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Teachers Mutual Bank home loans

Teachers Mutual Bank has home loans for owner-occupiers and investors, with rates starting from 6.24%.

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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 June 2024

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Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Teachers Mutual Bank logo
Principal & Interest 3Y Fixed5% min. depositOwner-occupier
Teachers Mutual Bank logo
Principal & Interest 3Y Fixed5% min. depositOwner-occupier
Product NameTeachers Mutual Bank Your Way Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.6.24%
Comp. Rate p.a.6.30%
Minimum Loan Amount$25,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments No
Interest Rate
6.24%
Comparison Rate
6.30%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$924
Teachers Mutual Bank logo
Principal & Interest 3Y Fixed10% min. depositInvestmentOffset account
Teachers Mutual Bank logo
Principal & Interest 3Y Fixed10% min. depositInvestmentOffset account
Product NameTeachers Mutual Bank Your Way Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.6.54%
Comp. Rate p.a.6.60%
Minimum Loan Amount$25,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityNo
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments No
Interest Rate
6.54%
Comparison Rate
6.60%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$953
Teachers Mutual Bank logo
Interest only20% min. depositOwner-occupier
Teachers Mutual Bank logo
Interest only20% min. depositOwner-occupier
Product NameTeachers Mutual Bank Your Way Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.64%
Comp. Rate p.a.6.47%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.64%
Comparison Rate
6.47%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$963
Teachers Mutual Bank logo
Principal & Interest 1Y Fixed5% min. depositOwner-occupier
Teachers Mutual Bank logo
Principal & Interest 1Y Fixed5% min. depositOwner-occupier
Product NameTeachers Mutual Bank Your Way Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.6.54%
Comp. Rate p.a.6.33%
Minimum Loan Amount$25,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments No
Interest Rate
6.54%
Comparison Rate
6.33%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$953
Teachers Mutual Bank logo
Principal & Interest 1Y Fixed10% min. depositInvestmentOffset account
Teachers Mutual Bank logo
Principal & Interest 1Y Fixed10% min. depositInvestmentOffset account
Product NameTeachers Mutual Bank Your Way Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.6.84%
Comp. Rate p.a.6.64%
Minimum Loan Amount$25,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityNo
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments No
Interest Rate
6.84%
Comparison Rate
6.64%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$983
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Teachers Mutual Bank key facts

  • 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%.
  • In addition to home loans, Teachers Mutual Bank also offers savings accounts, credit cards and personal loans.

Teachers Mutual Bank home loan features

Here are the key features and details you need to know about Teachers Mutual Bank's mortgage products.

FeatureDetails
Minimum depositMany 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 accountYou can get an offset account with several Teachers Mutual Bank loans, including some fixed rate products.
FeesWhile most Teachers Mutual Bank loans have no ongoing fees, most loans come with an upfront application fee.
Repayment optionsBoth 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.

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).

How to apply for a home loan

Lenders like Teachers Mutual Bank

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.
  • Great Southern Bank. A Brisbane-based mutual bank (formerly CUA).
  • Community First. A New South Wales-based credit union.
  • IMB. A Wollongong-based mutual bank.
  • ME Bank. Member's Equity was established back in 1994 and went fully digital in 2012.
  • ING. This online bank is part of the global, Dutch-based financial group of the same name.

More home loan questions

Written by

Richard Whitten

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. See full profile

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2 Responses

    Default Gravatar
    Anne-MareeOctober 18, 2018

    Hello.
    Do you give home loans on properties less than 50 square metres?

      AvatarFinder
      JohnOctober 19, 2018Finder

      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

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