October Interest Rate Changes
Changes to Teachers Mutual Bank Limited interest rates in October 2022
Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25% per annum (p.a.), 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, UniBank and Hiver.
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 1 November 2022, Teachers Mutual Bank Limited will increase the variable interest rates for home and residential investment loans by 0.50% p.a. for new borrowers taking up the Your Way or the Your Way Plus loan.
Effective 1 November 2022, Teachers Mutual Bank Limited will increase the variable interest rate between 0.25% p.a. and 0.45% p.a. for existing variable home and residential investment loans.
Effective 1 November 2022, Teachers Mutual Bank Limited will increase the variable interest rate by 0.45% p.a. for existing variable commercial loans.
New savings rates
In good news for depositors, we are increasing the interest rate by 0.75% p.a. for the Online Savings account and the New Teachers Online Savings account, effective 1 November 2022.1
To further support savers, we are increasing the 11-month Member Term Deposit rate by 2.25% p.a. to 4.25% p.a., effective 1 November 2022.2