Teachers Mutual Bank is an Australian bank run on behalf of its members. Teachers Mutual Bank has home loans for investors and owner-occupiers, including fixed and variable rates. Check out the full table of Teachers Mutual Bank products below or read more about the lender and its loans.
Compare Teachers Mutual Bank home loans for April 2024
Hit the "Load More" button to compare a bigger selection of products. You can also find more information on each individual product by clicking "More Info".
Teachers Mutual Bank is run on behalf of its members rather than external shareholders. Teachers Mutual Bank consists of UniBank, Health Professionals Bank and Firefighters Mutual Bank (in addition to the Teachers Mutual Bank brand).
Many Teachers Mutual Bank home loans are available with deposits as low as 5%.
Here are the key features and details you need to know about Teachers Mutual Bank's mortgage products.
Feature
Details
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.
How do I apply for a Teachers Mutual Bank mortgage?
When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.
Eligibility
Each Teachers Mutual Bank product has specific eligibility criteria but some will apply to all products. For example:
Age. You must be over 18 years of age.
Residency. You should be a resident of Australia.
Employment. You should have a regular source of income.
Documents required
When you apply for a mortgage with Teachers Mutual Bank you are required to provide certain information so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:
📄 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).
If you want to compare loans from similar lenders to Teachers Mutual Bank then you can start with these large online brands, small banks and credit unions:
Auswide. This small bank is based in Bundaberg, Queensland.
Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
More home loan questions
To make sure you find the right Teachers Mutual Bank loan you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
Do you need to visit a branch? Teachers Mutual Bank has branches in New South Wales, Victoria, Queensland, Western Australia and the ACT. The bank also has online and phone support.
What do you need the loan for? If you're buying a home to live in you need an owner-occupier loan. Property investors need an investment loan rate. Teachers Mutual Bank has both.
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes?
What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Pre-approval is not something every lender offers, but many do.
Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of, but there's no reason to worry.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.
Teachers Mutual Bank is an authorised deposit-taking institution (ADI). This means customers with money deposited in a Teachers Mutual Bank savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000. Even if the bank itself collapses.
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically doesn't charge you a fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
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!
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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