June 2023 Interest Rate Changes

Following the Reserve Bank of Australia’s 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 29 June 2023, Teachers Mutual Bank will increase the variable interest rates for new and existing home and residential investment loans by 0.25% p.a. 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 loans¹

Effective 29 June 2023, Teachers Mutual Bank will increase the variable interest rate by 0.45% p.a. for existing variable commercial loans.

From 29 June 2023, Teachers Mutual Bank will increase the fixed interest rates for the following new personal loans by 0.25% p.a.

• 2, 3, 4, 5 and 6 year Fixed Rate All Purpose Personal Loans
• 3, 4, 5 and 6 year Fixed Rate Car Loans

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. This information is current as at 29 June 2023 and is subject to change. Membership eligibility criteria applies. Terms and conditions and target market determinations are available online and should be considered before making any decision about what’s appropriate for you.

Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence No 238981.