Teachers Mutual Bank has expanded its home loan offering today with the introduction of four and five year fixed interest terms.
The four-year fixed term offers 4.88% pa (comparison rate 5.48%), and the five-year term has been set at 4.95% pa (comparison rate 5.45%). Both also offer a 100% mortgage offset facility.
Mark Middleton, National Manager of Third Party Distribution at Teachers Mutual Bank says the five-year term can provide stability as interest rates begin to rise.
“Despite a long period of interest rate stability, the future remains unpredictable. Our fixed interest home loans can now protect against rate changes for up to 5 years, providing security and peace of mind,” he said.
“As a mutual bank we are committed to providing competitive interest rates on all of our products, and our 4 and 5 year fixed home loans are no exception.”
In addition to adding these longer terms Teachers Mutual Bank also cut its 1 year fixed interest rate by 26 basis points, bringing it down to 4.58% pa (comparison rate 5.67%).
The rates are effective as of 13th October, for all new loans. Membership eligibility criteria applies.