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.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan