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The best 3 year fixed rate home loan on the market
Teachers Mutual Bank announced today that it has cut interest rates on its 3 year fixed rate home loan to a market-leading 4.49%pa, and has also reduced its 2 year fixed rate home loan.
The mutual bank has cut the interest rate on its 3 year fixed home loan by a whopping 0.39% to 4.49%pa (comparison rate 5.44%pa), making it the best 3 year fixed rate home loan currently on the market1.
Its 2 year fixed rate home loan has come down by 0.10% to a highly competitive 4.69%pa (comparison rate 5.58%pa).
“These rate reductions mean we’re offering strongly competitive rates with the security of fixed interest.” said Steve James, CEO of Teachers Mutual Bank.
In addition to the rate cuts, Teachers Mutual Bank is also waiving upfront application fees on all new loans, fixed or variable. The removal of these fees represents a $750 saving to home loan applicants.
With the Reserve Bank’s February decision to keep rates on hold, official interest rates have remained unchanged for the last 6 months. Commentators are predicting no further falls in the official rate, and the possibility of a rate rise towards the end of the year.
“At Teachers Mutual Bank our aim is always to provide our members with the best value home loan rates. Given the predictions by some, that rates will start to climb later this year, these fixed rate home loans represent an opportunity to lock in an excellent rate now, whether entirely fixed, or part-fixed, part-variable,” said Steve James.
The rates are effective today 13 February 2014, for new loans.
1According to Mozo comparison site Wednesday 12 February 2014.
Gillian Tatt, PR and Corporate Affairs Specialist, Teachers Mutual Bank on 02 9735 9825 or 0448 259 942.