Teachers Mutual Bank has unveiled a mortgage offset facility that is available across its entire home loan product range.
The 100 per cent offset facility is accessible via transaction accounts and includes all variable rates, fixed rates, interest-only home loans and My First Home Loan products.
Teachers Mutual’s national manager of third-party distribution, Mark Middleton, said the lender’s late arrival in the mortgage offset space had allowed it to research the market.
“We found that offset is available from many financial institutions in some form but very rarely across a bank’s entire mortgage product range,” he said.
“As a mutual bank, we want to provide our members with real choice when structuring their personal finances, so having identified this gap in the market, we’re delighted to be able to fill it with this pioneering solution.”
Mr Middleton said the new offset account was the sort of innovation Teachers Mutual promised when it entered the broker channel last year.
Teachers Mutual was recently named among the five most ethical lenders in the world.