Teachers Mutual Bank Limited announces increase to variable interest rates across home loan and savings products
3 November 2026
Following the decision by the Reserve Bank of Australia to increase the official cash rate by 0.25% p.a., Teachers Mutual Bank Limited will increase interest rates by 0.25% p.a. across its variable home loan products and variable savings products*, effective 12 November 2026.
The increase to variable home loan and variable savings rates will be applied across Teachers Mutual Bank Limited’s five retail brands - Teachers Mutual Bank, Australian Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank and UniBank.
The 0.25% p.a. rate increase will also be applied to business loans under the Australian Mutual Bank retail brand.
Greg Johnson, Teachers Mutual Bank Limited’s Chief Customer Officer, said: “With today’s announcement, the official cash rate has increased five times this year.
“While our members with savings accounts may welcome the change, those with home or business loans will be feeling added pressure on their budgets.
“Every member has different circumstances to manage, and our Member Assist team is here to work with members to explore personalised support options available. I encourage any member feeling under pressure to talk to us early.”
*Rate changes are effective 12 November 2026 for all variable deposit products excluding those products which operate with a monthly bonus interest feature. For products with monthly bonus interest, the increase will be applied in the following monthly cycle on 1 December 2026.
Q&As
Following the Reserve Bank of Australia’s decision on 3 November 2026 to increase the official cash rate by 0.25%, variable home loan rates will increase by 0.25% on 12 November 2026.
Variable savings rates will increase on 12 November 2026 for all variable deposit products excluding those products which operate with a monthly bonus interest feature. For products with monthly bonus interest, the increase will be applied on 1 December 2026.
Repayments will change on or after 10 December 2026, giving you time to prepare. Members will begin to receive communication about any changes from the 12 November 2026** outlining specific changes to their loan accounts.
**Please allow 7 business days if your preferred communication method is via post
Changes to your loan repayments are dependent on your loan balance, remaining term, interest rate and repayment frequency. Your new repayment amount will be included in your interest rate change letter.
As an example, for a $400,000 home loan over 25 years with an interest rate of 6.19%, an increase of 0.25% would result in an approximate increase of $62 per month.
Scenario interest rate and monthly repayments
Current rate: 6.19% p.a. | Current repayment: $2,624
Interest rate with a 0.25% increase: 6.44% p.a. | New repayment: $2,686
If you’re worried about making your repayments, please get in touch with us as early as possible.
We understand that unexpected changes can happen, and we’re committed to working with members who may need support. We can discuss the personalised assistance options available to you based on your individual circumstances.
Reaching out early gives us the best opportunity to help.