Teachers Mutual Bank Secured Car Loan

Looking for a new car? Get in the driver’s seat with full control over your repayments and no annual or ongoing fees.

With attractive features and competitive rates and fees, the Teachers Mutual Bank Secured New Car Loan is a good option for anyone looking to take full control of their repayments. There are no annual fees, no ongoing fees and just a one-off application fee charged upfront.

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$100

Application Fee

From 8.39% (variable)

Interest Rate (p.a.)

8.53%

Comparison Rate (p.a.)

$80,000

Max Loan Amount

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Details

Product NameTeachers Mutual Secured New Car Loan
Interest Rate (p.a.)From 8.39% (variable)
Comparison Rate (p.a.)8.53%
Interest Rate TypeVariable
Min Loan Amount$10,000
Max Loan Amount$80,000

Factors to consider about the Teachers Mutual Bank Secured New Car Loan

The Teachers Mutual Bank Secured New Car Loan offers a competitive 8.39% p.a. variable interest rate. Your new car is offered as collateral to secure your loan. Loan fees are very low, with just a $100 loan application fee charged upfront and a $10 share purchase to become a Teachers Mutual Bank member.

You can request a loan amount ranging from $10,000 to $80,000. The loan term can extend to 8 years and, coupled with the ability to structure repayments according to what works best for you, this product ensures you have full control over your repayments. In addition, you can add accessories such as your car's navigation system, alarm and insurance into the loan.

Features of the Teachers Mutual Bank Secured New Car Loan

  • Interest rate. The interest rate starts at 8.39% p.a. The rate is variable, so it may fluctuate depending on the market. Make sure you're able to make repayments if the rate happens to spike upwards during the life of your loan.
  • Loan term. You're able to take advantage of a flexible loan term ranging from 3 to 8 years.
  • Loan amount. The loan amount ranges from $10,000 to $80,000, making it ideal for choosing a wide range of new vehicles.
  • Competitive fees. There are no annual fees or ongoing fees whatsoever, just a $100 loan application fee.
  • Flexible repayment schedule. You're able to choose your own repayment schedule and make either weekly, fortnightly or monthly repayments. Whatever you select will be fixed for the entire term of the loan.
  • Additional repayments. With no early repayment penalty, you have the option of making extra repayments at no additional charge, making it easier to pay off your loan faster.

How much does the loan cost?

  • Loan application fee. This is a one-off $100 fee charged upfront when you've accepted and signed the loan contract.
  • Interest. You'll be charged an interest rate starting at 8.39% p.a. on your remaining principal balance. Be aware that this is a variable interest rate that may increase or decrease, potentially affecting your monthly repayment amount.
  • PPSR registration. Since your vehicle will be used as security for your loan, your vehicle must be registered with the Personal Property Securities Register (PPSR). PPSR registration is at cost, meaning you must pay whatever PPSR charges at the time of registration. This is a one-off fee that must be paid to satisfy the terms of any secured car loan in Australia.
  • PPSR amendment. If you sell your car or transfer ownership to another person during the loan term, you will need to file an amendment with the PPSR office, which will incur a one-off fee.

How to apply for the Teachers Mutual Bank Secured New Car Loan

You can begin the application process online. Make sure you satisfy the following criteria to ensure eligibility. You must:

  • Be at least 18 years old
  • Be an Australian citizen or permanent resident
  • Have a steady income
  • Be able to meet your loan repayments
  • Have a good credit history
  • Pay $10 to buy a share in Teachers Mutual Bank to become an official member

Make sure you have the following items on hand to complete your application:

  • Identification. This is required to show proof of residency and age.
  • Official details of income and employment. This may include pay stubs, income verification forms, rental income, proof of employment, etc.
  • Bank account details. This is required for Teachers Mutual Bank to process your $10 share payment and approve you as a member.
  • Assets and liabilities. Make sure you have on hand any documentation showing proof of your assets as well as any liabilities such as outstanding personal loan balances.
  • Tax information. You will need your most recent tax return and, if self-employed, your latest notice of assessment.

The online application process is straightforward and simple and it should take you about 30 minutes to complete. If your application is successful, you should receive approval within two business days (sometimes sooner). Once approved, your funds will be either deposited into the seller's account or provided to you as a cheque.

The attractive features and low cost of the Teachers Mutual Bank Secured New Car Loan offers an added advantage over many other products. Make sure you compare all your available car loan options before deciding on the loan product that's right for you.

Compare car loan providers

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Loans.com.au - New and Dealer Used Car Loan
From 4.67% (fixed)
5.22%
$5,000
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$400
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Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
Plenti Car Loan
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Wisr Secured Car Loan
From 4.74% (fixed)
5.01%
$5,000
3 to 7 years
$195 for refinance and dealer sale ($245 for private sale)
$0
You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

⭐Special Offer: Wisr's standard establishment fee $605 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
Stratton Finance New Car Loan
From 3.85% (fixed)
4.05%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 3.85% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
Credit Concierge Car Loan
From 3.35% (fixed)
4.41%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.35% p.a. with a comparison rate of 4.41% p.a.
Get access to over 20 providers to fund a new or used car.
IMB New Car Loan
4.99% (fixed)
5.34%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
$0
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
RACV New Car Loans
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
NRMA New Car Loan
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 3 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
Heritage Bank Car Loan
4.89% (fixed)
5.53%
$5,000
1 to 7 years
$200
$5
You'll receive a fixed rate from 4.89% p.a.
Finance a new or used car up to 5 years old. Large maximum borrowing amount up to $100,000 and terms up to 7 years.
OurMoneyMarket Car Loan
From 5.35% (fixed)
5.65%
$2,001
1 to 7 years
$250
$0
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.
RACQ Bank Car Loan Special
5.49% (fixed)
6.16%
$3,000
Up to 7 years
$395
$0
You'll receive a fixed rate of 5.49% p.a.
Borrow up to $60,000 for a new or used car and get a range of membership benefits.
SocietyOne Car Loan
From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
NAB Personal Loan Unsecured Fixed
From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
NRMA Used Car Loan
From 6.24% (fixed)
6.94%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.24% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
Symple Loans Personal Loan
From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
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