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This loan is available to members of the Teachers Mutual Bank for loan amounts between $4,000 up to $80,000. You can become a member by purchasing a $10 share when you apply. The loan can be used for any purpose, including travel, home improvements or unforeseen events. The interest rate is variable, meaning that it can fluctuate month by month based on the market interest rate. The interest rate starts at 11.99% p.a., with a comparison rate of 12.14% p.a. There are no monthly fees with this loan, but there is an application fee of $100.
From 11.99% (variable)
Interest Rate (p.a.)
12.14%
Comparison Rate (p.a.)
$4,000
Min Loan Amount
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Product Name | Teachers Mutual All Purpose Personal Loan |
---|---|
Interest Rate (p.a.) | From 11.99% (variable) |
Comparison Rate (p.a.) | 12.14% |
Interest Rate Type | Variable |
Min Loan Amount | $4,000 |
Max. Loan Amount | $80,000 |
Borrow between $4,000 and $80,000 and repay over a maximum period of 7 years. You also have the option to make additional payments which you can access through a free redraw facility. No fees are a charged for early settlement. The interest is variable and starts at 11.99% p.a.
Keep in mind that only members of the Teachers Mutual Bank can apply for this loan. To become a member, you or a family member must be employed in the Australian education sector. A $10 membership applies. While there are no ongoing or redraw fees associated with this loan, you will be charged an establishment fee of $100 and a dishonour fee of $8 for failed direct debits.
If you're interested in applying for this loan, here are some of its features:
You can start your application conveniently online. Joint applications are allowed. Keep in mind the following eligibility criteria:
In addition to the information supplied for membership, you will also be asked to provide details concerning:
Applying for a personal loan is a good way to bridge financial gaps, especially when dealing with costly unforeseen circumstances. However, every loan must be repaid, so be sure you can afford repayments before signing any contracts.