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Teachers Interest Only Home Loan

Smart choice for investment or construction
With the choice of either fixed interest or variable interest it makes it a perfect choice for the owner-occupier or investor alike.

Teachers Interest Only variable or fixed loans are available to be used for owner occupied and investment purchase, vacant land, renovations, or any worthwhile purpose. Interest Only variable is ideal for a construction loan.

Summary

Ideal for investors or as a construction loan.

Main features

  • Borrow up to 95% with Lenders Mortgage Insurance (LMI)*
  • Choice of variable or fixed interest of up to 3 years
  • Offset facility
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Features and benefits

 

Features

  • Choice of variable or fixed interest of up to 3 years
  • No penalty for early repayment
  • No ongoing fees
  • Offset facility

Benefits

  • 24/7 access via internet banking
  • 24/7 access via mobile banking
  • 24/7 access via phone banking
  • Portability

Rates, fees and limits

 

Interest rate effective date

15 April 2014

Interest rate
Variable
5.73%pa
Fixed - 1 year
4.84%pa
Fixed - 2 years
4.69%pa
Fixed - 3 years
4.64%pa

Comparison rate
Variable
5.73%pa*
Fixed - 1 year
5.64%pa*
Fixed - 2 years
5.53%pa*
Fixed - 3 years
5.43%pa*

Interest rate type Variable or Fixed

Interest calculated Daily

Interest applied Monthly

Minimum amount $25,000

Maximum amount Up to 95% of purchase price with Lenders Mortgage Insurance and/or Mortgage Repayment Insurance (Up to 80% without)

Establishment fee $600

Top up fee $300 (variable only)

Additional valuation and administration fee $250

Settlement attendance fee $150


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



*Comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only. 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. This comparison rate applies to the home loan fee waiver promotion which commenced on 13 February 2014 and ends on 13 May 2014 and is subject to meeting all of the conditions of the promotion including that the loan is fully funded by 21 June 2014. For full details of the promotion see www.tmbank.com.au/incredible.
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