This is a simple home loan option that gives you the ability to pay your loan off sooner through additional repayments, with the added flexibility of being able to re-access these funds through the redraw facility for free.
It’s worth noting that this product offers the benefit of taking a repayment pause, which makes allowances for those times when critical circumstances interfere with normal daily life. The burden of repaying the loan can be waived for an agreed period during a repayment pause for situations such as pregnancy or redundancy.
The Teachers Mutual Classic Home Loan is available from a minimum borrowing amount of $150,000 up to $1 million, although you can only borrow up to 85 per cent of your property’s value which means you must make at least a 15 per cent deposit. Also note that any deposit amount less than 20 per cent means you will have to pay lender’s insurance.
Be aware that Teachers Mutual Bank does have strict eligibility criteria as you must work in the Australian educational sector or be a family member or partner of an existing Teachers Mutual Bank member in order to become a member and be eligible for this home loan.
Who is the Teachers Mutual Bank Classic Home Loan good for?
If you are an owner-occupier or a refinancer looking for a better deal, or perhaps someone wanting a break from the big four banks, then the Teachers Mutual Bank Classic Home Loan may suit you.
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This education provider-focused loan incorporates a competitive low variable interest rate with a few added benefits to help you pay off your home loan early if you are able to manage your funds well.
If you meet the eligibility criteria for this loan, including the minimum borrowing amount, it could be a great basic loan option for you.
As with any major purchase, it’s always a good idea to make a checklist of your needs and to even seek personal financial advice from a specialist before choosing a home loan.
Teachers Mutual Bank Classic Home Loan Options
Click the link below for more information about the Teachers Mutual Bank Classic Home Loan.