July 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.
Effective 22 July 2022, Teachers Mutual Bank Limited will increase the variable interest rate by 0.50% p.a. for the following:
- Your Way Basic Variable Home loans
- Your Way Standard Variable Home loans
- Your Way Plus Variable rate Home loans
- All existing variable rate home loans1
From 22 July 2022, Teachers Mutual Bank Limited will increase the fixed interest rate from between 0.50% p.a. and 1.50% p.a. for the following:
- One, two and three year Your Way Basic and Your Way Plus Fixed Home Loans by 0.50% p.a.
- Four year Your Way Basic and Your Way Plus Fixed Home Loans by 1.30% p.a.
- Five year Your Way Basic and Your Way Plus Fixed Home Loans by 1.50% p.a.
In good news for depositors, we are increasing interest rates on select savings deposit accounts from 0.10%p.a.
From 20 July, a number of Member Term Deposit rates have increased.
To view all our home loan, savings products and term deposits rates, visit our website.