May 2023 Interest Rate Changes Talk to us Phone us Email us Breadcrumbs Teachers Mutual Bank About us Member news 2023 Member news May 2023 Interest Rate Changes 16 May 2023 16 May 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 19 May 2023, Teachers Mutual Bank will increase the variable interest rates by 0.25% for selected new and existing home and residential investment loans. Effective 19 May 2023, Teachers Mutual Bank will increase the variable interest rate by 0.45% p.a. for existing variable commercial 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. The information is current as at 12 May 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.
