Teachers Mutual Bank Home Loans

Rates and Fees verified correct on December 5th, 2016

Teachers mutual BankTake out a home loan with an organisation designed only to benefit its members.

Since its humble beginnings back in 1966, the Teachers Mutual bank has grown to become one of Australia's largest mutual banks, boasting more than 160,000 members. Membership for the bank is predominantly available for teachers, whether currently serving, retired or studying for future employment in the industry, as well as their immediate family members.

Compare Teachers Mutual Bank home loans

Rates last updated December 5th, 2016
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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
Teachers Mutual Bank Classic Home Loan - Owner Occupier
A basic home loan without all the bells and whistles you may not use with your home loan.
3.79% 3.84% $600 $0 p.a. 85% More info
4.75% 5.00% $600 $0 p.a. 95% More info
4.45% 4.70% $600 $0 p.a. 95% More info
4.42% 4.67% $600 $0 p.a. 95% More info
4.35% 4.60% $600 $0 p.a. 95% More info
Teachers Mutual Bank Fixed Option Home Loan - 5 Years (Owner Occupier)
Pay no ongoing fees with a competitive 5 year fixed rate home loan.
4.29% 4.82% $600 $0 p.a. 95% More info
Teachers Mutual Bank Fixed Option Home Loan - 4 Years (Owner Occupier)
Enjoy the 100% offset account with the ongoing fee and borrow up to 95% LVR.
4.19% 4.84% $600 $0 p.a. 95% More info
Teachers Mutual Bank Fixed Option Home Loan - 3 Years (Owner Occupier)
Lock in your interest rate for 3 years and use the 100% offset to save on this interest.
3.84% 4.82% $600 $0 p.a. 95% More info
Teachers Mutual Bank Fixed Option Home Loan - 2 Years (Owner Occupier)
Grab a 2 year fixed rate with 100% offset and no ongoing fees.
3.74% 4.91% $600 $0 p.a. 95% More info
Teachers Mutual Bank Fixed Option Home Loan - 1 Year (Owner Occupier)
Short term fixed rate home loan with no ongoing fees with an interest only repayment option.
3.69% 5.02% $600 $0 p.a. 95% More info
Teachers Mutual Bank Interest Only - Variable
An interest only home loan with a 100% offset account and the ability to be used for construction purposes.
5.11% 5.16% $600 $0 p.a. 95% More info
Teachers Mutual Bank My First Home Loan
With a 100% offset account and fee free redraws pay your home off sooner.
4.66% 4.66% $0 $0 p.a. 98% More info
Teachers Mutual Bank Flexi Choice Home Loan
Fee free redraws, unlimited extra repayments and 100% offset account all help you pay off your home loan sooner.
5.11% 5.16% $600 $0 p.a. 95% More info
Teachers Mutual Bank Fixed Option Home Loan - 1 Year (Investor)
Enjoy the 100% offset account with the ongoing fee and borrow up to 95% LVR.
3.99% 5.05% $600 $0 p.a. 90% More info
4.75% 5.00% $600 $0 p.a. 70% More info

Teachers Mutual Bank home loans

Members can take advantage of a range of home loans that offer flexible features and competitive rates. These include:

Teachers Fixed Option home loan

The Teachers Fixed Option Home Loan lets you lock in your interest rate for one, two, three, four or five years. During this time, your home loan won't be affected by fluctuating interest rates. Instead, you have the security of knowing exactly what your repayments will be over the life of the fixed term, as they can't change during the fixed term.

This loan is suitable for personal use or for investment use, and repayments can be made on principal and interest or interest only. You can use the Teachers Fixed Option Home Loan to purchase an existing property or vacant land, or to refinance a mortgage from another lender. This loan is not suitable for constructing a new home. You can borrow up to 95% of the property value with this loan, although loans exceeding 80% of the property value will attract a lenders mortgage insurance (LMI) fee.

The loan can also be split into fixed and variable portions. You're not able to make additional payments into the fixed portion of your loan during the fixed term without penalties applying.

Teachers Flexi Choice home loan

The Teachers Flexi Choice home loan is a full-featured loan suitable for personal or investment use, whether you want to purchase an existing property or vacant block of land, or renovate your home, construct a new dwelling or refinance a home loan over from another bank. You're able to borrow up to a maximum of 95% of the property value on this loan. However, keep in mind that any home loans exceeding 80% of the property value may incur Lender's Mortgage Insurance (LMI) fees. You can also switch your payment frequency to weekly, fortnightly or monthly to suit you.

