​Mutual Bank introduces four and five year fixed rates

by Julia Corderoy13 Oct 2014
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.