Membership Eligibility and Lending Criteria
Eligibility criteria apply to join Teachers Mutual Bank Limited. Fees and charges and lending criteria apply. Consumer lending terms and conditions available here.
Redraw is only available if borrowers have made additional repayments. If your loan has a redraw facility, you do not need to register to use the redraw facility on your loan account.
Lenders Mortgage Insurance
Lenders Mortgage Insurance, or LMI, insures the lender in the event that the borrower defaults on the mortgage. It does not insure the borrower. Borrowers must still meet lending eligibility criteria for both the lender and the LMI provide
Interest Only Loans
For interest only loans, repayments must be made monthly. Maximum Interest Only period of up to 5 years after which, loan must revert to Principal & Interest repayments.