September Interest Rate Changes
Changes to Teachers Mutual Bank Limited interest rates in September 2022
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 23 September 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 Home Loans
Effective 23 September 2022, Teachers Mutual Bank Limited will increase the variable interest rate between 0.50% p.a. and 0.85% p.a. for existing variable home loans.
In good news for depositors, from 23 September 2022, a number of Member Term Deposit rates will increase. This includes the 12 month Member Term Deposit rate increasing by 1.20% p.a. to 3.50% p.a.1
From 1 October 2022 we are increasing the interest rate on the following savings deposit account:
- 0.90% p.a. increase on Reward Saver account