You can make extra repayments on this home loan balance whenever you want with no penalties. Additional repayments can be accessed via the free redraw facility. You can also access your Flexi Choice mortgage account via online banking, phone banking or mobile banking at any time of the day or night.

If you're ahead on your mortgage payments and your financial circumstances change, you're also able to take advantage of a repayment pause, allowing repayments to be made out of funds available in your redraw facility. The Flexi Choice also allows you to make progressive payments to your builder or contractor, so you save interest on amounts you haven't yet used.

My First home loan

The Teachers Mutual Bank offers the 'My First Home Loan' account specifically for first home buyers. In an effort to make buying your first home more affordable, you're able to extend the loan term on this mortgage up to a maximum of 40 years. This can be ideal for reducing your monthly repayments.

To make it even easier to qualify for a home loan, you're able to borrow up to 98% of the property value. Keep in mind that if your home loan balance is higher than 80% of the property value you will need to pay LMI premiums. Repayments to be made weekly, fortnightly or monthly, and additional repayments can be made without penalty. Any extra amounts that you pay off the balance can be withdrawn if you need that cash for something else via the free redraw facility.

Teachers Mutual Bank will allow you to use your First Home Owner's Grant to cover part of the settlement costs associated with buying your first home. First home buyers are also eligible for a Teachers Credit Card with a limit up to $5,000 as part of the My First Home Loan application. You can access your home loan account at any time of the day or night via the secure internet banking portal, or via phone banking, or on your phone via the mobile banking app.

Teachers interest-only home loan

There are situations where you may not wish to reduce your home loan balance. Instead, you have the option of paying only the interest due on your mortgage each month. This is often the preferred choice for investors who wish to maximise the tax deductibility of their investment loan.

The Teachers interest-only Home Loan is suited to personal use or investment use. You're able to purchase an established property or vacant land or use it to construct a new dwelling. There is no penalty for making additional repayments on variable rate interest-only loans, and you pay no monthly fees for this account. You can access your account at any time of the day or night using internet banking, phone banking or using the mobile banking app.

Teachers Solutions Plus home loan

If you qualify for the Rewards Package and your home loan balance is greater than $250,000 you could take advantage of a generous discount off your variable interest rate for the life of the loan.

You can use this home loan for personal use or for investment purposes, so choose between a principal and interest payment option or the interest-only payment type. The Teachers Solutions Plus Home Loan can be used to purchase an existing property or vacant block of land, refinance a current home loan over from another bank, or construct a new dwelling.

You can set your payment options to weekly, fortnightly or monthly to suit when you get paid. You're also able to make extra repayments off your mortgage at any time on the variable rate without penalty. If you wish to access those additional funds, you can withdraw them using the free redraw facility at any time. There is no minimum redraw amount set. Access your accounts through the internet banking portal, via phone banking or using the mobile banking app.

Rewards Package Discounts

Teachers Mutual Bank offers you the opportunity to package up your banking products in return for generously discounted interest rates and banking fees. In order to qualify for the Rewards Package, you will need to have a Teachers Mutual Bank Everyday account and be registered for internet banking with a security token. You also need to be able to deposit at least $2,000 per month into your Everyday account. This can be done by having your salary credited to your account. You also need to have a mortgage with a minimum balance of $150,000 if you have a Smart Home Loan or a minimum balance of $250,000 with a Solutions Plus Home Loan.

If you have these banking products with Teachers Mutual Bank, you could benefit from the following discounts and bonuses:

  • Discounts off the standard variable interest rate for the life of the loan
  • No application fees charged on personal loans
  • Monthly access fee for your S1 Everyday account waived
  • An extra 0.05% interest paid on top of the advertised interest rates for term deposit accounts
  • Up to 10% discount on home and contents insurance policies through Teachers Mutual Bank

About how to compare home loans


How to apply for a home loan from Teachers Mutual Bank

If you would like to apply for a home loan from Teachers Mutual Bank, please read more about each loan by clicking the 'More info' button where there is details on the steps to apply.

To be eligible for a home loan with Teachers Mutual Bank, you must be a member and meet the criteria below:

  • Be an Australian citizen or permanent resident aged 18 years or over.
  • Have valid identification to be presented to the bank.
  • Pay $10 for your share in Teachers Mutual Bank.
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This page was last modified on 17 October 2016 at 13:37.

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