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TMB announces fixed rate changes

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Hannah Dowling 5 minute read

The mutual bank has announced reductions of up to 102 basis points on fixed rates for new borrowers, with some products seeing a decrease of 10 basis points.

Teachers Mutual Bank Ltd – which includes Teachers Mutual Bank, UniBank, Health Professionals Bank and Firefighters Mutual bank – has announced changes to fixed rate products for new customers across the group’s divisions.

The revisions have been made across loan products for both owner-occupiers and investors, and are applicable to principal and interest (P&I) and interest-only (IO) loans.

As of 4 December, rate changes for new owner-occupiers making P&I repayments are as follows:

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  • One-year fixed rate - no change, 2.98 per cent (comparison rate 4.51 per cent)
  • Two-year fixed rate - increased by 10 bps to 2.98 per cent (comparison rate 4.36 per cent)
  • Three-year fixed rate - reduced by 30 bps to 2.98 per cent (comparison rate 4.23 per cent)
  • Four-year fixed rate - reduced by 51 bps to 3.28 per cent (comparison rate 4.21 per cent)
  • Five-year fixed rate - reduced by 51 bps to 3.28 per cent (comparison rate 4.11 per cent)

Changes for new owner-occupiers making IO repayments are as follows:

  • One-year fixed rate - reduced by 74 bps to 3.45 per cent (comparison rate 4.55 per cent)
  • Two-year fixed rate - reduced by 64 bps to 3.45 per cent (comparison rate 4.45 per cent)
  • Three-year fixed rate - reduced by 54 bps to 3.45 per cent (comparison rate 4.36 per cent)
  • Four-year fixed rate - reduced by 68 bps to 3.75 per cent (comparison rate 4.37 per cent)
  • Five-year fixed rate - reduced by 75 bps to 3.75 per cent (comparison rate 4.32 per cent)

Rates for new investors making P&I repayments are as follows:

  • One-year fixed rate - reduced by 10 bps to 3.28 per cent (comparison rate 4.53 per cent)
  • Two-year fixed rate - no change, 3.28 per cent (comparison rate 4.42 per cent)
  • Three-year fixed rate - reduced by 7 bps to 3.28 per cent (comparison rate 4.31 per cent)
  • Four-year fixed rate - reduced by 37 bps to 3.68 per cent (comparison rate 4.34 per cent)
  • Five-year fixed rate - reduced by 37 bps to 3.68 per cent (comparison rate 4.28 per cent)

Changes for new investors making IO repayments are as follows:

  • One-year fixed rate - reduced by 102 bps to 3.47 per cent (comparison rate 4.55 per cent)
  • Two-year fixed rate - reduced by 101 bps to 3.47 per cent (comparison rate 4.45 per cent)
  • Three-year fixed rate - reduced by 52 bps to 3.47 per cent (comparison rate 4.36 per cent)
  • Four-year fixed rate - reduced by 101 bps to 3.78 per cent (comparison rate 4.38 per cent)
  • Five-year fixed rate - reduced by 101 bps to 3.78 per cent (comparison rate 4.33 per cent)

All other home loan interest rates remain unchanged.

Any applications that have already been approved for the above products but have not yet been funded will automatically have the new rate applied on funding.

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[Related: TMB reduces fixed and variable rates]

TMB announces fixed rate changes
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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! Work smarter, not harder, in 2022 and beyond, visit the website here to secure your ticket.

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Hannah Dowling

Hannah Dowling

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. 

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

 

 

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