Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Must Read

data banking CDR
January 20 2022

Sherlok secures access to open banking data

The mortgage technology provider has tapped into open banking data, which will power its single-clic...

money grants
January 20 2022

Grow Finance concludes $35m capital raise

The lender’s co-chief executive believes this will sustain growth as it aims to secure 1 per cent...

Siobhan Williams 850 ta
January 19 2022

Pepper names mortgages head

The non-bank lender has appointed a new head to lead its residential sales team for mortgages. ...

property buying home
January 19 2022

Tasmania rolls out granny flat grants

The state’s government has thrown support behind the construction of granny flats, presenting the ...

finance education
January 18 2022

Asset finance accreditation the next ‘battleground’: CAFBA

CAFBA has underscored the importance of education for brokers diversifying into asset finance, as th...

signature
January 18 2022

Brokers drive origination growth for Prospa

The non-bank’s latest quarterly figures mark a year-on-year growth of 85 per cent, with the bulk o...

Latest Podcast

Damien Roylance

RECEIVE BREAKING NEWS DIRECT TO YOUR INBOX EACH DAY

SUBSCRIBE

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Mutual banks cut owner-occupier IO rates

cut cut
Reporter 5 minute read

Teachers Mutual Bank, UniBank and Firefighters Mutual Bank have dropped their interest rates for several home loans, including interest-only, by up to 30 basis points.

The mutual banks, owned by Teachers Mutual Bank Limited, have dropped the variable interest rate to 3.84 per cent (3.89 per cent comparison) for new borrowers taking out an owner-occupier loan of more than $150,000 (and up to $1 million).

Fixed rates across a number of home loan products have also been cut for all brands: two-year fixed rate home loans will drop by 15 basis points to 3.69 per cent per annum (p.a.), four and five-year fixed rate home loans will be reduced by 22 basis points to 4.36 per cent p.a. and 4.49 per cent p.a., respectively.

These fixed rate changes will affect new business for owner-occupier on principal and interest payments.

Advertisement
Advertisement

Following on from its interest-only rate hike earlier this year, the group has announced that it will be reducing the rates on these loans by an equivalent to 4.38 per cent p.a for two-year terms, 4.76 per cent p.a. for four-year terms and 4.89 per cent p.a. for five-year terms. 

Teachers Mutual Bank Limited’s head of third-party distribution, Mark Middleton, said: “We always seek to provide some of the most competitive rates on the market, and these new rates achieve that aim. 

“Our third-party channels are a strong area for business growth for us, and our engagement with the broker community will be a continued focus as we grow our portfolio and our brands over the next year. These rate changes are a positive step in building that growth.”

These rate changes follow Teachers Mutual Bank Limited’s recently announced annual results, which highlighted the brand’s strong home loan performance, with first and third-party lending growing by a total of 19.23 per cent in 2016–2017.

[Related: ASIC to review loan files of ‘high IO’ brokers]

PROMOTED CONTENT


 

Mutual banks cut owner-occupier IO rates
cut
TheAdviser logo

Grow your business exponentially in 2022!

Discover the right strategies to build a more structured, efficient and profitable businesses at The Adviser’s 2022 Business Accelerator Program.

Visit the website here to secure your ticket.

cut

 

Latest Opinion

nick Young

Glimpses into 2022: In the wake of the ‘perfect storm’

According to industry veteran Nick Young, Trail Homes, with so many concurrent pressure points, it’s no wonder that 2021 was the “perfect storm”...

Peter Cole

5 things to consider when choosing a credit repair agency

Credit repair and debt management have been going through an overhaul recently. But how do you choose a company to partner with? Peter Cole, director ...

Sascha moore headshot red

When coming of age is a curly beast

As women, we’re conditioned – and categorised, constantly. While it’s no different for men, for us, the effects are arguably often more far-rea...

LATEST OPINION

COVER STORY

Australian Broking Awards 2021

More than 700 people attended this year’s Australian Broking Awards in early December, with the leading lights of the mortgage and finance broking industry coming together for a long-overdue celebration of excellence

FEATURED ARTICLES

The rising need for LMI

Property prices have soared by over 20 per cent during the COVID-19 crisis, making it increasingly difficult for first home buyers to enter the housing market.

Freeing clients from the debt spiral

There is renewed optimism in Australia as we head into a new year and the country opens up to all Australians.

Read the latest issue of The Adviser magazine!
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more