The mutual bank has announced reductions of between 10 and 25 basis points across its loan offerings for both owner-occupiers and investors.
Teachers Mutual Bank Ltd (TMB Ltd) – which includes Teachers Mutual Bank, UniBank, Health Professionals Bank and Firefighters Mutual Bank – has announced widespread rate reductions of between 10 and 25 basis points for fixed and variable home loan products.
Rate reductions apply to both owner-occupier and investor products.
Fixed rate reductions are effective as of 16 October 2019, and the changes are as follows.
Owner-occupied, principal and interest repayments:
Owner-occupied, interest-only repayments:
Investor, principal and interest repayments:
Investor, interest-only repayments:
Additionally, variable rate reductions are effective as of 1 November 2019, and applicable for new and existing customers of TMB.
Variable rates across the board have been reduced by 13 bps for owner-occupiers and investors, apart from first home buyers, who have seen a reduction of 25 bps.
For owner-occupiers with a Solutions Plus P&I home loan, rates start at 3.48 per cent (comparison rate 3.74 per cent), and Solutions Plus IO loans start at 4.21 per cent (comparison rate 4.00 per cent).
Other owner-occupier variable rate changes include:
A range of investor home loans also saw the following rate cuts:
TMB Ltd noted that any approved applications for products that have seen rate changes will automatically be provided the new applicable rate on funding.
[Related: Heritage Bank drops floor rate]
Hannah Dowling is a journalist for The Adviser and Mortgage Business.
Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency.
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