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Victoria Teachers Mutual Bank Home Loans

The Victoria Teachers Mutual Bank is a mutually-owned baking institution established in 1972.

While it was initially set up by teachers to service people working in the education sector, it is now open to anyone.

It offers a range of financial services products, including transaction accounts, savings accounts, insurance products and a range of personal and home loans.

Victoria Teachers Mutual Bank Fixed Standard Loan

The Victoria Teachers Mutual Bank Fixed Standard Loan offers is a fixed rate loan for both owner-occupiers and investors. The fixed rate is available for up to five years, after which the rate reverts to the standard variable rates. Deposits as low as two per cent are accepted.

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Victoria Teachers Mutual Bank SMSF Loan

This loan is for Self-Managed Super Funds (SMSF) and/or their trustees who wish to purchase an investment property in their SMSF fund. There is no penalty for early payout and borrowers have the option to make additional repayments. The minimum borrowing amount is $100,000 and there is no maximum borrowing amount.

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Victoria Teachers Mutual Bank Complete Loan

The Victoria Teachers Mutual Bank Complete Loan is a flexible loan for owner-occupiers with no maximum borrowing amount. Borrowers can apply with a deposit of as little as two per cent, but need a deposit of at least 20 per cent to attract a lower variable rate. Additional repayments can be made at any time and there is no penalty for early repayment, as long as borrowers elect the variable rate option. The loan can be split between fixed and variable rates. Other features include an offset account and a repayment holiday option.

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Victoria Teachers Mutual Bank Standard Variable Loan

The Standard Variable Loan is a variable or fixed rate loan available with a deposit of just two per cent. However owner-occupiers with a deposit of 20 per cent can attract a lower rate. An offset account is available for the variable portion. It is also possible to fix all or part of the loan. There is no maximum borrowing amount and no early payout penalty.

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Victoria Teachers Mutual Bank Education Package Loan

Victoria Teachers Mutual Bank’s Education Package Loan is a variable rate package loan with a credit card. It also has a fixed rate option for up to five years. It offers discounted rates for owner-occupiers with at least a 20 per cent deposit, as well as discounts on switching fees, personal loan fees and CGU insurance products. Borrowers have the option of making interest-only payments for a set period of time if they wish.

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Victoria Teachers Mutual Bank Equity Loan

The Equity Loan is a line of credit loan for borrowers who wish to unlock some equity in their property. The loan has no early repayment penalties and allows additional repayments to be made. There is no maximum loan amount.

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Victoria Teachers Mutual Bank Fixed Complete Loan

The Victoria Teachers Mutual Bank Fixed Complete Loan is a fixed interest rate loan for borrowers looking for security around their repayments. Borrowers have the option to take a repayment holiday and can make interest-only payments for a set period of time. It is available to both owner-occupiers and investors.

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Home Loans from Victoria Teachers Mutual Bank

Pros
  • Commonwealth Bank ATM access.
  • Flexible home loan products.
  • Few home loan products have a minimum borrowing amount.
Cons
  • Branch access limited to Victoria.
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Customer Service

The Victoria Teachers Mutual Bank does not have a large branch network outside of Victoria. However, customers can access their funds via any Commonwealth Bank ATM. While this gives you access to the largest ATM network in the country, there are restrictions as to the number of free transactions that can be made via CBA facilities per month. Customers can contact the lender via phone, live chat, email or through a branch if they are in Victoria.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Live Chat
  • Branch
  • Mobile banking staff
Applying and Eligibility

Victoria Teachers Mutual Bank customers can apply for a home loan online through the website or can request a consultation with a Victoria Teachers Mutual Bank representative. 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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