Teachers Mutual Bank personal loans

What personal loans does Teachers Mutual Bank offer? 

Personal Loan 

Teachers Mutual bank has an unsecured personal loan product that has the option of a fixed or variable rate. Customers can choose between a $2,000 and $80,000 loan and pay it back for up to 6 years. 

When it comes to repayments, borrowers can choose a weekly, fortnightly or monthly repayment schedule. On top of that, extra repayments and redraws are allowed. While the variable rate option doesn’t have an early repayment penalty, the fixed rate loan does offer a lower interest rate. 

While there is no ongoing service cost associated with either loan option, there is an upfront application fee to budget for. 

Car Loan 

If you are after a loan to purchase a vehicle, Teachers Mutual Bank has a fixed and variable rate option. 

Fixed loan terms range from 3 to 6 years and amounts are between $10,000 and $80,000. This option has the lower interest rate, however it comes with a break cost if you pay down the entire debt ahead of time. 

On the other hand, variable loan terms range from 1 to 8 years and amounts are between $2,000 and $80,000. There is no early repayment charge attached to this loan. 

Like the personal loan above, there is no monthly fee but there is an upfront application cost. Plus, there are flexible repayment options. 

Travel Loan 

Teachers Mutual Bank also has a product designed to cover some travel costs. Customers take out loans between $2,000 and $30,000 from 1 to 5 years. This unsecured loan has the same repayment features and fees and the other variable loans on offer.  

Teachers Mutual Bank features at a glance 

• Repayment schedule options: Teachers Mutual Bank personal loans have the option of a weekly, fortnightly or monthly repayment schedule.  

• Extra repayments: Borrowers can make extra repayments on their Teachers Mutual Bank personal loan on top of their regular repayments. 

• Redraw facility: There is also a redraw facility available to Teachers Mutual Bank personal loan customers in case they want to access additional repayments later on. 

• No early repayment penalty on variable rate options: Variable rate Teacher Mutual Bank personal loans don’t come with an early repayment penalty. However, fixed options do. 

How do you apply for a Health Professionals Bank personal loan? 

Teachers Mutual Bank allows customers to apply for a loan online or over the phone. 

When you apply, you’ll need information about: 

• ID details 

• How much you earn  

• How much you spend

• What you own 

• What you owe 

It’s important to note, you need to be a member of Teachers Mutual Bank to apply. To join you’ll need to be an Australian citizen or permanent resident, over the age of 18 and pay a $10 fee.