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Bank cuts rates by more than half a per cent

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Bank cuts rates by more than half a per cent

James Mitchell 2 minute read

One lender has announced a rate cut of up to 0.53 per cent across all of its fixed home loan products.

Effective immediately, Teachers Mutual Bank’s one-year and two-year fixed rates have dropped to 4.15 per cent, while the bank's three-year fixed rate has decreased to 4.09 per cent from 4.58 per cent – the lowest rate offered by the group in 40 years.

The four-year loan has seen a 0.23 per cent change, falling to 4.45 per cent from 4.68 per cent while the five-year fixed has dropped 0.30 per cent from 4.75 per cent to 4.45 per cent.

Teachers Mutual also announced it is waiving application and settlement fees on its three-year fixed rate home loan until the end of June, a saving of $750.

“This three-year fixed home loan rate combined with the fee waiver provides brokers with a great opportunity to target the education community and their families,” Teachers Mutual Bank national manager of third-party distribution Mark Middleton said.

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“As we expand our reach throughout the education sector we remain committed to providing highly competitive rates, great value products and an excellent member experience.”

Bank cuts rates by more than half a per cent
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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