Refinancing? Find out how easy it can be.
With our dedicated Lending Specialists who meet you on your schedule, flexible loans, and discounts for eligible teachers, refinancing your home loan is easier than you think.
Why refinance with us?
Refinance your home loan with Teachers Mutual Bank. Take our Home Loan Health Check to see if you're currently getting the best rate on your home loan.
Flexibility for you
We accept three months of employment history for regular relief and casual teachers. Other credit criteria apply.
A single contact at every stage
Have the same lending specialist throughout the whole process of refinancing.
Anytime, anywhere
Face to face (where available), on the phone or by video, our Lending Specialists can work around your teaching hours.
Understanding your needs
Flexible home loans
Choose if your home loan is fixed or variable, with options for 100% offset and redraw on our Your Way Plus Home Loan package*.
Unlock your property’s equity
Find out if you can access equity in your property. It may allow you to renovate or consolidate your debts into one.
Calculate how much you can save by switching
Other calculators and tools
Choose the calculator that applies to your refinancing scenario below.
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Your Way Owner Occupier Home Loan
Keep it simple with our basic low-rate home loan with flexible options to help you to do your home loan, your way.
Learn more
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Your Way Home Loan Basic Variable rate (Owner, P&I, LVR up to 60%)
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Your Way Home Loan Basic comparison rate (Owner, P&I, LVR up to 60%)
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Fixed and variable rate options
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Free redraw on the variable portion
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Make unlimited additional repayments on variable loans
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Ability to split loan
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Available for first home loans
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Your Way Plus Owner Occupier Home Loan
Take advantage of a home loan with offset and much more with our package home loan.
Learn more
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Your Way Plus Home Loan variable rate (Owner, P&I, LVR up to 60%)
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Your Way Plus Home Loan comparison rate (Owner, P&I, LVR up to 60%)
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Establishment fee waived (normally $600)
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Flexibility to make additional repayments on variable rate loans and up to $10k per anniversary year on fixed rate loans
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100% Offset facility so you can pay your loan down faster
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Available for first home loans
Easy steps to refinancing
Have a chat
Tell us about you and your current loan so we can let you know what you can save by switching, and how much you can borrow.
Find the right home loan
Take a look at our home loan options and we'll help you find the right loan. We’re flexible to suit your needs – you can have a basic variable loan that comes with redraw, or add an offset facility and have both.
Make the move
A Lending Specialist will be in touch to finalise your loan application. Our lenders will help you take the next steps to discharge your existing home loan from your other bank.
Top tips for refinancing
Set your goals for refinancing.
Find out if you’re eligible to join Teachers Mutual Bank. It’s open to teachers and their families, and others in the education sector.
Use our calculators to compare two loans or see your savings with an offset facility.
Build your wealth with a bank that does good
FAQs
How do I refinance a home loan?
Refinancing is basically a loan swap. You continue to pay off your home, but with a new loan that has a lower rate or better features (or both!). Once you’re sure you want to refinance, all you need to do is complete a home loan application and we’ll arrange to have your property revalued.
How do I avoid Lender’s Mortgage Insurance (LMI) when refinancing?
Lender’s Mortgage Insurance is only required if you borrow more than 80% of the property’s value. If you’re refinancing, decide to swap lenders, and need to borrow more than 80%, you will need to pay LMI again as it doesn’t transfer from one lender to another. You may be able to reduce or avoid LMI entirely by having a family member act as guarantor.
How soon can I refinance?
Technically, you can refinance whenever you like. However, refinancing comes with various administration costs. How much equity you have in your home can affect whether you will need to pay Lender’s Mortgage Insurance (LMI). Refinancing is considered an application for credit, so it will influence your credit score. Be sure you carefully consider the wider effects of refinancing before you proceed.
Read more here.
Why refinance?
Refinancing can be a great money saver. If you’ve had your loan for a while there’s a good chance you can get a better deal now. Other reasons you might refinance are to consolidate debt, or to get a home loan with features that suit you better.
Get in touch today.
Take the next step in your home loan journey.
Talk to a Lending Specialist
We can visit you at home, call you on the phone or speak to you on a video call.
See if you pre-qualify
Fill a short form to secure a pre-qualification for your home loan, and peace of mind.
Apply for a home loan online
Complete our online application form to begin your home loan financing.
Speak to us today
Refinancing may be all about the savings, but it’s important to do your sums to make sure you will be better off overall with your new loan. You can find more information at our Home Loan Resource Centre (and or borrowing power calculator) or, if you want to ask a real person some questions, make an enquiry with one of our Lending Specialists.
**Comparison rate warning
Comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only. WARNING: This Comparison rate is 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.
Important information
Eligibility criteria apply to join Teachers Mutual Bank Limited. Fees and charges and lending criteria apply. Consumer lending terms and conditions available here.
*The Your Way Plus is available as a package home loan with package benefits. A package fee is payable annually. For further details see Package Terms and conditions. If your loan has an offset facility, terms and conditions for the mortgage offset facility are set out in our Consumer lending terms and conditions and Conditions of use Accounts and access. For more information refer to Mortgage Offset section of our website.
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