Teachers Mutual Bank Solutions Plus Home Loan

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.

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.