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Teachers Mutual Bank started in 1966 as a credit union for teachers and their families. It is a member-owned organisation and aims to provide low-cost banking services to its members. Teachers Mutual Bank has a full range of banking services which includes transaction accounts, savings accounts, loans, credit cards, insurance and travel money options. It also offers a general personal loan and specific loans for travel and car purchases. Interest rates for their all purpose personal loan starts at 13.19% p.a., with terms up to 7 years. They also have a travel loan with rates starting from 11.45% p.a., and two car loans, one for new cars and the other for new, used or classic cars. You can only apply for this loan if you’re a member.
Teachers Mutual Bank personal loans
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Types of personal loans from Teachers Mutual Bank
All personal loans from Teachers Mutual Bank have a $100 application fee and are only available with a variable interest rate.
- All Purpose Personal Loan. Bundle debts or use the loan for any worthwhile personal purchase such as a wedding or home renovations. The interest rate is 13.19% p.a. and the comparison rate is 13.90% p.a.
- Travel Loan. Especially designed for your next trip, offering a lower interest rate of 11.45% p.a. and a comparison rate of 12.15% p.a.
- Secured New Car Loan. Use a new car as security against your loan to get a lower interest rate. Variable interest rate of 8.39% p.a. and a comparison rate of 8.53% p.a.
- Car loan. For new or used cars up to 10 years old or classic cars over 30 years old. Interest rate of 8.99% p.a. and comparison rate of 8.99% p.a.
Features of a Teachers Mutual Bank personal loan
If you’re considering applying for this loan, here are some of the features that are on offer:
- No ongoing fees. There is an application fee of $100, but no ongoing maintenance or monthly fees apply to any Teachers Mutual Bank personal loan. As long as you make all your repayments on time and don’t overdraw the loan amount you will only have to make the interest repayments.
- Flexible repayment terms. Align your loan repayments with your pay cycle and make either weekly, fortnightly or monthly repayments.
- Ability to make extra repayments. You are able to make additional repayments without incurring a fee or penalty. This is a handy way to save on the total interest you pay by repaying the loan sooner. You must inform Teachers Mutual Bank in writing if you wish to increase or decrease your repayments.
- Low minimum loan amount. Loans can be from $2,000 to $80,000. Small loans are a good alternative to purchasing on credit cards, which generally have much higher interest.
- Free redraw facility. This allows you to redraw additional repayments at no charge so you can access any extra money you have already contributed to the loan. It gives you the best of both worlds by reducing your interest repayments and providing you with the flexibility to access the money should you need it in the future.
What other products does Teachers Mutual Bank offer?
- Transaction accounts. Teachers Mutual Bank offers a range of accounts for day-to-day banking including a bill-paying account as a dedicated place to store money for bills.
- Savings accounts. Teachers Mutual Bank has six types of savings accounts including high-interest online, reward saver, and tailored accounts for new teachers, kids and pensioners.
- Home loans. Teachers Mutual Bank has both fixed rate and variable interest loans for owner-occupiers and investors.
- Credit card. Teachers Mutual Bank offers a single zero fee, low rate credit card. It doesn’t have any fancy privileges but comes at no cost and a very competitive interest rate.
- Other products. Both insurance and financial planning are offered through Teachers Mutual Bank.
How to apply for a personal loan from Teachers Mutual Bank
To apply for a personal loan with Teachers Mutual Bank you must first become a member, which you can do online.
To become a member you will need to:
- Be an Australian citizen or permanent resident
- Be 18 years old or over
- Purchase a $10 share in the bank (refundable if you choose to leave)
Once you are a member, to apply for a loan you will need:
- Proof of income and assets
- Employer’s name and contact details
- Details of other loans, liabilities and living costs
- Proof of identification
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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
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