Interest Rate Changes Talk to us Phone us Email us Breadcrumbs Teachers Mutual Bank About us Member news 2022 Interest Rate Changes 20 May 2022 20 May 2022 Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.25%, Teachers Mutual Bank has announced changes to interest rates on some of our home loans. Why are we changing interest rates? As market conditions change, we need to adjust our rates to operate sustainably while providing value for all Members. As a Mutual Bank, we are committed to offering competitive rates on our home loans. What’s changing? Effective 20 May 2022, Teachers Mutual Bank will increase the variable interest rate by 0.25%p.a. for the following home loans: Your Way Plus Variable rates All existing variable home loans We will not be changing interest rates on: Your Way Basic Variable Your Way Standard Variable What does this mean for you? If you’re affected by the home loan rate changes, you will receive a communication in the coming weeks about what this means for you. We have a long-standing commitment to hardship assistance and Member service. If you’re experiencing financial hardship and can’t meet your repayment commitments, you can contact 13 12 21 to discuss your options with us. Membership eligibility applies to join the Bank. All applications for credit are subject to our responsible lending criteria. Fees and charges apply. You can find our Consumer Lending terms and conditions available online or from any of our offices.
