Teachers Mutual Bank My First Home Loan Review

Rates and Fees verified correct on December 7th, 2016

Access the flexible options you need to achieve your home ownership dreams with My First Home Loan from Teachers Mutual Bank.

My First Home Loan from Teachers Mutual Bank makes it as easy for first home buyers to break into the property market. It offers a range of flexible borrowing features to make borrowing affordable and help you pay off your loan as soon as possible.

With no monthly fees and no ongoing fees, My First Home Loan allows you to make unlimited additional repayments towards the amount you borrow at any time. There’s also no penalty for early repayment if you can afford to repay your loan ahead of schedule.

A 100% mortgage offset account is included to allow you to minimise the amount of interest you pay on your loan, while 24/7 access makes it easy and convenient to manage your loan facility.

Product NameTeachers Mutual Bank My First Home Loan
Interest Rate TypeVariable
Interest Rate (p.a.)4.66%
Comp Rate^ (p.a.)4.66%
Minimum Loan Amount$25,000
Maximum Loan Amount$1,000,000
Minimum Loan Term0.5 years
Maximum Loan Term40 years
Maximum LVR80%
Maximum Insured LVR98%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Valuation Fee$250
Ongoing Fees$0 p.a.
Settlement Fee$0

Pros

  • $0 application fee.
  • $0 ongoing service fees.
  • $0 settlement fee.

Cons

  • $600 top-up fee if you need to top-up your home loan and borrow additional funds.
  • Any additional valuations or administration outside of the standard upon set of the loan are needed will cost $250.

Things to consider about the Teachers Mutual Bank My First Home Loan

If you’re thinking of applying for the Teachers Mutual Bank My First Home Loan, it’s worth remembering that this loan allows you to pay off your debt early without incurring any penalty. The absence of other ongoing fees and the inclusion of a 100% offset account is also designed to make prompt repayment a reality.

The loan is primarily offered to first home buyers, but there’s also an interest-only option available for borrowers who want to build their new home. The Teachers Mutual Bank My First Home Loan also features a discounted variable interest rate for the life of the loan, and borrowers can use the First Home Owners Grant as part of their settlement.

Features of the Teachers Mutual Bank My First Home Loan

  • Loan amount. This product is suitable for loan amounts of $25,000 and greater.
  • Maximum LVR. With the Teachers Mutual Bank My First Home Loan, you can borrow up to 98% of the value of the property you want to purchase. However, remember that you’ll need to cover the cost of lender’s mortgage insurance (LMI) premiums if you borrow more than 80% LVR.
  • Discounted interest rate. My First Home Loan borrowers can access a discounted variable interest rate for the life of their loan.
  • Repayments. The Teachers Mutual Bank My First Home Loan is available with principal and interest or interest-only repayments. Unlimited additional repayments can be made at any time without incurring a penalty, while there is also no penalty of you pay your loan off early.
  • Redraw facility. A fee-free redraw facility offers easy access to the additional repayments you make towards your loan.
  • Offset account. The Teachers Mutual Bank My First Home Loan features a 100% offset account, which allows you to minimise the interest you must pay on the amount you borrow.
  • Extended loan term. This loan is available with a term of up to 40 years, to suit your budget and repayment needs.
  • Loan split. You have the option of splitting this loan to take advantage of the benefits of both variable and fixed interest rates.
  • Repayment pause. If your circumstances change or you fall on financial hard times, the repayment pause option allows you to take a break from your mortgage repayments and get your finances back in order.
  • Accessibility. You can manage your Teachers Mutual Bank My First Home Loan account 24/7 via internet, mobile and phone banking.

Fees

Fees you can avoid

  • Establishment fees: $0. There is no application or settlement fee when you apply for a Teachers Mutual Bank My First Home Loan.
  • Monthly fees: $0. This loan does not attract any ongoing account-keeping fees.
  • Additional repayment fee: $0. You can make unlimited additional repayments towards your loan at any time without incurring a fee.
  • Early repayment fee: $0. You won’t be charged any fees for paying off your loan ahead of schedule.
  • Redraw fee: $0. You can access the additional repayments you make towards your loan through a fee-free redraw facility.

Fees you can’t avoid

  • Top up fee: $300. This fee will be charged if you decide to top up your loan.
  • Valuation and administration fee: $250. This fee applies to additional valuations that apply to your loan

How to apply for the Teachers Mutual Bank My First Home Loan?

If you’d like to find out more information about the Teachers Mutual Bank My First Home Loan, click on the “Go to site” link on this page to be redirected to the Teachers Mutual Bank website. You can then get in touch with Teachers Mutual Bank to discuss your borrowing needs and whether you are eligible for this loan.

During the application, you’ll need to supply:

  • Personal details. You’ll need to provide your full name, date of birth and contact information.
  • Loan purpose. You’ll need to provide information about the amount you wish to borrow and what you will use the money for.
  • Details of your income. You will need to supply details about your employment and all sources of income. This will help the lender determine your ability to make repayments.
  • Details of your expenses. Teachers Mutual Bank will need to know about any ongoing expenses you may have, for example personal loans or credit card debt.
  • Property details. You will need to supply information about the property you want to buy.

The Teachers Mutual Bank My First Home Loan offers plenty of flexible features to suit the needs of first-time homebuyers. Compare this loan with other mortgages on finder.com.au to find the best home loan for you.

Teachers Mutual Bank My First Home Loan Review Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 11 March 2016 at 9:45.

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Teachers Mutual Bank My First Home Loan

  • Interest Rate

    4.66% p.a.

  • Comparison Rate

    4.66% p.a.

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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