Teachers Mutual Bank Solutions Plus Home Loan

Rates and Fees verified correct on December 6th, 2016

With a low rate and money-saving features, the Teachers Mutual Bank Solutions Plus Home Loan is a viable option.

With a low variable interest rate from 4.35% p.a., the Teachers Mutual Bank Solution Plus Home Loan comes with a 100% offset account, a split loan option and a free redraw facility. It offers a discounted variable rate over the life of the loan and other benefits for owner-occupiers.

The Solutions Plus Home Loan offers a maximum loan-to-value (LVR) ratio of 95% (including lenders mortgage insurance and/or mortgage repayment insurance).

Interest Rate Max Insured LVR Max LVR
$150,000 to $249,999 (Owner Occupier)
4.75% p.a.
Comparison Rate
5.00% p.a.
95% 80%
$150,000+ (Investor)
4.75% p.a.
Comparison Rate
5.00% p.a.
70% 70%
$250,000 to $499,999 (Owner Occupier)
4.45% p.a.
Comparison Rate
4.70% p.a.
95% 80%
$500,000 to $749,999 (Owner Occupier)
4.42% p.a.
Comparison Rate
4.67% p.a.
95% 80%
$750,000+ (Owner Occupier)
4.35% p.a.
Comparison Rate
4.60% p.a.
95% 80%
Product NameTeachers Mutual Bank Solutions Plus Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Amount$5,000,000
Minimum Loan Term0.5 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$600
Valuation Fee$250
Ongoing Fees$0 p.a.
Settlement Fee$150

Pros

  • 100% offset account
  • Redraw facility available
  • Interest only options available

Cons

  • $0 annual rewards package fee
  • $600 application fee.
  • Settlement fee of $150.

Things to consider about the Teachers Mutual Bank Solutions Plus Home Loan

If you’re thinking of applying for the Teachers Mutual Bank Solutions Plus Home Loan, keep in mind that there is no penalty if you pay off your loan early.

Although it comes with a split loan option, remember that you’ll only receive a discounted rate on the variable portion of your loan.

This loan also comes with a repayment pause feature for distressed borrowers.

Features of the Teachers Mutual Bank Solutions Plus Home Loan

  • Loan amount. This product is suitable for loan amounts of $150,000 and greater.
  • Maximum LVR. With the Teachers Mutual Bank Solutions Plus Home Loan, you can borrow up to 95% LVR (including lenders mortgage insurance and/or mortgage repayment insurance).
  • Redraw facility. A fee-free redraw facility allows you to access additional repayments you’ve made towards your loan.
  • Offset account. This loan comes with a 100% offset account, which allows you to minimise interest and pay down the loan sooner.
  • Loan split. With this product, you have the choice of splitting your loan with a fixed home loan, which allows you to fix part of your repayments. Keep in mind that the discounted rate only applies to the variable portion of your loan.
  • Repayment pause. If you experience a change in your situation or financial hardship, a repayment pause option can give you time to get your finances in order without having to worry about your mortgage commitments.
  • Repayment type. With the Teachers Mutual Bank Solutions Plus Home Loan, you can make principal and interest repayments or interest-only repayments.
  • Accessibility. You can access your mortgage account 24/7 via internet, mobile and phone banking, which is useful when you’re on the go.

Fees

Fees you can avoid

  • Rewards package fee. $0 per year. There is $0 rewards package fee is charged annually to your account.
  • No monthly fees. $0. With the Teachers Mutual Bank Solutions Plus Home Loan, you won’t have to budget for any ongoing account-keeping fees.

Fees you can’t avoid

  • Establishment fee. $600. This fee is charged for the setup of your home loan.
  • Settlement attendance fee. $150. This fee it is normally charged to cover the processing and administration costs for the settlement of your home loan.
  • Loan top-up. There is $300 fee if you want to apply for a loan increase.
  • Valuation and administration fee. $250. This fee may be charged for any additional valuation or administration required for your loan.

How to apply for the Teachers Mutual Bank Solutions Plus Home Loan

If you’d like to enquire about the Teachers Mutual Bank Solutions Plus 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 this product.

During the application, you’ll need to provide the following:

  • Personal details. Provide your name, date of birth and current residential address.
  • Loan purpose. You’ll need to confirm the loan amount and the purpose of the loan.
  • Income. Teachers Mutual Bank will need information about your employment and income status to determine your capacity to repay the loan.
  • Expenses. You’ll need to provide information on 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 about the residential property you want to buy.

The Teachers Mutual Bank Solutions Plus Home Loan offers a discounted rate for the life of the loan and is suitable for loan amounts of $150,000 or more. This product offers a 100% offset account, a free redraw facility and a split loan option that can help you structure your loan to suit your needs.

Before you apply for this loan, compare several home loans available on the market to ensure it’s a suitable product for you.

Teachers Mutual Bank Solutions Plus Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 14 October 2016 at 12:12.

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Teachers Mutual Bank Solutions Plus Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $600 / $0

  • Max LVR

    80%

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