Not 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?
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.
Why this financial institution Teachers Mutual Bank, formally know as NSW Teachers Credit Union. I have been with them for approximately 30+ years & their customer service is great, they have drinks (fruit juice, bottled water) & also have diaries on hand for their customers. But better than that their interest rates are very good & as a customer on a disability pension due to cancer, they even gave me a loan & not a small one either..as I want to start my own little business to get off the disability pension & get back to being more independent again. They are a very helpful in every way & give you many options, their interest rates are great & most of all they remember your name way before you have given them your details & you're always greeted with a smile & resect. Thanking the Teacher's Mutual Bank or giving me the chance & opportunity to start my coffee business.
The service is always outstanding. You can pay off early without penalty and borrow small amounts to tide you over in difficult times. Unfortunately, there are not many actual locations. However the telephone, web and workplace visits are great.
Excellent customer service. Friendly staff. Great product range.
Teacher's Mutual make it simple and easy to organise a personal loan for a variety of things. I organised mine simply, over the phone as the people were extremely helpful and efficient. It was quickly finalised and the money was available with no trouble. I opted for a direct debit repayment from my account which was easy for me and ensured I never missed a repayment.
Great competitive rates and quick transition to make it all happen!
This mutual bank went out of their way to let me take out a personal loan after my brother died suddenly at 50yo. I decided then and there that I needed to live life and enjoy it more. It only took 3 days for the loans person to organise everything without me leaving home. I took out a loan for a trip to Europe and I had the best time. I am also hoping to go to the UK next year with their help.
Very understanding and helpful staff. Great rate and easy to manage.
If you aren't with the Teacher's Mutual Bank I strongly recommend marrying someone who is to get in the door. They have been great, from organising our personal loan for our wedding, to setting up my accounts when I transferred from St George. They called me - twice in the first month to confirm that everything was going well and to ask if I need any help. There is even a real person who answers the phone most of the time. There is only one con. They have only one branch in Sydney - in Homebush, but really how often do you need a branch? They are part of the Redi/NAB atm network so there is generally an ATM close by.
Hard to talk to, too far away. Cannot speak to who you want, never available.
Convenient for teachers, speed of processing applications, readiness for assistance, good facility for redraws.
Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
Repayment terms from 2 years to 4 years. Representative example: a 3 year $10,000 loan at 14.95% would cost $14,324.71 including fees.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Want more? Compare all 240 personal loans in the Mozo comparison engine.
Compare more personal loansMozo gives you the inside story on the best banking, energy and insurance products as rated by thousands of real customers around Australia. We don't make subjective judgments, nor do advertisers influence our ratings. Although our reviews may be moderated to improve quality standards, they are moderated independently of any of Mozo’s commercial relationships.