With a competitive rate and useful features, the Teachers Mutual Bank Classic Home Loan is worth comparing.
With a low variable interest rate of 3.85% p.a., the Teachers Mutual Bank Classic Home Loan is available to owner-occupiers for a new purchase or an external refinance.
The Teachers Mutual Bank Classic Home Loan comes with no hidden or monthly ongoing fees, a free redraw facility and a maximum loan-to-value (LVR) ratio of 85%.
| Product Name | Teachers Mutual Bank Classic Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Maximum Loan Amount | $1,000,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 85% |
| Loan Redraw Facility | Yes |
| Fixed Interest Option | No |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest |
| Application Fee | $600 |
|---|---|
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $150 |
Pros
- Extra repayment options.
- Redraw facility with $0 fee.
- $0 ongoing fees.
- Ability to take a repayment holiday if your situation changes.
Cons
- Minimum deposit of at least 15% required
- Not available for investment purposes
- No interest only options
- Establishment fee of $600
- Settlement fee of $150
Things to consider about the Teachers Mutual Bank Classic Home Loan
If you’re thinking of applying for the Teachers Mutual Bank Classic Home Loan, keep in mind that there is no penalty if you pay off your loan early. Additionally, there is no minimum redraw amount, which means you have the flexibility of accessing your funds when you need them.
The Teachers Mutual Bank Classic Home Loan also comes with a repayment pause option if you’re unable to meet your periodic repayments due to a lifestyle change.
This loan is available to owner-occupiers only.
Features of the Teachers Mutual Bank Classic Home Loan
- Loan amount. You can borrow between $150,000 and $1,000,000 with this loan.
- Maximum LVR. With the Teachers Mutual Bank Classic Home Loan, you can borrow up to 85% LVR (including lenders mortgage insurance and/or mortgage repayment insurance).
- Loan purpose. This loan is available to owner-occupiers for a new purchase or an external refinance.
- Redraw facility. A fee-free redraw facility allows you to access additional repayments you’ve made. There is no minimum redraw amount.
- Repayment pause. If you experience a change in your situation or you find it difficult to meet your mortgage commitments, this loan comes with a repayment pause option that gives you flexibility in your budget and cash flow.
- Repayment type. With this loan, you can make principal and interest repayments only.
- Accessibility. You can access your account 24/7 via internet, mobile and phone banking, which is convenient for when you’re on the go.
Fees
Fees you can avoid
- Ongoing fees: $0. No ongoing monthly fees mean you can focus on repaying your home loan.
- Rewards package fee: $0. With the Teachers Mutual Bank Classic Home Loan, you can avoid the standard rewards package fee if you decide to bundle your home loan with other products.
Fees you can’t avoid
- Establishment fee: $600. This fee covers the administration cost of setting up your mortgage documents.
- Settlement advance fee: $150. The settlement advance fee covers processing costs for the settlement of your home loan.
- Valuation and administration fee: $250. This fee is charged for any additional valuation or administration required.
How to apply for the Teachers Mutual Bank Classic Home Loan
If you’d like to apply for the Teachers Mutual Bank Classic Home Loan, click on the “Go to site” link to be redirected to the Teachers Mutual Bank website. Here, you can enquire with a Teachers Mutual Bank representative to discuss your eligibility for the loan.
During the application process, you’ll need to provide the following:
- Personal details. You’ll need to provide your name, date of birth and current residential address.
- Loan purpose. You’ll need to confirm the loan amount and purpose.
- Income. Teachers Mutual Bank will need information about your employment and income to determine your serviceability potential.
- Expenses. During the application process, you’ll need to provide information regarding your living expenses and any debt that you may have such as personal loans or credit cards.
- Property details. Teachers Mutual Bank will need details of the property you want to buy.
The Teachers Mutual Bank Classic Home Loan is a competitive home loan that keeps things simple. Suitable for owner-occupiers borrowing amounts greater than $150,000, this loan comes with useful features, including a free redraw facility and a payment pause option for distressed borrowers.
Before you apply for this loan, compare a range of home loans on the market to make sure it’s a good fit for you.
If my loan is less than $70 000 what is the best variable redraw rate I can receive?
Hello Katherine,
Thank you for the inquiry. :)
You can use our full-guide and calculator on this page to get the rates that match your needs. Put the value on the borrowing amount and choose the desired period and then click “Calculate”. It would show you the list of lenders that you can choose from.
As soon as you have your chosen lender, you can click “Go to Site” green button to proceed with your application.
Hope this helps.
Cheers,
Jonathan