Teachers Mutual Bank
Teachers Mutual Bank is a customer-owned bank based in New South Wales. Teachers Mutual provides credit cards, savings accounts, insurance and loans for its members.
Teachers Mutual Bank was formed by nine teachers in 1966 as the Hornsby Teachers Credit Union. By 1980 it had grown to become the largest credit union in Australia.
Today, Teachers Credit Union serves over 165,000 members and operates offices across several states.
Pros and cons
- Free redraw available
- Flexible repayment schedule
- No ongoing fees
- Charges an application fee
- Above-average interest rates
- Limited branch access
Teachers Mutual Bank personal loans rates
based on $30,000 loan amount for 5 years at 8.99%
Fully drawn advance
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Total repayments for a 5-year, $30,000 loan at 9.13% would be $37,356*. Terms from - years
based on $30,000 loan amount for 5 years at 11.99%
Fully drawn advance
Go to site
Total repayments for a 5-year, $30,000 loan at 12.14% would be $40,031*. Terms from - years
Personal loan repayment calculator
Thinking about taking out a personal loan with Teachers Mutual Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Teachers Mutual Bank personal loans compare with other options.
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at interest rate 8.99 %
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Features of a Teachers Mutual Bank personal loan
Teachers Mutual Bank offers a range of personal loans that can be used for travel, car purchases, home renovations and even debt consolidation. Teachers Mutual Bank offers secured and unsecured loans with variable and fixed interest.
Teachers Mutual Bank has personal loans of up to $80,000. The loan features vary depending on the loan you choose, but several Teachers Mutual Bank personal loans allow additional repayments, flexible payment schedules and free redraw facility.
Teachers Mutual Bank personal loans – customer service
Customers can contact Teachers Mutual Bank via phone, email or within any Teachers Mutual Bank office. Customer service is available on weekdays from 8am to 7pm and on Saturdays from 9am to 3pm.
Who is eligible for a Teachers Mutual Bank personal loan?
- Must be a permanent Australian resident
- Must be aged 18 years or over
How to apply for a Teachers Mutual Bank personal loan?
- Click ‘Apply’
- Choose either ‘I’m a member’ or ‘I’m not a member’
- Complete the online application form
- Submit the online application form
Teachers Mutual Bank personal loans review
Teachers Mutual Bank is a personal loan lender that offers a range of secured and unsecured personal loans. Several loans have been designed for specific uses, such as travel, car purchases or debt consolidation. Teachers Mutual Bank personal loans have a maximum amount of $80,000.
Although Teachers Mutual Bank does not charge ongoing fees, customers are charged an initial application fee.
Many personal loans offered by Teachers Mutual Bank allow additional repayments and early payout, free redraw and flexible repayment options. Repayments can be made weekly, fortnightly or monthly.
Teachers Mutual Bank personal loan rates vary depending on the loan you choose. In general, its current personal loan interest rates range from moderate to moderately high. Borrowers typically receive lower personal loan interest rates on secured loans.
It’s important to compare personal loan rates before applying to find the best personal loan rates for you.
Learn more about personal loans
Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
What do single mothers need to apply for a personal loan?
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.