This flexible loan from Teachers Mutual is available from $2,000 with no monthly fees and a free redraw facility.
This loan is available to members of the Teachers Mutual Bank for a maximum loan amount of $80,000. The loan can be used for any purpose, including travel, home improvements or unforeseen events.
|Product Name||Teachers Mutual All Purpose Personal Loan|
|Interest Rate (p.a.)||From 13.19% (variable)|
|Comparison Rate (p.a.)||13.9%|
|Interest Rate Type||Variable|
|Min Loan Amount||$2,000|
|Max. Loan Amount||$80,000|
Things to consider about Teachers Mutual All Purpose loan
Borrow between $2,000 and $80,000 and repay over a maximum period of 6 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 13.19% 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.
Features of the Teachers Mutual All Purpose loan
If you’re interested in applying for this loan, here are some of its features:
- Available to members only. This loan product is only available to Teacher Mutual Bank members. You can become a member by purchasing a $10 share when you apply.
- Quick online application. The online application form takes a few minutes to complete.
- Flexible. This is an all-purpose loan to be used for any expense.
- Loan amount. Depending on what you can afford, you can borrow between $2,000 and $80,000.
- Loan term. This loan can be repaid over a maximum loan period of 6 years. You can choose to make weekly, fortnightly and monthly repayments.
- Competitive interest. The interest charged starts at 13.19% p.a. Interest is variable, which means that it can change throughout your loan term.
- Extra repayments. You can make additional payments without risking a penalty fee.
- Free redraw. You can withdraw additional repayments through a free redraw facility.
- Early settlement. No fees are charged for early settlement.
- Accessible. You can manage your loan online, over the phone and through mobile banking.
How to apply for the Teachers Mutual All Purpose loan
You can start your application conveniently online. Joint applications are allowed. Keep in mind the following eligibility criteria:
- You must be a member of Teachers Mutual Bank.
- You must be at least 18 years old.
- You must an Australian citizen or permanent resident.
In addition to the information supplied for membership, you will also be asked to provide details concerning:
- Salary and other sources of income
- Existing debts and liabilities
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.