Home Loans

Two first time home owners, a young woman in a pink plaid shirt is piggybacking her partner, a man in a blue business shirt. Both are smiling and the young woman holds the keys to their first home. A kitchen is visible behind them.

Find out if you are eligible for the low deposit Home Guarantee Scheme

The Home Guarantee Scheme (HGS) is an Australian Government backed home loan initiative to support eligible home buyers purchase a home sooner with a very low minimum deposit. Plus, with no Lenders Mortgage Insurance, you could save thousands!

Your Way Owner Occupier Home Loan

Keep it simple with our basic low-rate home loan with flexible options to help you to do your home loan, your way.

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- 5 .99
  pa %
  
  Your Way Home Loan Basic Variable rate (Owner, P&I, LVR up to 80%)
- 6 .01
  pa** %
  
  Your Way Home Loan Basic comparison rate (Owner, P&I, LVR up to 80%)
- Fixed and variable rate options
- Free redraw on the variable portion
- Make unlimited additional repayments on variable loans
- Ability to split loan
- Available for first home loans
Apply Become a member
Your Way Plus Owner Occupier Home Loan

Take advantage of a home loan with offset, discounted rates for teachers and much more with our package home loan.

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- 6 .09
  pa %
  
  Your Way Plus Essential Worker^ variable rate (Owner, P&I, LVR up to 60%)
- 6 .39
  pa** %
  
  Your Way Plus Essential Worker^ comparison rate (Owner, P&I, LVR up to 60%)
- Discounted Variable rates for life of the loan
- Establishment fee waived (normally $600)
- Flexibility to make additional repayments on variable rate loans and up to $10k per anniversary year on fixed rate loans
- 100% Offset facility so you can pay your loan down faster
- Available for first home loans
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FAQs

What is a comparison rate?

When shopping around for a loan, two of the most important things to look for are the interest rate and the comparison rate. Australian regulation states that when loan interest rates are displayed the comparison rate must also be advertised, but what’s the difference?

A comparison rate gives a truer picture of the cost of borrowing than the interest rate alone.

Essentially, the comparison rate is the “life of loan” rate that considers things like fees and other associated costs across the term of the loan, that helps in comparing loans from one organisation to another.

How much will my home loan repayments be?

Your repayments on a home loan can depend on a number of factors including the amount borrowed, the loan term, the interest rate, and the frequency of repayments.

What is a package home loan?

A package home loan lets you bundle one or more other loans or products with your home loan (such as mortgage offset accounts, credit cards, savings accounts or personal loans) in order to access benefits like discounts and other perks.

You (the borrower) will usually need to provide at least 20% of the purchase price of the property as a deposit. With this level of deposit you can avoid having to pay Lenders Mortgage Insurance (LMI).

Package loans often charge an annual fee compared to a one-off establishment fee for unpackaged home loans, however the combined package fee is often more cost-effective with borrowers being better off overall as well as unlocking additional savings and discounts.

What are the pros and cons between buying an existing home or a new build?

There is a lot to consider in your decision to either build a brand new home vs buying an established home. It includes a mix of personal preference plus a number of other things to consider specific to your unique situation. It's important to do your homework so we've done some for you. Read more about the good and not so good of both options.

A graphic showing a representation of how an offset on a home loan works.

What is Offset?

Want to pay less interest?

An offset account offers a way to get ahead on repaying your home loan. Instead of being charged interest on the full loan balance, interest is charged on the loan balance minus the balance in the offset account. Depending on how much surplus deposits you have available, this could help reduce interest costs. Use our offset calculator to see what difference an offset account could make you your loan.

A graphic of a home with two coins next to it representing a top-up to a home loan.

Top up your home loan

Looking to renovate/buy a car/etc?

A home loan top up means you are increasing the amount of your existing variable rate home loan (subject to responsible lending and credit approvals) to source additional funds for any number of purposes such as renovations, buying a car, or to cover unexpected expenses.

Book a call back with a Teachers Mutual Bank Lending Specialist if you would like to know more about topping up your existing home loan.

Calculators

More information to help you on your journey

Buying your first home?

Expert guidance and helpful resources to help you get into your first home sooner.

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Managing your home loan

Manage your home loan your way with a range of helpful tools and resources.

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Refinancing

Investigate the many benefits of refinancing to Teachers Mutual Bank.

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Calculate your repayments

Simply enter your home loan details into our calculator to see what your repayments might be based on your desired loan amount, repayment type & frequency, interest rate and loan term. Alternatively use this calculator to estimate a target mortgage amount based on how much you think you could afford to repay each month. Try experimenting with different combinations to see the impact on your home loan repayments. For example, you might notice that making ongoing weekly repayments instead of monthly can reduce your total amount of payable interest. Give it a go below.

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

*Important information

Product information on this page is current from 12 November 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.

**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.