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An award-winning mutual bank has announced it is to reduce rates across its home loan products for new business.
Effective today, Teachers Mutual Bank Limited has cut between 10 and 50 bps from its P&I loans for both owner occupiers and investors meaning rates now range from 3.88% p.a. to 4.41% p.a.
The rate changes will apply across all of Teachers Mutual Bank Limited brands: UniBank, Teachers Mutual Bank, Firefighters Mutual Bank, and Health Professionals Bank.
“These changes demonstrate the consistently competitive rates we offer to those in the education, emergency services, healthcare and university sectors who make up our membership,” said Mark Middleton, the bank’s head of third party distribution.
“When combined with our 100% mortgage offset facility, we think these rates will be very popular with our key worker niche market,” he added.
The new fixed rates (and corresponding basis points drop) are as follows:
· Fixed Rate Home Loan, 3 Year, P&I Occupier - 3.88%p.a. (- 10bps)
· Fixed Rate Home Loan, 4 Year, P&I Occupier – 3.99%p.a. (-37bps)
· Fixed Rate Home Loan, 5 Year, P&I Occupier – 3.99%p.a. (-50bps)
· Fixed Rate Home Loan, 3 Year, P&I Investor – 3.99%p.a. (-21bps)
· Fixed Rate Home Loan, 4 Year, P&I Investor – 4.38%p.a. (-20bps)
· Fixed Rate Home Loan, 5 Year, P&I Investor – 4.41%p.a. (-20bps)*
The bank, recently awarded the title of ‘world’s most ethical’, has served Australian educators for more than 50 years and has grown into one of Australia’s largest mutual banks. It boasts in excess of 200,000 members and charts more than $7.5bn in assets.
