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My First Home Loan

Buy a home of your own
My First Home Loan has been specially designed to help first home buyers enter the market.

To be eligible for this product all applicants must be first home buyers.

Its range of benefits are tailored to help first home buyers achieve their dream of home ownership.

Summary

Specifically designed for first home buyers.

Main features

  • Discounted variable interest rate
  • 40 year loan term
  • A fee free redraw facility
  • Offset facility

Access options

  • Internet banking
  • Mobile banking
  • Phone banking
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Features and benefits

 

Features

  • No ongoing fees
  • A fee free redraw facility
  • Split option available - part variable and part fixed for up to 3 years
  • No penalty for early repayment
  • Make unlimited additional repayments
  • Flexible repayments
  • Repayment pause
  • Offset facility

Benefits

  • You can use the First Home Owners Grant as part of your settlement
  • Your variable interest rate is discounted for the life of the loan - not just the first year
  • Eligible for Teachers Credit Card up to $5,000 in the name of the first borrower
  • Save up to 10% on new home and contents insurance policies with Teachers Mutual Bank
  • 24/7 access via internet banking
  • 24/7 access via mobile banking
  • 24/7 access via phone banking

Rates, fees and limits

 

Interest rate effective date

1 September 2013

Interest rate
5.48%pa

Comparison rate
5.48%pa*

Interest rate type Variable

Interest calculated Daily

Interest applied Monthly

Term up to 40 years

Minimum amount $25,000

Maximum amount Up to 98% of purchase price with Lenders Mortgage Insurance and/or Mortgage Repayment Insurance (Up to 80% without)

Establishment fee $0 - Paid by Teachers Mutual Bank on your behalf

Top up fee $300

Additional valuation and administration fee $250

Settlement attendance fee $0 - Paid by Teachers Mutual Bank on your behalf


For full details of our home loan fees please review the Fees and charges brochure.



*WARNING: This Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison rate. Comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only.

Eligibility criteria apply to join Teachers Mutual Bank. Fees and charges and lending criteria apply.
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