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Teachers Mutual Bank Home Loans

Teachers Mutual Bank was formed in 1966 as the Hornsby Teachers Association Credit Union. It officially changed its name to Teachers Mutual Bank in 2010.

The Teachers Mutual Bank serves employees who work in the education sector, and their families. As a mutual bank, every customer is a shareholder and has a say in how it is run.

Its range of financial service products includes home loans, savings accounts, personal loans, credit cards, and insurance services.

Teachers Mutual Bank Classic Home Loan

The Classic Home Loan is variable rate loan is for owner-occupiers only. The minimum borrowing amount is $150,000 and the maximum is $1,000,000. Borrowers require at least a 15 per cent deposit to be eligible for the loan. There is no offset facility, no option to split your loan, and you cannot use this loan as a construction loan. However you are able to make additional repayments, with free redraws and no minimum redraw. There is no early payout penalty.

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Teachers Mutual Bank Teachers Interest Only Loan

The Interest Only Loan is offered to borrowers who wish to pay interest-only for a term of up to five years. The minimum borrowing amount is $25,000 and the loan can be used as a construction loan. Other features include a portability option, top up facility and repayment pause.

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Teachers Mutual Bank Solutions Plus Home Loan

The Solutions Plus Loan comes with a discounted interest rate for the life of the loan. The minimum borrowing amount is $150,000 and borrowers require at least a five per cent deposit. The loan can be repaid as either a principle and interest loan, or an interest-only loan. Features include a 100 per cent offset account and redraw facility. Borrowers have the option to split the loan, but the loan cannot be taken out for construction purposes.

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Teachers Mutual Bank My First Home Loan

Teachers Mutual Bank’s My First Home Loan is a variable rate home loan aimed at first home buyers. It requires a two per cent deposit and comes with establishment fee, no settlement fee and no ongoing monthly fees. It has a 100 per cent offset facility and free redraw. You are able to split this loan, and use it as a construction loan.

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Teachers Mutual Bank Teachers Fixed Option Loan

The Fixed Rate Loan gives borrowers the security of a fixed interest rate for terms of up to five years. It can be repaid as either principle and interest or interest-only for a period of time. The minimum borrowing amount is $25,000 and borrowers require at least a five per cent deposit. Borrowers have the option to split the loan with a variable rate.

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Teachers Mutual Bank Teachers Flexi Choice Loan

The Flexible Home Loan is a variable rate loan that accepts deposits as low as five per cent or the equivalent in equity. Borrowers have the flexibility to make additional repayments when they wish and then redraw them for free. There is also a 100 per cent offset account, as well as top up and portability options.

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Home Loans from Teachers Mutual Bank

Product
Advertised Rate
Comparison Rate
Monthly Repayment
Go To Site
Advertised Rate3.91%Variable
Comparison Rate3.96%
Monthly Repayment$1188over 30 years
Details
Advertised Rate3.99%Fixed - 5 years
Comparison Rate4.77%
Monthly Repayment$1307over 30 years
Details
Advertised Rate4.78%Variable
Comparison Rate4.78%
Monthly Repayment$1309over 30 years
Details
Advertised Rate4.57%Variable
Comparison Rate4.82%
Monthly Repayment$1315over 30 years
Details
Advertised Rate3.99%Fixed - 4 years
Comparison Rate4.85%
Monthly Repayment$1319over 30 years
Details
Advertised Rate3.74%Fixed - 3 years
Comparison Rate4.88%
Monthly Repayment$1324over 30 years
Details
Advertised Rate3.99%Fixed - 2 years
Comparison Rate5.05%
Monthly Repayment$1350over 30 years
Details
Advertised Rate3.99%Fixed - 1 year
Comparison Rate5.16%
Monthly Repayment$1367over 30 years
Details
Advertised Rate5.23%Variable
Comparison Rate5.28%
Monthly Repayment$1385over 30 years
Details
Advertised Rate5.23%Variable
Comparison Rate5.28%
Monthly Repayment$1385over 30 years
Details
Pros
  • Flexible loan products.
  • Few ongoing fees.
  • Competitive interest rates.
Cons
  • Limited to teachers or education employees and their families.
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Customer Service
Customers of the Teachers Mutual Bank can access their funds via the RediATM network of cash machines across Australia. Phone banking and online banking is available 24/7, while the customer call centre is open six days a week. The customer service team can also be reached via email. Customer service centre (phone lines open six days a week) Mobile lenders who come to you Online banking Email Branch (minimal branch network)
Applying and Eligibility
Teachers Mutual Bank customers can apply for a home loan through the website or by calling a customer service representative for assistance. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:
  • Personal identification material.
  • Proof of income and other earnings.
  • Proof and type of employment.
  • Details of current loans, debts and liabilities.
  • Personal insurance documents.
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