October 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 and savings products.

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 1 November 2022, Teachers Mutual Bank will increase the variable interest rates for home and residential investment loans by 0.50% p.a. for new borrowers taking up the Your Way or the Your Way Plus loan.

Effective 1 November 2022, Teachers Mutual Bank will increase the variable interest rate between 0.25% p.a. and 0.45% p.a. for existing variable home and residential investment loans.

Effective 1 November 2022, Teachers Mutual Bank will increase the variable interest rate by 0.45% p.a. for existing variable commercial loans.

New savings rates

In good news for depositors, we are increasing the interest rate by 0.75% p.a. for the Online Savings account and the New Teachers Online Savings account¹, effective 1 November 2022.

To further support savers, we are also increasing the 11-month Member Term Deposit rate by 2.25% p.a. to 4.25% p.a., effective 1 November 2022.²

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 1 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.

1. The New Teachers Online Savings account is only available to students studying Education at an Australian university and who are members of the Australian Education Union, or those who have graduated as a teacher within the last two years from an Australian university and are members of the Australian Education Union.

2. 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.