Teachers Mutual Bank Travel Loan review - Rates, fees | finder.com.au

Teachers Mutual Bank Travel Loan

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Teachers Mutual Bank offers a tailor-made loan with no ongoing fees to help you take off on your next adventure.

A Teachers Mutual Bank Travel Loan is specifically designed for holidays and travel. It offers a lower interest rate than a line of credit or a credit card, which allows you to enjoy yourself more while you are away.


From 11.45% (variable)

Interest Rate (p.a.)

12.15%

Comparison Rate (p.a.)

$2,000

Min Loan Amount

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Details

Product NameTeachers Mutual Travel Loan
Interest Rate (p.a.)
From 11.45% (variable)
Comparison Rate (p.a.)12.15%
Interest Rate TypeVariable
Min Loan Amount$2,000
Max. Loan Amount$30,000

Things to consider about the Teachers Mutual Bank Travel Loan

This is a travel loan, which may be a cheaper alternative to a credit card to fund your next holiday. The loan is unsecured, so you do not need to put up any assets as collateral. It also has a variable interest rate of 11.45% p.a., which is generally lower than fixed rate options. Teachers Mutual Bank allows you to make additional repayments to pay your loan off sooner without incurring any fees.

Teachers Mutual Bank is similar to a credit union in that it exists solely to provide good value services to its members. You must become a member before you can use its services.

Features of the Teachers Mutual Bank Travel Loan

The Teachers Mutual Bank travel loan comes with a full range of features to make managing and repaying your loan easier.

  • No ongoing fees. There is an application fee of $100, but there are no ongoing maintenance or monthly fees. As long as you make all your repayments on time and don’t overdraw the loan amount, you will only have to make interest repayments.
  • Variable Interest rate. The interest rate is currently 11.45% p.a.
  • Flexible repayment terms. Align your loan repayments with your pay cycle and make either weekly, fortnightly or monthly repayments.
  • Ability to make extra repayments. You are able to make additional repayments without incurring a fee or penalty. This is a handy way to save on the total interest you pay by repaying the loan amount sooner.
  • Low minimum loan amount. Loans can be from $2,000 to $30,000, giving you a low interest rate alternative to using a credit card for small sums.
  • Loan term. You can take out a loan for up to 5 years. A fee is charged if the loan is paid off before 12 months.
  • Fee-free redraw facility. This gives you the option of redrawing additional repayments at no extra charge so you can access any extra money you have already contributed to the loan.

How to apply for the Teachers Mutual Bank Travel Loan

To apply for a travel loan with Teachers Mutual Bank you must first become a member, which can be done online.

To become a member you will need to:

  • Be an Australian citizen or permanent resident
  • Be 18 years old or over
  • Purchase a $10 share in the bank (refundable if you choose to leave)

Once you are a member, to apply for a travel loan you will need:

  • Proof of income and assets
  • Employer’s name and contact details
  • Details of other loans, liabilities and living costs
  • Proof of identification

The Teachers Mutual Bank travel loan is a low-cost option for your next big holiday. Before you apply for any financing, be sure to check out other unsecured personal loans to compare interest rates and find the best option for you.

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