Fact checked
Lender | Advertised rate | Comparison rate* | Monthly repayment | Rate Type | Offset | Redraw | Ongoing Fee | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Pre-approval | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed | More details | ||||||||||||
Your Way Fixed Home Loan (Principal and Interest) 1 Year | |||||||||||||
| Variable | More details | ||||||||||||
Classic Home Loan | |||||||||||||
| Fixed | More details | ||||||||||||
Your Way Fixed Home Loan (Interest Only) 1 Year | |||||||||||||
| Fixed | More details | ||||||||||||
Your Way Fixed Investment Loan (Principal and Interest) 1 Year | |||||||||||||
| Fixed | More details | ||||||||||||
Your Way Fixed Home Loan (Principal and Interest) 3 Years | |||||||||||||
| Fixed | More details | ||||||||||||
Your Way Fixed Home Loan (Principal and Interest) 5 Years | |||||||||||||
| Variable | More details | ||||||||||||
Classic Investor Loan | |||||||||||||
- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given Rates correct as of January 17, 2022.
Teachers Mutual Bank Ltd is one of Australia’s largest mutual banks, comprising of three brands: the original Teachers Mutual Bank, UniBank, and Firefighters Mutual Bank.
Teachers Mutual Bank was formed in 1966 as the Hornsby Teachers Association Credit Union in response to a group of teachers recognising the need for a mutual financial organisation that understood their needs.
It officially changed its name to Teachers Mutual Bank in 2012 after gaining APRA approval. The bank serves employees who work in the education sector and their families.
The bank has offices in Homebush, ACT, Hunter/Central Coast, Parramatta, Queensland, WA, and Western Sydney. You can also bank with them in UniBank offices in WA and Firefighters Mutual Bank offices in NSW and WA.
Its range of financial service products includes home loans, banking accounts, credit cards, personal loans, insurance products, and mobile wallet. Meanwhile, its home loan products include classic home loan, fixed rate home loan, flexi choice home loan, interest only variable home loan, my first home loan, and the Solutions Plus home loan.
The bank also prides itself in having zero direct investment in any large-scale greenhouse polluting activity or company and on not using members’ funds to finance large-scale greenhouse-gas pollution.
Before taking out a home loan with Teachers Mutual Bank, you will need to become a member. And to be eligible for membership, you need to be an Australian citizen that is 18 years old or above, as well as a current or retired employee in the education sector or a relation of a member.
Then you can get started applying for a home loan, at which point you will need:
- Your personal details – phone number, email, address, etc.
- Employment details – contact details of employer, salary and recent payslips
- Details of assets or extra income – such as rental properties, savings, or investments
- Details of debts – could include other loans or credit cards you are responsible for
You can apply for a home loan through its website or by calling a customer service representative for assistance. Before applying for a home loan, it is advisable to think about how much money you could borrow given your financial situation and income.
Collections: Home Loan Lender Teachers Mutual Bank
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