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Here are the key features and details you need to know about Teachers Mutual Bank's mortgage products.
| Minimum deposit | Many Teachers Mutual Bank loans are available with deposits as low as 5%, including some of its lowest rates. This is good news for borrowers with low deposits (that is, deposits below 20%). |
|---|---|
| Offset account | You can get an offset account with several Teachers Mutual Bank loans, including some fixed rate products. |
| Fees | While most Teachers Mutual Bank loans have no ongoing fees, most loans come with an upfront application fee. |
| Repayment options | Both Teachers Mutual Bank's fixed and variable rate loans allow you to make interest-only repayments for a limited period. The lender also offers the standard principal-and-interest repayments on its loans. |
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
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Are these home loans available for Early Childhood education Teachers?
Teachers Mutual says anyone who works in “the Australian education sector” is eligible to join, which would seem to include early childhood education. You can confirm directly with the bank on 13 12 21.
Hello.
Do you give home loans on properties less than 50 square metres?
Hi Anne-Maree,
Thank you for leaving a question.
Based on the eligibility requirements to take out a Teachers Mutual Bank home loans, the area of the property is not a requirements but the bank would still assess the property before approval will be made. Hope this helps!
Cheers,
Reggie