March 2023 Interest Rate Changes

  • 21 March 2023

    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 24 March 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 Home Loan Variable
    • All existing variable rate home loans1

    To further support our Members, from 21 March 2023 Teachers Mutual Bank will reduce the 4 and 5 year fixed interest rate terms for new home and residential investment loans by 0.20% p.a. and 0.70% p.a. on all Your Way and Your Way Plus Fixed Home Loans.

    From 21 March 2023, we’re introducing two new Home Loan interest rate options on our Your Way Home Loan Basic Variable.

    • From 5.14% p.a. for Your Way Home Loan Basic Variable with Loan to Value Ratio (LVR) up to 80%
    • From 6.14% p.a. for Your Way Home Loan Basic Variable with (LVR) over 80%

    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 24 March 2023 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.
    Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence No 238981.
    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.
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