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Teachers Mutual Bank Solutions Plus Home Loan

Features

The Teachers Mutual Bank Solutions Plus Home Loan lets customers borrow up to 90 per cent of the value of the property, however lenders mortgage insurance will be charged on loans over 80 per cent. Repayments can be made as principal and interest or interest-only only on a weekly, fortnightly and monthly basis. Unrestricted additional repayments are allowed and customers can access these payments through a free redraw facility.

There is also a 100 per cent offset account for those wanting to use their savings to minimise the amount of interest owed. The loan can be split and borrowers can access a repayment pause option and are given a discounted variable interest rate. Customers must be Teachers Mutual members and deposit at least $2,000 per month into a Teachers Mutual account to be eligible for the loan.

Who is the Teachers Mutual Bank Solutions Plus Home Loan good for?

The Teachers Mutual Bank Solutions Plus Home loan is good for homebuyers wanting to combine their savings account with a flexible variable rate loan. Investors may be attracted by the interest-only payment option but will also be required to have an eligible Teachers Mutual savings account.

Review - What RateCity says

The Teachers Mutual Bank Solutions Plus Home Loan is a premium variable rate loan that gives customers a lot of repayment options in exchange for an ongoing annual fee. The loan requires customers to combine a savings account as part of the Rewards Package in exchange for a discounted variable rate as well as a number of other account benefits. It also offers the benefit of unrestricted additional repayments, free redraws and an offset account for those looking to pay off their loan quickly or with more flexibility.

The interest rate also varies based on the size of the loan and the high fees raise the comparison rate, so it’s worth investigating what interest rate and fees will apply to you.

Teachers Mutual Bank Solutions Plus Home Loan Options

The Teachers Mutual Bank Solutions Plus Home Loan is a premium variable rate loan offered to owner-occupiers and investors as part of the Teachers Mutual Rewards Package.

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Variable Rates from

3.79%

Advertised rate

4.05%

Comparison rate
Pros
  • Discounted variable rate.
  • Offset account.
  • Additional payments allowed.
Cons
  • Upfront and ongoing fees.
  • Limited branch access.
  • Only available as part of package.
Eligibility

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet Teachers Mutual Bank’s serviceability criteria.

Must be part of Teachers Mutual Rewards Package.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $750.00
  • Discharge fees: $75
  • Ongoing fees: $200 annually

The Teachers Mutual Bank Solutions Plus Home Loan has sizable upfront fees and an ongoing annual fee. Customers will also pay a small discharge fee.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Teachers Mutual Bank

Teachers Mutual Bank has been operating since 1966 as a member-owned mutual bank designed for people in the teaching industry. It is based in Homebush, NSW with offices throughout NSW, the ACT and Western Australia. They can be contacted via email, online, in person or by phone.

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