7 August 2023 Interest Rate Changes Talk to us Phone us Email us Breadcrumbs Teachers Mutual Bank About us Member news 2023 Member news 7 August 2023 Interest Rate Changes 7 August 2023 7 August 2023 As a Member owned mutual bank, our aim is to always provide value for our Members, both borrowers and depositors, whilst maintaining prudent operational management of Teachers Mutual Bank. We are reducing our variable interest rates on selected, existing home and residential investment loan interest rates. For some selected new home loans, rates will be increasing. Our Members work hard to secure their financial future, and we recognise some of our Members with fixed rate Home Loans may be transitioning to a higher interest rate environment when their current fixed rate term ends. As market conditions have changed, we will reduce the variable rate for the benefit of our Members on selected Home and Residential investment loans. What’s changing? Effective 7 August 2023, Teachers Mutual Bank will decrease the variable interest rate for the following existing home and residential investment loans. L81 Owner Occupier Home Loan Principal and Interest reduced to 5.89% p.a. L81 Owner Occupier Home Loan Interest Only reduced to 6.29% p.a. L82 Residential Investment Home Loan Principal and Interest reduced to 6.19% p.a. L82 Residential Investment Home Loan Interest Only reduced to 6.59% p.a. What else is changing? From 7 August 2023,Teachers Mutual Bank will increase the fixed interest rate for new home and residential investment loans for the following: One year Your Way and Your Way Plus Fixed Home Loans will increase by 0.60% p.a. Two year Your Way and Your Way Plus Fixed Home Loans will increase by 0.30% p.a. 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. 1. Information is subject to change. Membership eligibility applies to join the Bank. Terms and conditions and target market determinations are available online and should be considered before making any decision about what’s appropriate for you. Target Market Determinations are available online or from any of our branches. Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence No 238981.
