August Interest Rate Changes Talk to us Phone us Email us Breadcrumbs Teachers Mutual Bank About us Member news 2022 August Interest Rate Changes 16 August 2022 16 August 2022 Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, Teachers Mutual Bank will change interest rates on some of our loan and savings products. Why are we changing interest rates? As market conditions change, we need to adjust our rates to operate sustainably while providing value for all Members. As a Mutual Bank, we are committed to offering competitive rates on our home loans. What’s changing? Effective 19 August 2022, Teachers Mutual Bank Limited will increase the variable interest rate by 0.40% p.a. for the following: Your Way Basic Variable Home Loans Your Way Standard Variable Home loans Effective 19 August 2022, Teachers Mutual Bank Limited will increase the variable interest rate by 0.50% p.a. for the following: Your Way Plus Variable rates Home Loans All existing variable rate home loans1 From 19 August 2022, Teachers Mutual Bank will increase the fixed interest rate by 0.50% p.a. for the following: One, two and three year Your Way and Your Way Plus Fixed Home Loans Effective 19 August 2022, Teachers Mutual Bank Limited will increase the fixed interest rate by 0.90% p.a. for the following: Three, four and five year Fixed Rate Car Loan In good news for depositors, from 1 September 2022 we are increasing interest rates on select savings deposit accounts including: 0.55% p.a. increase on Reward Saver account 0.30%p.a. increase Online Savings account From 19 August 2022, a number of Member Term Deposit rates will increase. This includes the 7 month Member Term Deposit rate increasing by 1.00% p.a. to 2.00% p.a. To view all our home loan, savings products and term deposits rates, visit our Rates page. We have a long-standing commitment to hardship assistance and Member service. If you’re experiencing financial hardship and can’t meet your repayment commitments, you can contact 13 12 21 to discuss your options with us. 1. Variable interest rates on selected existing L73 and L77 Home Loans are exempt. Information is subject to change. Membership eligibility applies to join the Bank. Terms and conditions and target market determinations are available online and should be considered before making any decision about what’s appropriate for you. All applications for credit are subject to our responsible lending criteria. Fees, charges, terms and conditions apply. Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence No 238981.
