Compare home loan offers available from Victoria Teachers Mutual Bank
Founded in 1972, Victoria Teachers Mutual Bank aims to provide value to its members and the education community. This customer-owned bank offers a wide range of financial products and services. Anyone can open an account with Victoria Teachers Mutual Bank, and as a customer-owned bank its profits are reinvested into the institution to deliver better outcomes for customers rather than being distributed among external shareholders.
Compare Victoria Teachers Mutual Bank Home Loans
Rates last updated January 17th, 2017.
- Victoria Teachers Mutual Bank Education Package Home Loan - First Home Buyer LVR <=80% (Owner Occupier)
Interest rate decreased by 0.15%
August 22nd, 2016
Who is Victoria Teachers Mutual Bank? / What does Victoria Teachers Mutual Bank do?
This multi-award-winning bank aims to provide superior service, a fair deal and strong and secure financial support to its customers. Its range of banking products includes transaction and savings accounts, term deposits, credit cards, personal loans, insurance and financial planning advice.
Victoria Teachers Mutual Bank also offers a range of home loans, with a product to suit everyone from first-time buyers to investors, refinancers, and those looking for a complete home loan package. The bank even includes a number of handy tools on its website to help you find the right home loan.
Home loans offered by Victoria Teachers Mutual Bank
Complete Home Loan
This home loan is available with variable or fixed rate options, and offers a 100% offset account for variable rate home loans. It also offers flexible repayments and free redraw. The Victoria Teachers Mutual Bank Complete Home Loan is also suitable for the Construction, First Home Buyers' Package and Investment loans.
Standard Home Loan
This standard variable rate product offers a 100% offset account. It comes with no administration or redraw fees, and offers Bridging and Investment options.
Education Package Home Loan
The Education Package Home Loan carries a 0.80% discount off the Standard Home Loan variable interest rate and multiple offset accounts. It carries no establishment or transaction fees. The loan is suited to first home buyers, investors, construction or any other stage of home ownership.
First Home Buyers' Package Home Loan
This loan package combines income, savings and credit to give you the ability to draw on your home equity as you need. You can use those funds to buy shares, a new car, or spend on other investments. Additional repayments are accepted and there are no early repayment penalties.
Equity Line of Credit
The Equity Line of Credit gives borrowers a convenient way to access the equity in their home by combining income, savings and credit into a single home loan account that offers a line of credit facility. The loan offers flexible repayment options, and allows you to access your funds as you need without having to make further applications.
Self Managed Super Fund Loan
The Self Managed Super Fund Loan is available to regulated Australian SMSFs for purchasing investment property, or to refinance an existing SMSF loan.
Pros and cons of Victoria Teachers Mutual Bank home loans
- Flexible repayment options. As well as letting you choose whether you want to pay your loan off weekly, fortnightly or monthly, many of the bank’s loans let you make extra repayments and pay your loan off early without penalty.
- Free redraw. Most of Victoria Teachers Mutual Bank's home loan products offer free redraw at a minimum of $500
- Choice. Victoria Teachers Mutual Bank offers a wide variety of loans to choose from, each designed to suit a different sort of borrower.
- Limited branch presence. The bank only has branches in Victoria. While you can access your funds using the bank's online tool, mobile app, ATMs or phone banking, those who like to deal with their financial institution face-to-face may not have that option outside of Victoria.
How to apply for a Victoria Teachers Mutual Bank home loan
The application process for a Victoria Teachers Mutual Bank home loan is simple and straightforward. You can:
- Fill out an application form online
- Apply over the phone
- Download an application form and send it to the bank via mail, fax or in person
- Visit a branch
Documents needed to apply for a Victoria Teachers Mutual Bank home loan
- Your Driver’s License or passport, along with any supported documents which are requested.
- Property type
- Property value
- Your deposit size
- Solicitor details
- Copies of recent payslips if your salary is credited to a different financial institution
- Bank statements with three months of recent transaction and balance history.
- Details regarding your assets, debts and liabilities
A full checklist of required documents is available on Victoria Teachers Mutual Bank's website.
Consider a loan from Victoria Teachers Mutual Bank in your next home loan comparison.