Updated home loan portfolio offers simplified, yet distinct, competitive market offerings
17 June 2021
Teachers Mutual Bank Limited has today unveiled a new-look home loan portfolio aimed at making it simpler for members to choose the right home loan for their needs.
As well as the introduction of new benefits catered to essential workers, the new range streamlines the bank’s previous six offerings into three distinct products:
- Classic Home Loan
- Your Way
- Your Way Plus
Teachers Mutual Bank Limited, CEO, Steve James said the move to overhaul the Bank’s home loans ensures members have access to products that are both market leading and simple to understand.
“Choosing the right home loan is a significant and potentially overwhelming decision for any person to make. We want to ensure that we are doing everything we can to offer products that are easy to understand and have clear and distinct benefits for those with unique needs.
“At the same time we’re introducing some additional benefits for essential workers who contribute so much to our country, particularly over the past few challenging years,” said Mr James.
Essential workers in education, emergency services and healthcare who take up the new Your Way Plus package will receive a reduced variable interest rate (-0.05%) and if they’re a first home buyer the loan’s annual fees will be waived. The Your Way Plus package also includes an offset account, a redraw facility and the ability to make additional payments on variable rates and up to $10,000 per year on fixed rates.
Alternatively, the new Classic Home Loan provides a home loan product for members who do not want to pay for features they won’t use. It offers a competitive low variable rate for owner-occupiers and investors.
“The other highly important and market leading aspect to our home loan portfolio is our Certification from the Responsible Investment Association of Australasia (RIAA). We are the first and only bank in Australia to have all of our wholesale and retail mortgage and deposit products Certified by the RIAA, which includes fossil fuel industry exclusion.
“This is our guarantee to members that we won’t fund their loans with the proceeds of harmful industries such as alcohol, armaments, tobacco, and deforestation nor will we use their deposits and investments to fund those industries,” said Mr James.
The new products are available effective 29 June 2021.