Teachers Mutual Bank Home Loan Review

Teachers Mutual Bank Home Loan Review

Read Here for Our Teachers Mutual Bank Home Loan Review:

Teachers Mutual Bank, established almost 50 years ago, is a member-run lender that follows strict corporate standards of integrity. Due to their experience and code of conduct, Teachers Mutual Bank home loans are worth consideration.

Eligibility requirements for a Teachers Mutual Bank home loan

The minimum requirements for taking out a loan from Teachers Mutual Bank are the following:

  • Age: Potential borrowers must be at least 18 years old.
  • Residence: Potential borrowers must at least be Australian residents.
  • Income and Employment: A proof of income or employment is required.

What Teachers Mutual Bank home loans are available?

There are three main Teachers Mutual Bank home loans available. These are the following:

  1. Your Way Home Loan

This loan package is available for both user-occupied and construction home loans. The options offered by this loan are flexible, with the details below:

  • Loan purpose: Both owner-occupied and investor loans are available.
  • Interest rate type: Both fixed and variable-rate interest.
  • Minimum value: At least $25,000.
  • Repayment type and limits: Principal + interest and interest-only repayments; additional repayments are unlimited for variable rate loans.
  • Redraw facility: Available for free in variable rate loans.
  • Offset facility: Unavailable for this loan package.
  • Other fees: $600 establishment fee, no annual fee required.
  1. Your Way Plus Home Loan

This loan package is another flexible offer from this lender. It features additional discounts, plus special features offered to essential workers. The details of this loan are the following:

  • Loan purpose: Both owner-occupied and investor loans are available.
  • Interest rate type: Both fixed and variable-rate interest. An extra 0.05% variable-rate annual discount for essential workers.
  • Minimum value: At least $150,000
  • Repayment type and limits: Principal + interest and interest-only repayments; repayments capped at $10,000 annually for fixed-rate loans
  • Redraw facility: Available in both fixed and variable-rate loans.
  • Offset facility: Available for free in both fixed and variable-rate loans.
  • Other fees: No establishment fee, $300 annual fee but is free for essential workers
  1. Classic Home Loan

This loan package is a simple but effective home loan offered by this lender. The extra features are minimal, but the low-interest rates more than make up for the lack of features. See the details of this package below:

  • Loan purpose: Both owner-occupied and investor loans are available.
  • Interest rate type: Only variable-rate loans are available.
  • Minimum value: At least $150,000.
  • Repayment type and limits: Only principal + interest repayments are available; additional repayments are allowed.
  • Redraw facility: Yes, and the redraw facility is free of charge.
  • Offset facility: No offset facility is available for this loan package.
  • Other fees: $600 establishment fee, no annual fees.

What is the process in applying for a Teachers Mutual Bank home loan?

This lender’s application process is easy. For those who are eligible, the process goes as such:

  1. Application: The first step involves filling out the required form and sending all necessary documents to the lender.
  2. Pre-approval: The lender checks all the submitted requirements for pre-approval. This step may take up to 72 hours.
  3. Property valuation: Teachers Mutual Bank will then contact the owner of the property for the valuation process.
  4. Approval and contract dispatch: If all goes well with the previous steps, the loan is then approved. Loan contracts will be dispatched to the borrowers.
  5. Review: The borrower reviews the contract and all supporting documents. Loan settlements are negotiated and arranged.

The entire process does not take too long. Just prepare all necessary documents, make the property accessible, and fill out all pertinent forms. Also, this lender encourages borrowers to reach out to them if there are any difficulties encountered.

Compare Teachers Mutual Bank Home Loans with Similar Offers

While this lender offers multiple benefits, it’s by no means the only one worth your consideration. Why not look at similar offers side-by-side?

A comparison site like Makes Cents is helpful for this purpose. Save time and money by comparing home loans today.

References:

https://www.tmbank.com.au/home-loans/your-way-home-loan

https://www.tmbank.com.au/home-loans/investor-home-loans/classic-home-loan

https://www.tmbank.com.au/home-loans/investor-home-loans/your-way-home-loan

https://www.tmbank.com.au/home-loans/investor-home-loans/your-way-plus-home-loan

https://www.tmbank.com.au/home-loans/your-way-plus-home-loan

https://www.tmbank.com.au/home-loans/classic-home-loan

Our Teachers Mutual Bank Home Loan Review is just one of many. You can also read reviews on many more Home Loan Reviews at MakesCents. 



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