Teachers Mutual Bank Home Loans

Rates and fees last updated on

Teachers mutual BankTake out a home loan with an organisation designed 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 October 21st, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
4.14%
4.19%
$600
$0 p.a.
85%
Save on your home loan rate by avoiding features you may not use.
5.10%
5.35%
$600
$0 p.a.
95%
4.80%
5.05%
$600
$0 p.a.
95%
4.77%
5.02%
$600
$0 p.a.
95%
4.70%
4.95%
$600
$0 p.a.
95%
4.71%
5.14%
$600
$0 p.a.
95%
Pay no ongoing fees with a competitive 5 year fixed rate home loan.
4.58%
5.14%
$600
$0 p.a.
95%
Enjoy the 100% offset account with the ongoing fee and borrow up to 95% LVR.
3.99%
5.04%
$600
$0 p.a.
95%
Lock in your interest rate for 3 years and use the 100% offset to save on this interest.
3.84%
5.13%
$600
$0 p.a.
95%
Grab a 2 year fixed rate with 100% offset and no ongoing fees.
3.79%
5.26%
$600
$0 p.a.
95%
Short term fixed rate home loan with no ongoing fees with an interest only repayment option.
5.66%
5.71%
$600
$0 p.a.
95%
An interest only home loan with a 100% offset account and the ability to be used for construction purposes.
4.91%
4.91%
$0
$0 p.a.
98%
With a 100% offset account and fee free redraws pay your home off sooner.
5.36%
5.41%
$600
$0 p.a.
95%
Fee free redraws, unlimited extra repayments and 100% offset account all help you pay off your home loan sooner.
4.34%
5.31%
$600
$0 p.a.
90%
Enjoy the 100% offset account with the ongoing fee and borrow up to 95% LVR.

Have we missed anything in the comparison table? Tell us

Compare up to 4 providers


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 Classic home loan

This owner-occupier home loan offers a low variable rate for borrowers looking to purchase or refinance from another institution. It offers a free redraw facility, and carries no ongoing fees.

Teachers fixed rate home loan

The Teachers fixed rate 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 My First Home Loan is aimed at 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 can 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.

Solutions Plus Home Loan with Rewards Package

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.
Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 12 September 2017 at 4:07pm.

Bank Australia Basic Home Loan - Variable (Owner Occupier)

Pay no ongoing fees on a competitive variable rate home loan.

NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I)

A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)

Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.

IMB Budget Home Loan - LVR <=90% (Owner Occupier, P&I)

Get a competitive rate without features you may not use.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question