Teachers Mutual Bank today announced interest rate reductions for variable home loan members following the Reserve Bank of Australia’s latest decision to reduce the official cash rate by 0.25% to 3.85%.
Effective 1 June 2025, Teachers Mutual Bank will decrease variable home loan interest rates by 0.25% p.a. for new and existing members.
Commenting on these changes, Teachers Mutual Bank Limited’s Chief Customer Officer, Greg Johnson said, “As a member owned bank, delivering competitive interest rates and carefully considering the needs of all of our members is our priority.
“We know our decision to pass on this rate cut in full will be welcomed by many of our home loan members, who primarily work in the education sector, have been feeling the squeeze of cost of living pressures.”
A member with a $500,000 home loan will save $80* per month on their repayments as a result of this reduction.
“We recognise that managing repayments is just one part of the household budget and some members may need further support. I urge any member needing assistance to get in contact to discuss your options and how our solutions can be tailored based on your individual circumstances.
“For our savings customers, we continue to offer highly competitive deposit rates. Our Essential Saver will offer a competitive rate of 3.75%^ every day with no special conditions, whilst our Term Deposits continue to be highly competitive.”
* Based on a 30-year principle and interest owner occupied variable home loan
^ Effective 1 June 2025
