8.5/10

Based on 803 Teachers Mutual Bank product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.

Teachers Mutual Bank personal loans

Teachers Mutual Bank (formerly Teachers Credit Union) offers its members a competitive range of personal banking and insurance products. They "Put you first" by offering a range of Home Loans, Credit Cards and day to day bank and savings accounts. Teachers Mutual Bank is focussed on the education community and their families so to join the Teachers Mutual Bank bank you must be a teacher, lecturer or instructor at a school, TAFE or university or a student studying education.

Teachers Mutual Bank offers the following personal loans

Rates and fees verified as correct at 25 July 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
All Purpose Loan (Fixed, Unsecured)

8.99% p.a.

9.13% p.a.based on $30,000
over 5 years

$100.00

All Purpose Loan (Variable, Unsecured)

11.99% p.a.

12.14% p.a.based on $30,000
over 5 years

$100.00

Car Loan (Fixed, Secured)

8.99% p.a.

9.13% p.a.based on $30,000
over 5 years

$100.00

Car Loan (Variable, Secured)

8.99% p.a.

9.13% p.a.based on $30,000
over 5 years

$100.00

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. 

How are Teachers Mutual Bank personal loans rated?

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

Icon of personal-loans
Teachers Mutual Bank personal loans customer reviews
Overall
8.1/10
Price
7.8/10
Features
6.9/10
Customer service
8.3/10
Convenience
7.3/10
Trust
8.5/10
Based on 44 Teachers Mutual Bank product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Recent Teachers Mutual Bank personal loan reviews

Teachers Mutual Bank All Purpose Loan
Overall 7/10
Not bad

Not a bad bank. The app is east to use for any person but the customer service could use some work.

Read full review

Not a bad bank. The app is east to use for any person but the customer service could use some work.

Price
7/10
Features
7/10
Customer service
4/10
Convenience
6/10
Trust
8/10
Less
Holly, Queensland, reviewed almost 5 years ago
Teachers Mutual Bank All Purpose Loan
Overall 2/10
Great customer service.

Interest rates on personal loans are far too high. When interest rates are at all time lows, why are we still paying over 13% for personal loans?

Read full review

Interest rates on personal loans are far too high. When interest rates are at all time lows, why are we still paying over 13% for personal loans?

Price
1/10
Features
1/10
Customer service
9/10
Convenience
8/10
Trust
8/10
Less
Carmel, New South Wales, reviewed about 9 years ago
Teachers Mutual Bank All Purpose Loan
Overall 6/10
Good

It's ok.

Read full review

It's ok.

Price
4/10
Features
4/10
Customer service
5/10
Convenience
3/10
Trust
6/10
Less
Max, New South Wales, reviewed about 9 years ago
Teachers Mutual Bank All Purpose Loan
Overall 9/10
Great customer service and competitive products

Service is very personal and helpful. Easy redraw of extra payments with no charges for doing so. Services are designed with our needs in mind.

Read full review

Service is very personal and helpful. Easy redraw of extra payments with no charges for doing so. Services are designed with our needs in mind.

Price
8/10
Features
10/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Jacqui, New South Wales, reviewed about 9 years ago
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Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.
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.

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