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TMB announces fixed rate changes

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cut rate dollar ta
Hannah Dowling 3 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:

  • 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.

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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.

[Related: TMB reduces fixed and variable rates]

TMB announces fixed rate changes
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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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