November Interest Rate Changes

Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25% per annum (p.a.), Teachers Mutual Bank will change interest rates on some of our loan products.

Why are we changing interest rates?

As market conditions change, as a Mutual Bank we need to adjust our rates to operate sustainably while providing value for all Members. 

What’s changing?

Effective 25 November 2022, Teachers Mutual Bank Limited will increase the variable interest rates for home and residential investment loans between 0.35% p.a. and 0.45% for the following:

• Your Way Home Loan Basic Variable
• Your Way Home Loan Standard Variable
• Your Way Plus Loan Variable
• All existing variable rate home loans

Effective 25 November 2022, Teachers Mutual Bank Limited will increase the fixed interest rates for home and residential investment loans by 0.50% p.a. for the following:

• Your Way Home Loan Fixed Rate
• Your Way Plus Home Loan Fixed Rate  

Effective 25 November 2022, Teachers Mutual Bank Limited will increase the variable interest rate by 0.45% p.a. for existing variable commercial loans.

To further support savers, we increased the 11-month Member Term Deposit rate by 2.25% p.a. to 4.25% p.a., effective 1 November 2022. 

To view all our home loan, savings products and term deposits rates, visit our Rates page.

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.

The information is current as at 25 November 2022 and is subject to change. Terms and conditions, fees and charges and eligibility criteria (e.g. credit approval criteria and Membership eligibility criteria) apply. Target Market Determinations are available online or from any of our branches.

The interest rate for a fixed rate loan is set at the time the loan is drawn down, and interest rates can change between the time of applying for the loan and drawing it down. A Member can lock in a rate for 90 days from the date of application by putting in place a rate lock facility. A rate lock facility is available for fixed rate loans with fixed rate periods of 1 to 5 years. A Fixed Rate Lock Fee of 0.15% of the total amount financed is payable to secure the interest rate for 90 days from the date of application. All rates in this notice are current as at 25 November 2022 and are subject to change. For details of current rates, please refer to the website.

Interest rates effective from 1 November 2022 on balances from $1,000 to $499,999 Deposits of $500,000 or more are subject to acceptance and different interest rates may apply. . Rates are subject to change without notice. Terms and conditions, fees and charges and eligibility criteria apply (e.g. Membership eligibility criteria).  You should consider whether this product is appropriate for you before acquiring it.