I'm looking for a home

Deciding on the right home loan is a big decision, but at Teachers Mutual Bank, teachers like you get exclusive access to competitive loan rates designed specifically for first-time buyers.

From assessing your borrowing power to choosing the best loan for your needs, our team helps make the application process smooth and straightforward. You’ll have the support and resources so you can confidently find the right home for you.

Supporting this step in your journey

Ways to shave years off your home loan

How offset and redraw could help you get ahead of your mortgage.

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Preparing for your home application

Find out more about loan types, features & the application process.

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A First home buyer’s checklist

Crucial steps & considerations throughout the home buying process.

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Creating a good credit score

A good credit score can open the door to better interest rates and loan options, making home ownership more affordable in the long run.

By understanding the importance of your credit score and taking proactive steps to improve it, you can position yourself as a reliable borrower in the eyes of lenders.

Read our 4 financial habits to help you improve and maintain a good credit score below.

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Could you benefit from a package home loan?

Package home loans offer a convenient way to bundle multiple financial products and services. By combining your home loan with other products like credit cards, offset accounts, and insurance, you can simplify your finances and potentially benefit from discounted rates and fees.

Learn more

Get in touch today.

Take the next step in your home loan journey.

Talk to a Lending Specialist

We can visit you at home, call you on the phone, or speak to you on a video call.

Book a call back

Apply Online

Complete an online application to fast track your home loan financing.

Begin application

Home Loan Resources

Helpful guides and checklists for whatever stage you are in your home loan journey.

Read here

Got a Question?

Enquire Online

Buying your home and Better money management podcasts

Join host Alan Waugh and financial coach Betsy Westcott. In our Better Money Management podcast series, we'll cover essential topics including budgeting, saving, and being credit healthy.

In this Savings episode, we talk about why saving is a key part of financial wellness, where we talk about the importance of saving goals/saving strategies and getting set for success with a savings plan.

FAQs

What is Lenders Mortgage Insurance (LMI)?

Lenders Mortgage Insurance (LMI) is a type of insurance that protects the lender in case the borrower defaults on their home loan. It’s typically required when a borrower has a deposit of less than 20% of the property’s value.

While LMI doesn’t protect the borrower, it enables them to secure a home loan with a lower deposit, making it easier to enter the property market sooner. The cost of LMI is usually added to the loan amount or paid upfront.

What is the Home Guarantee Scheme? Am I eligible?

The Home Guarantee Scheme (HGS) is an Australian Government initiative that supports eligible homebuyers looking to purchase a home sooner, with a low deposit and no Lenders Mortgage Insurance (LMI). Read more about the Home Guarantee Scheme.

You find out if you’re eligible on the Housing Australia website/

What is the Loan to Value ratio (LVR)?

The Loan to Value Ratio (LVR) is a percentage that represents the amount of a loan compared to the value of the property being purchased. It’s calculated by dividing the loan amount by the property’s value and then multiplying by 100.

For example, if you’re borrowing $400,000 to buy a property worth $500,000, the LVR would be 80%.

Lenders use the LVR to assess the risk of a loan. Generally, a higher LVR means higher risk. This might lead to the lender taking out Lenders Mortgage Insurance (LMI) or higher interest rates.

What are the benefits of getting pre-approval for a home loan?

Pre-approval for a home loan has several advantages, including helping you set a realistic budget, increasing your negotiating power with sellers, and potentially speeding up the final approval process once you find a property. It can also help reduce stress by providing clarity on your borrowing capacity.

However, pre-approval is typically valid for a limited time and is not a guarantee of final loan approval, because factors like property valuation and changes in your financial situation can still affect the outcome. Additionally, the process involves a credit check, which may slightly impact your credit score, and knowing your maximum borrowing limit might lead to stretching your budget beyond comfortable levels.

What do I need to do before I apply for a home loan?

Before applying for a home loan, it's essential to prepare thoroughly to ensure a smooth and successful application process. Start by gathering key documents such as proof of identity, income, savings, and liabilities. Understanding your credit score and financial situation will also help you make informed decisions.

For personalised guidance tailored to your specific needs, it's best to speak with a lending specialist. They can provide expert advice, help you understand the application process in detail, and ensure that you meet all requirements. To get started, read our home loan application checklist or speak directly with a lending specialist.

*Important information

Product information on this page is current from 10 December 2024. All interest rates quoted are for new business only. For home loans no longer offered for sale please click here.

Rates quoted and all rates subject to change.

*Establishment fee ($600) and Valuation fee (up to $700) waived on home loan applications received between 6 November 2024 and 28 February 2025. TMBL reserve the right to remove or extend the fee waivers at any time.

**Comparison rate warning

Comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only. WARNING: This Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison rate.

Membership Eligibility and Lending Criteria

Eligibility criteria apply to join Teachers Mutual Bank Limited. Fees and charges and lending criteria apply. Consumer lending terms and conditions available here.

Essential workers

^Eligible Essential workers include: School Principal, Faculty Head, Commissioned Fire Officer, Commissioned Police Officer, Ambulance Officer, Intensive Care Ambulance Paramedic, Supervisor Police Officer, Police Officer, Senior Fire Fighter, Fire Fighter, Registered Nurse, Registered Midwife, Registered Mental Health Nurse, Registered Developmental Disability Nurse, Enrolled Nurse, Pre-Primary School Teacher, Primary School Teacher, Secondary School Teacher, Special Needs Teacher, Special Education Teachers, University Lecturer, University Tutor, Vocational Education Teacher, English as a Second Language Teacher.

Redraw Facility

Redraw is only available if borrowers have made additional repayments. If your loan has a redraw facility, you do not need to register to use the redraw facility on your loan account.

Mortgage Offset Facility

Terms and conditions for the mortgage offset facility are set out in our Consumer lending terms and condition and Conditions of use Accounts and access. For more information refer to our Mortgage Offset section.

Refinance Home Loans

Additional valuation and administration fee may apply. Your current mortgage provider may apply fees and break costs.

Your Way Plus

Your Way Plus is available as a package home loan with package benefits. A package fee is payable annually. For further details see Package Terms and Conditions which are available on our website.

Additional home loan repayments

No additional repayments can be made when a fixed rate applies to any part of the loan except for Your Way Plus fixed rate loan where borrowers are allowed to make early repayments up to $10k per anniversary year. For further details see Package Terms and conditions which are available on our website.

Break Fee

Break fee may be payable if you make an early repayment to your fixed rate loan during a fixed rate period except for a Your Way Plus fixed rate home loan where borrowers are allowed to make early repayments up to $10k per anniversary year. For further details see Package Terms and conditions which are available on our website.

I’m looking for a home