Teachers Mutual Bank has announced a number of rate reductions for some of its home loan products.

The bank’s three-year fixed rate for owner occupiers has seen the biggest reduction – down 29 basis points to 3.99 per cent (with a comparison rate of 5.13 per cent).

Teachers Mutual’s five-year fixed rate has been cut by 23 basis points to 4.34 per cent (with a comparison rate of 5.05 per cent); its three-year fixed rate has been reduced by 20 basis points to 3.99 per cent (with a comparison rate of 5.25 per cent); and its one-year fixed rate has been reduced by 16 basis points to 3.99 per cent (with a comparison rate of 5.39 per cent).

The smallest reduction was applied to the bank’s four-year fixed rate – down 15 basis points to 4.34 per cent (with a comparison rate of 5.13 per cent).

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