Teachers Mutual Bank has cut its 3-year fixed rate home loan by 0.39% to 4.49%.

Your Mortgage’s home loan calculator shows the reduction will save home buyers about $89 a month for a loan of $400,000 on a loan term of 25 years, compared to the previous rate.

It has also reduced its 2-year fixed rate by 0.10%, down to 4.69%.

All upfront application fees will be waived on any new loans, fixed or variable.

The rates are effective Thursday 13th of February.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker