Teachers Mutual Bank’s Classic Home Loan variable rate has today been cut by 30 basis points to 3.84% for new business across its three key brands: Teachers Mutual Bank, UniBank, and Firefighters Mutual Bank.
Fixed rates across a number of home loan products have also been cut for all brands. Two year fixed rate home loans will drop to 3.69% p.a. (15 basis points). Four and five year fixed rates home loans will be reduced by 22 basis points to 4.36% p.a. and 4.49% p.a. respectively. These fixed rate changes will effect both new business for owner occupier on principal and interest payments. Interest only loans for owner occupied purposes will also be reduced by the equivalent to 4.38% p.a. (2 Years), 4.76% p.a. (4 years) & 4.89% p.a. (5 Years).
“We always seek to provide some of the most competitive rates on the market, and these new rates achieve that aim”, said Teachers Mutual Bank’s head of third party distribution, Mark Middleton.
“These changes provide customers an opportunity to lock in a very reasonable home loan rate with Teachers Mutual Bank, UniBank or Firefighters Mutual Bank. The incentive to join us increases once you consider these loans are supported by our 100% mortgage offset facility, our high levels of customer service, and our environmental credentials”, said Middleton.
These rate changes follow on from Teachers Mutual Bank Limited’s recently announced annual results, which highlighted the brand’s strong home loan performance, with first and third party lending growing by a total of 19.23% in 2016-2017.
“Our third party channels are a strong area for business growth for us, and our engagement with the broker community will be a continued focus as we grow our portfolio and our brands over the next year. These rate changes are a positive step in building that growth”, said Middleton.
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