Rates and fees verified as correct at 15 April, 2021. Other information correct at the time of writing. Advertiser disclosure.
| Product | Interest rate from | Comparison rate from | Upfront fee |
|---|---|---|---|
| All Purpose Loan (Fixed, Unsecured) | 9.95% p.a. | 10.64% p.a.based on $10,000 | $100 |
| All Purpose Loan (Variable, Unsecured) | 13.19% p.a. | 13.90% p.a.based on $10,000 | $100 |
| Car Loan (Fixed, Secured) | 4.99% p.a. | 5.66% p.a.based on $10,000 | $100 |
| Car Loan (Variable, Secured) | 9.95% p.a. | 10.64% p.a.based on $10,000 | $100 |
| Secured New Car Loan (Variable) | 8.39% p.a. | 8.53% p.a.based on $30,000 | $100 |
| Travel Loan (Variable, Unsecured) | 11.45% p.a. | 12.15% p.a.based on $10,000 | $100 |
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.
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.
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.
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.
44 Reviews
Not a bad bank. The app is east to use for any person but the customer service could use some work.
Read full reviewNot a bad bank. The app is east to use for any person but the customer service could use some work.
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 reviewInterest 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?
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 reviewService is very personal and helpful. Easy redraw of extra payments with no charges for doing so. Services are designed with our needs in mind.
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