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Ways to pay your loan
There are several ways you can make payments on your loan. Simply choose the one that suits your needs.
1. Direct from your pay. You can either have the whole or a portion of your income come to Teachers Mutual Bank and have it automatically split with the home loan, everday and savings accounts. There are two ways this can be organised:
- You can arrange it yourself. Simply contact your employer and quote BSB 812-170, your member number and account name. The money will automatically be deposited to your Everyday account. If you want to split your money into various accounts, please complete section B of the Directing your pay or income form.
- We can arrange it for you. Just complete both section A and B of the Directing your pay or income form and we will contact the applicable organisation on your behalf.
Please note: If you are receiving any Centrelink payments - such as government allowance or pension, you will need to arrange it yourself.
2. Direct Deposit. You can deposit funds directly into your home loan.
3. Periodical Payment. We can organise for a periodical payment to be set up from your Everyday account to transfer an allocated amount to your home loan on either a weekly, fortnightly or monthly basis. Once your application has received a conditional approval, a loans officer can send you a Periodical payment authority.
4. Electronic deposit – We can deduct your loan repayments via electronic deposit, where the funds come from another financial provider. This is set up much like a periodical payment, just complete an Electronic deposit request
With no monthly fees and great features, our S1 Everyday account is perfect for managing your daily transactions.