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Teachers Mutual Bank cuts 2 year fixed rate to 4.58% pa
Teachers Mutual Bank announced today that it has cut interest rates on its 2 year fixed home loan to 4.58% pa, one of the best interest rates currently on the market, and has also reduced its 3 year fixed rate home loan to a highly competitive 4.66% pa.
These cuts see the mutual slice 9 basis points off their already low 2 year fixed product pinging it down to the 4.58% pa (comparison rate 5.56%pa)*. The 3 year fixed rate was slashed by 16 basis points, to take the rate down to 4.66% pa (comparison rate 5.49% pa)*.
“With some economists predicting rates to rise early next year, our new fixed rates offer a great opportunity to lock in a low rate now before the market changes” said Steve James, CEO of Teachers Mutual Bank.
In addition to the rate cuts, Teachers Mutual Bank is guaranteeing the 2 and 3 year fixed rate for 90 days on all new applications received before the 12th October, as well as offering a 100% offset facility on all loan types.
“Spring is typically a very active time in the property market and we hope this great offer, with the security of a fixed interest rate, will give potential home owners the confidence to take their next step on the property ladder” said Steve James.
The rates are effective today 8th September, for new loans. Eligibility criteria apply.
Further information for editors:
Gillian Tatt, PR and Corporate Affairs Specialist, Teachers Mutual Bank on 02 9735 9825 or 0448 259 942.
*NOTE: These comparison rates are 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. The comparison rate quoted is based on $150,000 for a term of 25 years. Rates apply to secured loans only. Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence 238981