Teachers Mutual Bank Home Loans


Teachers Mutual Bank Refinancing

Compare Teachers Mutual Bank Home Loans

Teachers Mutual Bank Home Loan Products

Teachers Mutual Bank Classic Home Loan

Teachers Mutual’s Basic Classic Home loan is designed to be a convenient point of connection between homebuyers and the funds they need. This represents TM’s basic product an affordable way for homebuyers to acquire property and is available to owner occupiers only.

  • Suitable for new purposes and external refinancing
  • Settlement includes Lenders Mortgage Insurance
  • Settlement total up to 85% of property value
  • No additional fees after setup, including for redrawn funds
  • Simple application process, and access to round the clock online and mobile banking

Teachers Mutual Bank Flexi Choice Home Loan

The Flexi Choice Home Loan features a variable interest rate, which could be more suitable to the circumstances of some homebuyers than a fixed rate loan. Teachers Mutual explain that, while the rate is variable, it will always remain competitive, and that the set up of this loan provides additional flexibility to homebuyers.

Customers can enjoy;

  • Flexible repayments with no limit applied to additional payments
  • Repayment holiday
  • Option to split loan into fixed and varied components
  • No fee after initial fee
  • No early repayment penalty
  • Offset facility available of up to 100% of total loan value
  • Wide range of banking options to keep track of your loan

Teachers Mutual Bank My First Home Loan

Tailored specifically for first time buyers, the My First Home Loan boasts low rates and low fees, along with the sort of flexibility that young homebuyers need. Buying that first home and getting on the property ladder is a dream for many; with this product, it could be about to come a reality.

Customers can expect;

  • No recurring fees
  • Ability to split loan into variable and fixed interest components
  • No early payment penalty
  • Ability to submit extra repayments, and then redraw or enjoy repayment holiday
  • Discounted interest rate
  • Loan terms of up to 40 years
  • Credit card and insurance offers when purchased in conjunction with the loan

Teachers Mutual Bank Teachers Interest Only

This standard loan features a variable interest rate, and enables the homebuyer to pay off only the interest on the loan each time a payment is made. This prolongs the term of the loan but enables more affordable payments which can be reconfigured at a later date.

Teachers Mutual Bank Solutions Plus Home Loan

Discounted rates for the entire lifetime of the loan are the reward for the customer who selects TM’s Solutions Plus variable loan. Only members of the Rewards Package are eligible for this loan, which provides the following;

  • Repayment holiday
  • Interest payments only
  • No early repayment penalty
  • No recurring charges
  • Redraw facility with no minimum spend
  • Can split loan between variable and fixed rate
  • Access via a variety of banking platforms including mobile, internet and telephone

Teachers Mutual Bank Fixed Rate Home Loan

Some customers may find their needs better served by a fixed rate loan. For this purpose, TM Bank provides five different options, with interest rates frozen from one to five years depending on your selection. Following the completion of this term, the interest will be applied at a variable rate.

Each fixed rate loan tier will include the following benefits;

  • Offset facility to enable quick payment
  • Ability to split loan into different components
  • No recurring charges
  • 24 hour banking access

Teachers Mutual Bank Rewards Package

The Rewards Package for TM Bank customers. This package gives you exclusive access to discounts and deals with a wide range of other savings, as well as the option to apply for the Solutions Plus loan product.

About Teachers Mutual Bank Refinancing

Existing Home Loan Fees

In order to enter into a new home loan agreement, you must first be released from any existing agreements they may have. Depending on the nature of the agreement, this can result in several types of fees.

  • A discharge fee may need to be paid to the current home loan provider before you can begin the process.
  • A penalty fee may then be charged if the terms and conditions of the agreement are broken.

Refinancing Fees

Some fees may also be charged by the new loan provider. Again, this will vary between providers and between the types of product being offered.

  • A registration fee may be charged by the government.
  • An application fee may be charged upon submission of documents
  • The loan provider may charge a valuation fee when they estimate the value of the property
  • Some legal fees may be borne by the customer.
  • If the Loan to Value Ratio (LVR) is above 80%, you will also be required to take out Lenders Mortgage Insurance
  • Some loan providers may charge a settlement fee

Weighing Up a Refinancing Option

The above fees illustrate why entering into a refinancing agreement should be a carefully considered process. You may find that the savings you make after fees have been paid may not leave them too much better off than they had previously been.

That said, even small savings on interests rates can translate to big financial advantages over the life time of the loan.

Different Options

Shifts in the market, increased personal or family needs, unmanageable monthly loan or debt repayments; these are just a few of the reasons why you might opt for a refinancing product.

Specific circumstances call for specific types of home loan, with features designed to provide you with the products you need.