Teachers Mutual Bank Limited announces cuts to fixed home loan interest rates
23 November, 2020
Teachers Mutual Bank Limited has today announced its lowest ever fixed rate, with P&I Owner Occupier Loans starting from 1.95% per annum for a four year fixed term.
Rate changes are effective from today, 23 November, across the Bank’s four divisions: Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank.
Teachers Mutual Bank Limited’s fixed home loan rate changes for Owner Occupiers paying Principal and Interest include:
- 14 bps decrease to Fixed Rate Home Loan – 1 year to 2.05%
- 14 bps decrease to Fixed Rate Home Loan – 2 years to 2.05%
- 14 bps decrease to Fixed Rate Home Loan – 3 years to 2.05%
- 84 bps decrease to Fixed Rate Home Loan – 4 years to 1.95%
Mark Middleton, Teachers Mutual Bank Limited’s Head of Third Party Distribution said: “2020 has been a challenging year for many Australians and as we continue to work through the unknown challenges of the pandemic, our focus is to support our members and their communities through difficult times.
“The changes we are announcing today will create an opportunity for our members to access historically low interest rates. Following a year of disruption, home loan customers will have the option to fix part or all of their home loan and lock in some certainty for their household budgets into the future.”
The rate changes for Teachers Mutual Bank Limited come in response to the RBA statement on 3 November 2020.
“We are operating in an environment where monetary policy is at unprecedented settings. We understand the importance of responding to these changes carefully and we strive to provide the right level of support for our members who contribute so much to their communities as key workers in education, emergency services and health care,” Mark Middleton concluded.
The new rates are available to new home loan customers, as well as existing customers currently on a variable rate, or whose fixed-rate term has matured.
Applicants that have applied for any of the adjusted fixed-rate home loan products who have been approved and not yet funded will automatically receive the new applicable rate on funding.
Corporate Affairs Manager
02 9735 9179 / 0429 421 611