Refinancing? Find out how easy it can be.

With our dedicated Lending Specialists who meet you on your schedule, flexible loans, and discounts for eligible teachers, refinancing your home loan is easier than you think.

Apply online now Book a call back

Why refinance with us?

Refinance your home loan with Teachers Mutual Bank. Take our Home Loan Health Check to see if you're currently getting the best rate on your home loan.

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If your current repayments are making money too tight, now is the right time to take a look at your finances, starting with a home loan health check.

A home loan health check may help if you’re:

  • worried about higher interest rates
  • coming off a fixed rate home loan
  • paying more on your home loan than you need to.

    • Book a call back

    Flexibility for you

    We accept three months of employment history for regular relief and casual teachers.2

    Calculate how much you can save

    Compare two loans to see what you can save in interest.

    A single contact at every stage

    Have the same lending specialist throughout the whole process of refinancing.

    Anytime, anywhere

    Face to face5, on the phone or by video, our Lending Specialists can work around your teaching hours.

    Understanding your needs

    House icon on Teachers Mutual Bank's refinancing page, indicating options for homeowners to reassess and improve their mortgage conditions, emphasising financial growth and stability.

    Flexible home loans

    Choose if your home loan is fixed or variable, with options for 100% offset and redraw on our Your Way Plus Home Loan package.

    Dollar sign icon, indicating Teachers Mutual Bank's special discount rates, offering financial savings and benefits directly to its members, emphasising value and affordability in banking services.

    Discounted rates for essential workers

    Teachers may be eligible for discounted rates with our Your Way Plus Essential Worker^ rate.

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    Unlock your property’s equity

    Find out if you can access equity in your property. It may allow you to renovate or consolidate your debts into one.

    Book a call back Apply online

    Calculate how much you can save by switching

    Other calculators and tools

    Choose the calculator that applies to your refinancing scenario below.

    • 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.

      Learn more

      • 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.

      Learn more

      • 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
      Apply Become a member

    Easy steps to refinancing

    Number 1

    Have a chat

    Tell us about you and your current loan so we can let you know what you can save by switching, and how much you can borrow.

    Number 2

    Find the right home loan

    Take a look at our home loan options and we'll help you find the right loan. We’re flexible to suit your needs – you can have a basic variable loan that comes with redraw, or add an offset facility and have both.

    Number 3

    Make the move

    A Lending Specialist will be in touch to finalise your loan application. Our lenders will help you take the next steps to discharge your existing home loan from your other bank.

    Top tips for refinancing

    Set your goals for refinancing.

    Find out if you’re eligible to join Teachers Mutual Bank. It’s open to teachers and their families, and others in the education sector.

    Use our calculators to compare two loans or see your savings with an offset facility.

    Work out the costs associated with refinancing and if it’s the right choice for you.

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    FAQs

    How do I refinance a home loan?

    Refinancing is basically a loan swap. You continue to pay off your home, but with a new loan that has a lower rate or better features (or both!). Once you’re sure you want to refinance, all you need to do is complete a home loan application and we’ll arrange to have your property revalued.

    How do I avoid Lender’s Mortgage Insurance (LMI) when refinancing?

    Lender’s Mortgage Insurance is only required if you borrow more than 80% of the property’s value. If you’re refinancing, decide to swap lenders, and need to borrow more than 80%, you will need to pay LMI again as it doesn’t transfer from one lender to another. You may be able to reduce or avoid LMI entirely by having a family member act as guarantor.

    How soon can I refinance?

    Technically, you can refinance whenever you like. However, refinancing comes with various administration costs. How much equity you have in your home can affect whether you will need to pay Lender’s Mortgage Insurance (LMI). Refinancing is considered an application for credit, so it will influence your credit score. Be sure you carefully consider the wider effects of refinancing before you proceed.

    Read more here.

    Why refinance?

    Refinancing can be a great money saver. If you’ve had your loan for a while there’s a good chance you can get a better deal now. Other reasons you might refinance are to consolidate debt, or to get a home loan with features that suit you better.

    Get in touch today.

    Take the next step in your home loan journey.

    Icon of a mobile banker talking

    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
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    Apply Online

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

    Begin application
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    Home Loan Resources

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

    Read here
    Got a Question?
    Enquire Online

    Speak to us today

    Refinancing may be all about the savings, but it’s important to do your sums to make sure you will be better off overall with your new loan. You can find more information at our Home Loan Resource Centre (and or borrowing power calculator) or, if you want to ask a real person some questions, make an enquiry with one of our Lending Specialists.

    Book a call back

    **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

    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.

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