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

Website Notifications

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

Mutual bank drops interest rates

rate percentage ta rate percentage ta
Annie Kane 5 minute read

Teachers Mutual Bank has announced that it will drop its variable interest rates by up to 25 basis points for new and existing borrowers from 1 August.

The banking group – including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and Uni Bank – has said that it will decrease a number of its owner-occupier and investor variable interest rate product from 1 August following the Reserve Bank's decision to cut the official cash rate by 25 basis points.

On 2 July, the Reserve Bank of Australia (RBA) lowered the official cash rate to a new record low of 1 per cent, marking the second month in a row in which the cash rate had moved following nearly three years of inertia.

The adjustment provoked an immediate response from some players in the mortgage market, but announcements are still rolling out from the non-major and non-bank segment.

Advertisement
Advertisement

The latest announcement comes from Teachers Mutual Bank Ltd.

Applicable for new business and existing borrowers (including those that have applied for a qualifying product and have been approved but not yet funded) the following rate reductions will apply for these specific products from 1 August:

Owner-occupiers

  • Classic Home Loan - principal and interest (P&I): 25 basis point drop
  • Solutions Plus Home Loan - P&I : 20 basis point drop
  • Solutions Plus Home Loan - interest only (IO): 20 basis point drop
  • My First Home Loan - P&I: 20 basis point drop
  • My First Home Loan - IO: 20 basis point drop
  • Interest Only Variable: 20 basis point drop
  • Flexi Choice Loan - P&I: 16 basis point drop

Investors

  • Classic Home Loan - P&I: 17 basis point drop
  • Flexi Choice Loan - P&I: 16 basis point drop
  • Interest only Variable: 16 basis point drop.

All other home loan interest rates remain unchanged, the banking group said.

PROMOTED CONTENT


[Related: Lenders continue to cut rates]

Mutual bank drops interest rates
rate percentage ta
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

rate percentage ta
Annie Kane

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Email Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

more from the adviser
handshake news Ex-broker head to lead MyState banking

A former broker head has returned to MyState Bank to tackle turna...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...