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Teachers Mutual Bank Personal Loans

If you need finance that was “established for teachers, by teachers,” hop on board to compare Teachers Mutual Bank personal loans below. You can also use our Teachers Mutual Bank personal loan calculator to find the right repayments for your budget.

Calculate repayments

For wherever you'd rather be, our travel loan can help you finance your trip. From a dream holiday at an exotic location to the thrilling adventure trek of a lifetime, you can be there sooner than you ever imagined.

Overview

Minimum loan amount$2,000

Maximum loan amount$30,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)11.45%

Personal loan comparison rate12.15%

Monthly repayments (approx)$332

Total repayments (approx)$11,981

Total interest repayments (approx)$1,981

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$100

GO TO Teachers Mutual Bank

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$10

For debt consolidation?No

Sponsored No

Telephone13 12 21

Data accurate as of14/12/2018

GO TO Teachers Mutual Bank

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Want to spoil yourself with a bit of a break? Or you just need to get those debts under control? Our personal loans can help.

Overview

Minimum loan amount$2,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)13.19%

Personal loan comparison rate13.90%

Monthly repayments (approx)$341

Total repayments (approx)$12,284

Total interest repayments (approx)$2,284

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$100

GO TO Teachers Mutual Bank

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$10

For debt consolidation?No

Sponsored No

Telephone13 12 21

Data accurate as of14/12/2018

GO TO Teachers Mutual Bank

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Pay ZERO fees^ on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What’s more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. Comparison rate can vary from 5.95% to 17.95%

Overview

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term (years)1.5 years

Maximum term (years)7 Years

Personal loan interest rates (base)5.95%

Personal loan comparison rate5.95%

Monthly repayments (approx)$303

Total repayments (approx)$10,943

Total interest repayments (approx)$943

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Now Finance

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of23/02/2021

GO TO Now Finance

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OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility.

Overview

Minimum loan amount$2,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)6.29%

Personal loan comparison rate6.64%

Monthly repayments (approx)$313

Total repayments (approx)$11,274

Total interest repayments (approx)$1,274

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of12/04/2021

GO TO OurMoneyMarket

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Fast and easy online application. Money can be in your account same-day. Flexible repayments with no early exit fees. Comparison interest rates from 7.64% to 13.32% p.a.

Overview

Minimum loan amount$2,100

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)5 years

Personal loan interest rates (base)6.25%

Personal loan comparison rate7.64%

Monthly repayments (approx)$320

Total repayments (approx)$11,547

Total interest repayments (approx)$1,547

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$495

GO TO MoneyMe

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly/Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$15

For debt consolidation?Yes

Sponsored Yes

Telephone1300 329 037

Data accurate as of03.03.2021

GO TO MoneyMe

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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. 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. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

Need help choosing the right loan?

Get a multi award-winning personal loans broker, to help select the right loan for you.

Australia-wide personal loans completed online or via the telephone (no need for any face-to-face meetings).

Monday to Friday, 9am – 6pm AESTs

An account manager will contact you within 3 hours of your enquiry.

Call 1300 884 355
What type of loan are you looking for?

Teachers Mutual Bank personal loans – Jump-start your plans

You can borrow Teachers Mutual Bank personal loans for a range of reasons. Common reasons include going on holiday, consolidating debt, and getting that new set of wheels. Whatever your plans, Teachers Mutual Bank promises competitive rates and flexibility that takes the sting out of borrowing.

Snapshot of Teachers Mutual Bank personal loans

  • How much can you borrow? – Ranges from $2K to $80K depending on borrowing limits, how much you earn as well as your current living expenses.
  • What’s the loan term? – Minimum of 1 year and up to 6 or 7 years
  • How about interest rates? – Varies with the type of loan. Check for full details below.
  • Pros – There are no monthly or ongoing fees, so you end up borrowing for less. It’s also possible to top up your credit down the line.
  • Cons – Interest rates may not be as competitive as other lenders on the market.

