September Interest Rate Changes Talk to us Phone us Email us Breadcrumbs Teachers Mutual Bank About us Member news 2022 September Interest Rate Changes 21 September 2022 21 September 2022 Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, Teachers Mutual Bank will change interest rates on some of our loan 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 23 September 2022, Teachers Mutual Bank Limited will increase the variable interest rate by 0.50% p.a. for the following: Your Way Basic Variable Home Loans Your Way Standard Variable Home loans Your Way Plus Variable Home Loans Effective 23 September 2022, Teachers Mutual Bank Limited will increase the variable interest rate between 0.50% p.a. and 0.85% p.a. for existing variable home loans. In good news for depositors, from 23 September 2022, a number of Member Term Deposit rates will increase. This includes the 12 month Member Term Deposit rate increasing by 1.20% p.a. to 3.50% p.a.1 From 1 October 2022 we are increasing the interest rate on the following savings deposit account: 0.90% p.a. increase on Reward Saver account 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 20 September 2022 and is subject to change. 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. 1. Rates are subject to change without notice. Deposits of $500,000 or more are subject to acceptance and different interest rates may apply. Conditions of use – Accounts and Access, Fees and Charges brochure and Target Market Determinations are available online or from any of our offices. You should consider whether this product is appropriate for you before acquiring it.
