About this home loan
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Purpose
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Owner occupied and construction
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Maximum Amount
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Up to 90% of the property value prior to the capitalisation of Lenders Mortgage Insurance where the purpose is construction
Up to 95% of the property value including Lenders Mortgage Insurance where the purpose is not for construction
Up to 98% of the property value for loans under the Home Guarantee Scheme (depending on scheme type)
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Repayment type
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Principal and interest and Interest only
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Interest rate type
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Variable and/or fixed up to 5 years
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Interest calculated
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Daily, charged monthly
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Construction loan
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Yes– variable rate only
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Establishment fee
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$0 (Usually $600)
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Annual fee
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$300. Waived for essential worker^ first home buyers.
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Additional repayments
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Yes. Fixed rate products – repayment capped at $10k per anniversary year.
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Offset facility
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Yes. Available to both variable and fixed rate loans.
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Redraw
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Yes – fee free. Includes both variable and fixed rate loans.
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Split loan
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Yes
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Top up
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Yes
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Interest rates effective 22 January 2025 for new business only.
For full details of our fees, please review the Fees and Charges brochure.
Download the Fees and Charges brochure [PDF]
**Comparison rate warning
Comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only. WARNING: This Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison rate
Essential workers
^Eligible Essential workers include: School Principal, Faculty Head, Commissioned Fire Officer, Commissioned Police Officer, Ambulance Officer, Intensive Care Ambulance Paramedic, Supervisor Police Officer, Police Officer, Senior Fire Fighter, Fire Fighter, Registered Nurse, Registered Midwife, Registered Mental Health Nurse, Registered Developmental Disability Nurse, Enrolled Nurse, Pre-Primary School Teacher, Primary School Teacher, Secondary School Teacher, Special Needs Teacher, Special Education Teachers, University Lecturer, University Tutor, Vocational Education Teacher, English as a Second Language Teacher.
*Important information
Membership Eligibility and Lending Criteria
Eligibility criteria apply to join Teachers Mutual Bank Limited. Fees and charges and lending criteria apply. Consumer lending terms and conditions available here.
Mortgage Offset Facility
Terms and conditions for the mortgage offset facility are set out in our Consumer lending terms and conditions and Conditions of use Accounts and access. For more information refer to our Mortgage Offset section.
Redraw Facility
Redraw is only available if borrowers have made additional repayments. If your loan has a redraw facility, you do not need to register to use the redraw facility on your loan account.
Lenders Mortgage Insurance
Lenders Mortgage Insurance Lenders Mortgage Insurance, or LMI, insures the lender in the event that the borrower defaults on the mortgage. It does not insure the borrower. Borrowers must still meet lending eligibility criteria for both the lender and the LMI provider.
Interest Only Loans
For interest only loans, repayments must be made monthly. Maximum Interest Only period of up to 5 years after which, loan must revert to Principal & Interest repayments.
Design and Distribution Obligations
The target market for this product will be found within the product’s Target Market Determination, available here.
