Victorian Teachers Mutual Bank Education Package Home Loan

Rates and Fees verified correct on December 6th, 2016

Combine a reduced interest rate with a wide range of discounts on other products when you take out a Victorian Teachers Mutual Bank Education Package Home Loan.

A package home loan is designed to help you save money by bundling a home loan and discounts on a range of other financial products into the one package. The Victorian Teachers Mutual Bank Education Package Home Loan offers a range of benefits to borrowers, combining a 0.80% p.a. interest rate discount with flexible loan inclusions and discounts on a number of other products.

With access to multiple offset accounts, you can minimise the amount of interest you pay on your loan and get out of debt quicker. You also have the option of splitting your loan and taking advantage of the benefits of variable and fixed interest rates, plus you can enjoy access to a Visa Platinum credit card with no annual fee and discounts on loan fees and insurance policies.

Interest Rate Max Insured LVR Max LVR
Variable LVR <=80% (Owner Occupier)
3.79% p.a.
Comparison Rate
4.11% p.a.
80% 80%
First Home Buyer LVR >80% (Investor)
4.39% p.a.
Comparison Rate
4.68% p.a.
95% 80%
First Home Buyer LVR >80% (Owner Occupier)
3.99% p.a.
Comparison Rate
4.29% p.a.
95% 80%
First Home Buyer LVR <=80% (Investor)
4.19% p.a.
Comparison Rate
4.49% p.a.
80% 80%
Variable LVR >80% (Owner Occupier)
3.99% p.a.
Comparison Rate
4.31% p.a.
95% 80%
Variable LVR >80% (Investor)
4.39% p.a.
Comparison Rate
4.70% p.a.
95% 80%
Variable LVR <=80% (Investor)
4.19% p.a.
Comparison Rate
4.51% p.a.
80% 80%
Refinancers LVR <=80% (Owner Occupier)
3.79% p.a.
Comparison Rate
4.10% p.a.
80% 80%
1 Year Fixed LVR >80% (Owner Occupier)
3.79% p.a.
Comparison Rate
4.29% p.a.
90% 80%
1 Year Fixed LVR <=80% (Investor)
3.79% p.a.
Comparison Rate
4.11% p.a.
80% 80%
1 Year Fixed LVR <=80% (Owner Occupier)
3.79% p.a.
Comparison Rate
4.11% p.a.
80% 80%
1 Year Fixed LVR >80% (Investor)
3.79% p.a.
Comparison Rate
4.29% p.a.
90% 80%
2 Years Fixed LVR >80% (Owner Occupier)
3.79% p.a.
Comparison Rate
4.28% p.a.
95% 80%
2 Years Fixed LVR <=80% (Owner Occupier)
3.79% p.a.
Comparison Rate
4.11% p.a.
80% 80%
2 Years Fixed LVR <=80% (Investor)
3.79% p.a.
Comparison Rate
4.11% p.a.
80% 80%
2 Years Fixed LVR >80% (Investor)
3.79% p.a.
Comparison Rate
4.28% p.a.
95% 80%
3 Years Fixed LVR <=80% (Investor)
3.69% p.a.
Comparison Rate
4.09% p.a.
95% 85%
3 Years Fixed LVR >80% (Owner Occupier)
3.69% p.a.
Comparison Rate
4.23% p.a.
90% 80%
3 Years Fixed LVR <=80% (Owner Occupier)
3.69% p.a.
Comparison Rate
4.09% p.a.
80% 80%
3 Years Fixed LVR >80% (Investor)
3.69% p.a.
Comparison Rate
4.23% p.a.
90% 80%
4 Years Fixed LVR >80% (Owner Occupier)
4.29% p.a.
Comparison Rate
4.41% p.a.
90% 80%
4 Years Fixed LVR <=80% (Owner Occupier)
4.29% p.a.
Comparison Rate
4.28% p.a.
80% 80%
4 Years Fixed LVR <=80% (Investor)
4.29% p.a.
Comparison Rate
4.28% p.a.
80% 80%
4 Years Fixed LVR >80% (Investor)
4.29% p.a.
Comparison Rate
4.41% p.a.
90% 80%
5 Years Fixed LVR <=80% (Investor)
4.29% p.a.
Comparison Rate
4.32% p.a.
80% 80%
5 Years Fixed LVR >80% (Investor)
4.29% p.a.
Comparison Rate
4.43% p.a.
90% 80%
5 Years Fixed LVR <=80% (Owner Occupier)
4.29% p.a.
Comparison Rate
4.32% p.a.
80% 80%
5 Years Fixed LVR >80% (Owner Occupier)
4.29% p.a.
Comparison Rate
4.43% p.a.
90% 80%
Product NameVictoria Teachers Mutual Bank Education Package Home Loan
Interest Rate TypeVariable or Fixed
Comp Rate^ (p.a.)
Maximum LVR85%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Split Loan FacilityYes
Fixed Interest OptionYes
Suitable for InvestmentYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$300
Ongoing Fees$300 p.a.
Discharge Fee$350

Pros

  • 100% offset account.
  • Interest only repayment option is available.
  • Splitting options is available.

