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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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