Teachers Mutual Bank Personal Loans

Rates and Fees verified correct on April 27th, 2017

Low cost personal loans with good flexibility from a member-owned bank which exists to benefit members, not make a profit.

Teachers Mutual Bank was started in 1966 as a credit union for teachers and their families. It is a member-owned organisation and exists solely 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.

Teachers Mutual Bank personal loans

Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
Teachers Mutual All Purpose Personal Loan
From 13.19% (variable)
6 years
Enjoy a competitive rate to consolidate debt, invest or make a large purchase.
Teachers Mutual Travel Loan
From 11.45% (variable)
5 years
Enjoy no ongoing fees and a variable rate to pay for any travel-related expenses.
Teachers Mutual Secured New Car Loan
From 8.39% (variable)
3 to 8 years
Get a competitive low rate and apply for up to $80,000 to buy a new car.
Teachers Mutual Car Loan
Teachers Mutual Car Loan
From 9.95% (variable)
1 to 6 years
Enjoy a competitive rate to purchase a car up to 10 years old.

Compare up to 4 providers

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 13.9% 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 8.71% p.a.
  • Car loan. For new or used cars up to 10 years old or classic cars over 30 years old. Interest rate of 9.95% p.a. and comparison rate of 10.64% 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
Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 20 April 2017 at 4:06pm.

Citi Personal Loan Plus

Borrow up to $75,000 with this personal loan offer from Citi.

ANZ Variable Rate Personal Loan

A variable rate loan that lets you make and redraw additional repayments.

NAB Personal Loan Unsecured Variable Rate

An unsecured loan with a redraw facility that allows you to access money you've paid in advance. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

Ask a Question

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

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question