The mutual bank has reduced fixed rates for both owner-occupiers and investors across its brands.
Teachers Mutual Bank Ltd – which includes Teachers Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank, and Unibank – has announced cuts to its fixed home loans rates by up to 50 bps, effective for all new applications from 29 August.
TMB is the latest lender to slash its fixed rate offering following the Reserve Bank of Australia’s (RBA) back-to-back cuts to the official cash rate in June and July and a continued fall in wholesale funding costs.
Over the past few weeks, several lenders, including Homestart, Citibank Australia, Westpac’s subsidiaries (Bank of Melbourne, BankSA, and St.George Bank), Virgin Money, Adelaide Bank and ME have cut their fixed rates by up to 160 bps.
According to RateCity research director Sally Tindall, the changes are reflective of a shift in the mortgage market over the past few months, with further fixed rate reductions expected.
“The idea of fixing your rate under 3 per cent until August 2024 is a foreign concept to a lot of Australian mortgage-holders,” she said.
“While these low fixed rates may seem like sensational deals, we’re likely to see more cuts.”
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