Compare Teachers Mutual Bank personal loans

At the time of writing, Teachers Mutual Bank currently has the following suite of personal loans on offer:

  • Fixed rate all purpose personal loan. This is a versatile option suitable for buying a car, debt consolidation, or paying for a holiday or wedding. You get an interest rate of 8.95% p.a (5 year fixed) and a loan amount between $2,000 and $80,000 (maximum for debt consolidation is $50,000).
  • All purpose personal loan. Again, this is a versatile loan that allows you to get that new ride and consolidate your debt, plus more. Amounts also range from $2,000 to $8,000 (maximum for debt consolidation is $50,000). Additionally, you can borrow back the extra repayments you’ve made at no cost. The variable interest rate is set at 13.19% p.a.
  • Travel loan. This option allows you to borrow specifically to get to your holiday destination. The interest rate is variable and set at 11.45% p.a. Borrowing limits are slightly lower ($2K-$30K), and terms go up to 5 years.
  • Car loans. Teachers Mutual Bank offers a standard car loan for new and used cars up to 10 years old. There’s also a secured new car loan that comes with a more competitive rate. For peace of mind, you can choose a fixed rate car loan that keeps your repayments the same over the entire term. Check out our guide on Teachers Mutual Bank car loans for more info.
  • Overdraft (Redicredit). This option is designed to keep you prepared for the unexpected. It’s linked to your Everyday Direct account, and you can withdraw a minimum of $500 whenever the need strikes. The interest is 12.64% p.a (variable) and charged only on the amount you owe. There’s no application fee.

Fixed rate or variable rate?

The main selling point of a fixed loan is getting to enjoy peace of mind from a rate that never changes and repayments that also stay the same. That means you can calculate the total costs of borrowing and budget for it once and for all.

On the other hand, a variable rate might need some adjustments, but you can make unlimited extra repayments. Additionally, it’s possible to access these additional repayments when needed. By making lump sum payments on top of your minimum repayments, you pay off your debt quickly with no extra costs involved.

Other features of Mutual Bank personal loans

  • Repayment options. Weekly, fortnightly, and monthly repayment options are available for all loans. These can be made directly from your salary or periodically from your Everyday Direct or Bill Paying account. You can also use your phone, mobile, or Internet Banking as well as make a deposit from another financial institution.
  • Extra repayments. You can make fee-free extra repayments only if it’s a variable rate loan. For fixed loans, additional repayments come with break costs.
  • Fees. There are no ongoing fees, and except for overdrafts, each loan comes with an upfront $100 application fee.
  • Redraw facility. When you register for this service (only if it’s a variable loan), you’ll be able to access your extra repayments. There’s no charge or minimum redraw limit.
  • Security. Personal loans are generally unsecured, but Teachers Mutual Bank might request collateral such as motor vehicle mortgage.
  • Membership. To be eligible, you’ll need to be a citizen or permanent resident of Australia who’s also a current or retired member in the Australian education sector. Family members of members also qualify. There’s a joining fee of $10, so you can become a shareholder.

How to get a personal loan from Teachers Mutual Bank

Applying for a Teachers Mutual Bank personal loan takes 10-20 minutes, and conditional approval typically happens within 24 hours during weekdays. To qualify, you need to be at least 18 years of age, a member of the bank or eligible as a member.

You’ll also need:

  • Your driver’s licence or passport
  • Recent payslips, bank statements, tax returns, or balance sheets.
  • Details about your assets, liabilities and expenses

If you decide to apply, click the “Go to Site” button of your choice in the table above.

About Teachers Mutual Bank

Teachers Mutual Bank began its existence as Teachers Credit Union in 1966. Since then, its product catalogue has grown to include home loans, credit cards, and insurance. The bank is just one division of Teachers Mutual Bank Limited, with Firefighters Mutual Bank, Health Professionals Bank, and UniBank being others. Together, the divisions have over 220,000 members and $8 billion in assets.

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