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Teachers Mutual Bank Home loan reviews

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Based on 87 home loan reviews as rated by the Mozo community.

Recent Teachers Mutual Bank home loan customer reviews

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  • Teachers Mutual Bank Home Loan

    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.

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    Dani, Western Australia, reviewed 5 months ago
  • Teachers Mutual Bank Home Loan

    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.

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    Dylan, New South Wales, reviewed 12 months ago
  • Teachers Mutual Bank

    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.

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    Maryanne, Queensland, reviewed about 1 year ago
  • Teachers Mutual Bank

    A competitive bank

    They are easy to deal with. Upfront about lending options and they are competitive.

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    Hannah, New South Wales, reviewed over 1 year ago
  • Teachers Mutual Bank

    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.

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    Robert, New South Wales, reviewed over 1 year ago
  • Teachers Mutual Bank

    Screwed over first home buyer at last moment

    We chose this bank as they were highly recommended by us by family and our broker. To put things bluntly, Teachers mutual bank screwed us over at the last minute. We had a pre approval (twice!) for a loan on our land which they retracted 2 days before settlement due to a clause in the contract that our conveyancer/vendor/broker stated was a normal contractual clause. This caused us not only significant emotional stress but financial stress as we were unable to settle on time. We were left to find another lender within two days with no responsibility taken by TMB. To do that to two healthcare workers in the middle of covid-19 who have over the 20% deposit and a perfect credit score is ridiculous.

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    H, Victoria, reviewed over 1 year ago
  • Teachers Mutual Bank

    Great App

    I really like TMB because the app is easy to use and allows me to manage my offset account on from my phone. The interest rate is good, although they have gone lower since I joined TMB so that is an area for improvement. Overall, I am happy with the bank.

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    Michelle, Western Australia, reviewed over 1 year ago
  • Teachers Mutual Bank

    Friendly with less fees.

    Very helpful. No monthly fees on loan.

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    Janet, New South Wales, reviewed over 2 years ago
  • Teachers Mutual Bank Home Loan

    Easy to use internet banking system.

    There are very few branches and no ATMs that don't charge a fee for transactions. Their Solutions Plus Home Loan has low fees, offset and redraw and no penalties for advanced payments.

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    Bronwyn, New South Wales, reviewed over 2 years ago
  • Teachers Mutual Bank

    I would like them to be more rate sensitive

    They do not have the best rate. Works for me because they fund for a studio

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    Michael, Victoria, reviewed over 2 years ago
  • Teachers Mutual Bank

    Competitive products and amazing customer services

    Good service and products.

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    V, Queensland, reviewed over 6 years ago
  • Teachers Mutual Bank

    TMBank - The Bank for Educators

    A great mutual bank for the education community and their families. Low fees and great rates coupled with some of the best member service around.

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    Andrew, New South Wales, reviewed over 6 years ago
  • Teachers Mutual Bank Home Loan

    Rude

    Rude customer service from loans department - not a service orientated credit union.

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    Fioan, New South Wales, reviewed almost 7 years ago
  • Teachers Mutual Bank

    Excellent service; great rates.

    I have been with this bank for nearly 40 years and they consistently provide very competitive rates and a high level of service.

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    Susan, New South Wales, reviewed almost 7 years ago
  • Teachers Mutual Bank

    Good service

    Good service and good rates.

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    Neil, Western Australia, reviewed almost 7 years ago
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