February Interest Rate Changes
Changes to Teachers Mutual Bank Limited interest rates in February 2023
Following the Reserve Bank of Australia’s 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 products across Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank.
Why are we changing interest rates?
As market conditions change, as a Mutual Bank we need to adjust our rates to operate sustainably while providing value for all Members.
Effective 24 February 2023, Teachers Mutual Bank Limited will increase the variable interest rates for new and existing home and residential investment loans between 0.25% p.a. and 0.45% p.a. for the following:
- Your Way Home Loan Basic Variable
- Your Way Home Loan Standard Variable
- Your Way Plus Loan Variable
- All existing variable rate home loans1
From 24 February 2023, Teachers Mutual Bank Limited will increase the fixed interest rates for new home and residential investment loans by 0.45% p.a. on all Your Way Plus Fixed Home Loans.
Effective 24 February 2023, Teachers Mutual Bank Limited will increase the variable interest rate by 0.45% p.a. for existing variable commercial loans.
To further support savers, we are increasing the 13 month Member Term Deposit rate by 0.65% p.a. to 4.15% p.a. , effective 1 March 2023.2
To view all our home loan, savings products and term deposits rates, visit our website.