Teachers Mutual Bank and subsidiary banks reduce rates for some new loans

Teachers Mutual Bank and its subsidiary banks will reduce rates for new owner-occupier, principal and interest fixed rate home loans across all brands, according to Australian Broker.

Australian Broker reports the changes are effective 17 August 2017 for new business only, and entail a reduction in rates for principal and interest loans for customers with an LVR of 80 percent or lower.

"The average interest rate per annum will now sit at 3.89 percent for these customers, with a comparison rate of 4.15 percent p.a." Australian Broker reported.

"New fixed rate home loans on 1, 2, and 3 years will also have an interest rate reduction.

"These rates are now 3.79 percent, 3.84 percent, and 3.99 percent p.a. respectively.

"These changes will apply to new business for all Teachers Mutual Bank brands: Teachers Mutual Bank, UniBank, and Firefighters Mutual Bank."

Mark Middleton, Teachers Mutual Bank head of third party distribution said they want to continue to be a leading choice for customers starting on their home ownership journey.

"We expect these rate reductions will be attractive to potential members who want to be supported by a bank that understands their needs, and will provide high quality member service”, he said.