+ Flexible home loan solutions
+ Competitive interest rates
+ Customer owned bank
x Limited to teachers and education employees
The refinancing solutions that Teachers Mutual Bank offer are the result of over half a century spent at the head of their field, and represent the firm’s commitment to helping Australians make the best of their money. Refinancing is a common choice for those looking for a better deal on their mortgage. When used correctly, this option can prove a shrewd financial move, giving you increased freedom and leaving you far better off financially.
The Teachers Mutual Bank has published a guide to refinancing a home loan, which provides details regarding what to consider and which fees may apply to you.
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.
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;
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;
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.
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;
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;
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.
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.
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.
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.
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.
Teachers Mutual Bank Classic Home Loan
Teachers Mutual Bank Flexi Choice Home Loan
Teachers Mutual Bank My First Home Loan
Teachers Mutual Bank Teachers Interest Only
Teachers Mutual Bank Solutions Plus Home Loan
Teachers Mutual Bank Fixed Rate Home Loan
Teachers Mutual Bank Rewards Package