August Interest Rate Changes
Changes to Teachers Mutual Bank Limited interest rates
Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, Teachers Mutual Bank Limited will change interest rates on some of our loan and savings products across Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank.
Why are we changing interest rates?
As market conditions change, we need to adjust our rates to operate sustainably while providing value for all Members.
As a Mutual Bank, we are committed to offering competitive rates on our home loans.
What’s changing?
Effective 19 August 2022, Teachers Mutual Bank Limited will increase the variable interest rate by 0.40% p.a. for the following:
- Your Way Basic Variable Home Loans
- Your Way Standard Variable Home loans
Effective 19 August 2022, Teachers Mutual Bank Limited will increase the variable interest rate by 0.50% p.a. for the following:
- Your Way Plus Variable rates Home Loans
- All existing variable rate home loans1
From 19 August 2022, Teachers Mutual Bank Limited will increase the fixed interest rate by 0.50% p.a. for the following:
- One, two and three year Your Way and Your Way Plus Fixed Home Loans
Effective 19 August 2022, Teachers Mutual Bank Limited will increase the fixed interest rate by 0.90% p.a. for the following:
- Three, four and five year Fixed Rate Car Loan
In good news for depositors, from 1 September 2022 we are increasing interest rates on select savings deposit accounts including:
- 0.55% p.a. increase on Reward Saver account
- 0.30%p.a. increase Online Savings account
From 19 August 2022, a number of Member Term Deposit rates will increase. This includes the 7 month Member Term Deposit rate increasing by 1.00% p.a. to 2.00% p.a.