Cons

  • Maximum LVR of $95.
  • $300 annual fee.
  • There is an application fee of $300. (this is currently waived if you apply before 30 November 2016.)

Features of the Victorian Teachers Mutual Bank Education Package Home Loan

The Education Package Home Loan offers many benefits to borrowers, including:

  • Maximum Loan-to-Value Ratio (LVR). The Victorian Teachers Mutual Bank Education Package Home Loan is available with a maximum LVR of 95%. You can also take out a loan of up to 85% LVR without taking out lender’s mortgage insurance (LMI), but loans above 85% and up to 95% LVR will require this cover. The interest rate available on your loan also depends on the LVR, with lower LVR borrowers able to access lower rates.
  • Suited to a wide range of borrowers. This package loan can be used by new homebuyers and builders, people buying established homes and investors looking to buy or build a home.
  • Interest rate discount. Victorian Teachers Mutual Bank Education Package Home Loan borrowers receive a 0.80% p.a. discount off the lender’s standard variable rate for the life of their loan.
  • Offset accounts. This package loan allows you to open multiple offset accounts to not only manage your everyday banking needs, but also to reduce the amount of interest you pay on your loan balance.
  • Repayment options. The Victorian Teachers Mutual Bank Education Package Home Loan is available with principal and interest repayments only on owner-occupier loans. Investment borrowers can access interest-only repayments for 1-5 and 10-year terms.
  • Loan split option. If you want to take advantage of the various benefits that fixed and variable interest rates have to offer, you have the option to split your home loan account.
  • Credit card with no annual fee. Victorian Teachers Mutual Bank Education Package Home Loan borrowers also receive a Visa Platinum credit card with no annual fee.
  • Waived or reduced fees. If you take out a Victorian Teachers Mutual Bank Education Package Home Loan before 30 November 2016, the already reduced establishment fee of $300 is waived entirely. Other discounts available to borrowers include a reduced switching fee, no transaction fees using the Commonwealth Bank ATM network, no establishment fees for personal loans and access to CGU insurance policies at competitive prices.

Fees

As part of the package, you will receive fee waivers or discounts, but there are still some fees you may be asked to pay, which are listed below:

  • Establishment fee: $0. The establishment fee is waived if you take out a loan before 30 November 2016. A $300 fee applies to borrowers who take out a loan after this time, but this is still discounted relative to the normal establishment fee.
  • Package fee: $300. This annual fee must be paid in order to access all the benefits of this package loan.
  • Discharge fee: $350. This fee is charged when you close your loan accounts with the bank and discharge your mortgage from them.

What you need to know before applying

If the Victorian Teachers Mutual Bank Education Package Home Loan sounds like it could be right for you, click one of the “Apply Now” links on this page. This will take you to the Victorian Teachers Mutual Bank website where you can find out more about the loan and apply online. Alternatively, you can begin your application by phoning the bank directly or visiting its service centres at Hawthorn East or Moonee Ponds.

Before you can apply you must make sure that you meet the following criteria:

  • Age requirement. You must be at least 18 years of age.
  • Residency requirement. You must reside in Australia.
  • Privacy policy requirement. You must read, understand and agree to the bank’s privacy policy.

During the application process you will need to provide:

  • Proof of ID. Valid photo ID will be required and you will also need to supply your full name, address and contact details.
  • Proof of income. The bank will require bank statements and payslips to prove your employment status and income.
  • Details of your assets and liabilities. This includes evidence of your savings history and any outstanding loan amounts.
  • Details of the purpose of your loan. This may include the contract of sale and evidence of the deposit paid if buying a home, or a fixed price building contract and building permits and insurance if building a home.

Once you’ve submitted your application, a Victorian Teachers Mutual Bank representative will be in touch as soon as possible to discuss your borrowing requirements and to request any additional information.

The Victorian Teachers Mutual Bank Education Package Home Loan is well worth considering if you’re looking for a package loan. Compare it with other package home loan products at finder.com.au today.

Victorian Teachers Mutual Bank Education Package Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 29 September 2016 at 12:54.

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Victoria Teachers Mutual Bank Education Package Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $300 / $300

  • Max LVR

    85%

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