extra repayments, and the use of an offset account.

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

4.29% p.a.

4.34% p.a.

$0.00

$600

3.89% p.a.

3.94% p.a.

$0.00

$600

4.49% p.a.

4.54% p.a.

$0.00

$600

4.09% p.a.

4.14% p.a.

$0.00

$600

4.99% p.a.

5.04% p.a.

$0.00

$600

4.59% p.a.

4.64% p.a.

$0.00

$600

5.19% p.a.

5.24% p.a.

$0.00

$600

4.79% p.a.

4.84% p.a.

$0.00

$600


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Fixed Package Home Loan Fixed Package Home Loan

With a fixed rate package home loan from Victoria Teachers Mutual, you can borrow up to 95% of the property’s value, starting from $50,000. To help you pay off your mortgage faster, you’ll have use of some great flexible features, including unlimited fee free extra repayments, the option to take a repayment holiday and free redraws (minimum applies). You’ll also be able to cash in on a bunch of package perks, including no annual fee on personal loans and platinum credit cards, as well as discounts on Premium insurance policies. In return for all this, you will pay an application and ongoing yearly service fee.

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

3.94% p.a.

4.45% p.a.

$300.00 yearly

$300

3.69% p.a.

4.09% p.a.

$300.00 yearly

$300

3.94% p.a.

4.59% p.a.

$300.00 yearly

$300

3.69% p.a.

4.24% p.a.

$300.00 yearly

$300


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Variable Package Home Loan Variable Package Home Loan

Opt for a variable rate home loan package from Victoria Teachers Mutual and enjoy all the benefits of bundling, along with the flexibility of variable rates. Available for loans starting at $50,000 and up to 95% of the property’s selling price, there is an application and yearly service fee to consider. You’ll have the full range of features with this mortgage, including unlimited free additional repayments, a free redraw facility, the use of an offset account and the chance to take a repayment holiday. And don’t forget all the package perks, like discounts on Premium insurance policies and no annual fee on both platinum credit cards and personal loans.

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

3.99% p.a.

4.32% p.a.

$300.00 yearly

$300

3.79% p.a.

4.12% p.a.

$300.00 yearly

$300

4.19% p.a.

4.51% p.a.

$300.00 yearly

$300

3.99% p.a.

4.32% p.a.

$300.00 yearly

$300


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Line of Credit Line of Credit

Got a big spending goal in mind - maybe a new car, or a kitchen renovation? Why not fund it using the equity in your home? With a line of credit home loan from Victoria Teachers Mutual Bank, you can borrow up to 90% of the value of your property. Keep in mind that you’ll pay both an upfront application fee and an ongoing yearly fee for the privilege. There’s also the choice to split your mortgage between fixed and variable rates.

Product Rate Comparison Rate* Service fee Upfront fee

5.09% p.a.

n/a

$150.00 yearly

$600

5.04% p.a.

n/a

$150.00 yearly

$600

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Victoria Teachers Mutual Bank home loan features in a glance

Flexible repayment scheduleFlexible repayment schedule

Match your repayments to your paychecks by choosing monthly, fortnightly or weekly repayments.

Offset accountOffset account

Want to save on interest? An offset account is a great way to do it, and it’s included with variable rate mortgages from Victoria Teachers Mutual Bank. But if you opt for a fixed rate option, you won’t have this feature.

Free extra repaymentsFree extra repayments

You can make free additional repayments to clear your mortgage debt faster. Just remember that while these extra repayments are unlimited on variable rate options, they’re capped at $30,000 during fixed rate terms.

Package benefitsPackage benefits

Bundle your Victoria Teachers Mutual Bank home loan with other banking products and enjoy an annual fee free platinum credit card and personal loan, plus discounts on Premium insurance cover.

How are Victoria Teachers Mutual Bank home loans rated?

Now you know the nitty gritty of a Victoria Teachers Mutual home loan - but how does it compare on things like customer service, trust and convenience? Find out in our customer review section.

Victoria Teachers Mutual Bank home loans

Overall 8.7*

Price

Features

Customer service

Convenience

Trust

9 Reviews

* Overall rating based on reviews in the past 12 months.

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

Victoria Teachers Mutual Bank

Victoria Teachers Mutual Bank home loan review

Overall rating   10 / 10

Open and honest

Staff that go above and beyond to help

Full review

Staff that go above and beyond to help

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   10 / 10

Less

Mia (VIC), reviewed 8 months ago

Victoria Teachers Mutual Bank

Victoria Teachers Mutual Bank home loan review

Overall rating   10 / 10

The best customer service I have experienced

Victoria Teachers Mutual Bank have been my banking provider for over 20 years. From the very start they were friendly, easy to talk to and very approachable. When I had dealings with them in regards to my home loan I dealt with the same person...

Full review

Victoria Teachers Mutual Bank have been my banking provider for over 20 years. From the very start they were friendly, easy to talk to and very approachable. When I had dealings with them in regards to my home loan I dealt with the same person over the period of time completing the paperwork. Excellent advice was forthcoming in regards to consolidating all my loans which enabled me to get my finances in order and I am now able to make ends meet as well as saving for my retirement. I would not bank with anyone else.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Majella (VIC), reviewed 10 months ago

Victoria Teachers Mutual Bank

Victoria Teachers Mutual Bank Standard Home Loan (LVR<80%, Owner Occupier) home loan review

Overall rating   8 / 10

Member-focussed services and fees

Victoria Teachers Mutual Bank has always been there for the members. It is a bank owned by the members for the members. Their services are comprehensive and prices are fair and often less than other banks. They are easy to approach and give...

Full review

Victoria Teachers Mutual Bank has always been there for the members. It is a bank owned by the members for the members. Their services are comprehensive and prices are fair and often less than other banks. They are easy to approach and give personal service.

    Price   8 / 10

    Features   8 / 10

    Customer service   8 / 10

    Convenience   5 / 10

    Trust   8 / 10

Less

Glenda (VIC), reviewed over 1 year ago

Victoria Teachers Mutual Bank

Victoria Teachers Mutual Bank Standard Fixed Home Loan (LVR<80%, Owner Occupier) home loan review

Overall rating   8 / 10

Very competitive rates, few extra charges

We have been with the VTMB for quite a few years now and have found them very good to work with both from a financial point of view and certainly for customer service.

Full review

We have been with the VTMB for quite a few years now and have found them very good to work with both from a financial point of view and certainly for customer service.

    Price   8 / 10

    Features   8 / 10

    Customer service   9 / 10

    Convenience   8 / 10

    Trust   8 / 10

Less

Shane (VIC), reviewed almost 2 years ago

Victoria Teachers Mutual Bank

Victoria Teachers Mutual Bank home loan review

Overall rating   9 / 10

Great customer service, competitive fees

Great customer service, competitive fees, easy to use redraw facility, easy to use website and on line banking.

Full review

Great customer service, competitive fees, easy to use redraw facility, easy to use website and on line banking.

    Price   7 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   7 / 10

    Trust   9 / 10

Less

Virginia (VIC), reviewed about 2 years ago

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Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

‡ 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.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

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

To apply for a home loan with Victoria Teachers Mutual Bank, you’ll need to be over 18 and a permanent resident of Australia.

You’ll also need to have some information on hand, including:

  • Your personal contact details
  • Details about the property you want to buy
  • Statements showing any assets, savings, or debts you have
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