Regional bank drops OO rates by 31bps

The bank and its subsidiaries will decrease rates for new owner occupier principal and interest fixed loans with an LVR of 80% and below

Regional bank drops OO rates by 31bps



Teachers Mutual Bank and its subsidiary banks have announced a reduction in rates for new owner-occupier, principal and interest fixed rate home loans across all their brands.

The changes are effective 17 August 2017 for new business only, and entail a reduction in rates for principal and interest loans for customers with an LVR of 80% or lower. The average interest rate per annum will now sit at 3.89% for these customers, with a comparison rate of 4.15% p.a.

New fixed rate home loans on 1, 2, and 3 years will also have an interest rate reduction. These rates are now 3.79%, 3.84%, and 3.99% p.a. respectively.

“We want to continue to be a leading choice for customers starting on their home ownership journey. We expect these rate reductions will be attractive to potential members who want to be supported by a bank that understands their needs, and will provide high quality member service”, stated Teachers Mutual Bank head of third party distribution Mark Middleton.

These changes will apply to new business for all Teachers Mutual Bank brands: Teachers Mutual Bank, UniBank, and Firefighters Mutual Bank.

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