Make the most of your loan

Learn about your options when making repayments, redraw and more.

Managing your repayments

  • Align the frequency of your loan repayments with the same frequency you are paid, for example, weekly, fortnightly or monthly 
  • For ease and convenience when making your loan repayments, arrange your pay or income to your Teachers Mutual Bank account 

    Once the above is completed and your pay in coming into the bank, loan repayments direct from your pay are easy! You can have the whole or a portion of your income automatically split with your loan, transactional and/or savings accounts by completing this form and returning it to us. For assistance with this form, please contact us or contact your lending manager directly.

  • Any extra repayments you can make (big or small) will save you interest and repay your loan sooner. Don’t forget, there are no penalties or fees for doing this. 
  • If you get a pay rise, consider increasing your regular loan repayment so you can repay the loan sooner 
  • You can check your loan balance and transactions 24/7 via internet or phone banking 
  • If your loan is in advance by one payment or more, you can redraw from your loan for any reason. There is no fee to do this and no minimum or maximum amount.


Redraw allows you to withdraw any extra repayments that you have made on your loan.

By making extra repayments, you will save interest over the life of the loan and reduce the amount of time it takes to pay it back. But if you then need to access the extra repayments you can with a redraw.

When you redraw the extra funds, you do not need to tell us why you’re withdrawing them. All you need to do is ensure that your loan remains at least one repayment in advance.

Redraw is subject to application and registration.

How to redraw

To use redraw you must complete a Redraw registration. The funds that you wish to redraw can be transferred to a savings account on the same member number as your loan.

Once registered you can access the redraw by internet, via our mobile app or phone banking or by completing a Personal loan and home loan redraw request.

Making extra repayments

You can make extra loan repayments without penalty, by any of the following ways: 

  • Transfer from another Teachers Mutual Bank account via internet banking or our mobile app or phone banking 
  •  Electronic transfer or deposit from another financial institution 
  • Arrange a telephone transfer by speaking to our staff 8am to 7pm, weekdays or 9am to 3pm, Saturday 
  • Mail a payment to us with details of the loan account to be deposited 
  •  Visit our office and deposit over the counter.

Changing your loan repayments

  • You can increase your loan repayment amount at any stage. All you need to do is tell us in writing of the new amount you wish to pay and mail or fax it to 02 9704 8201
  • Should you wish to decrease your loan repayments for any reason, you will need to contact us to discuss your options. Call 13 12 21 8am to 7pm, weekdays or 9am to 3pm, Saturday.

Increasing your current personal loan

If you wish to increase your current personal loan, you will need to make a new loan application and normal lending criteria and terms and conditions apply.

If you’re having difficulty making your repayments

If you’re experiencing difficulty making your loan repayments, please contact us as soon as possible so we can help you. Call 13 12 21 8am to 7pm, weekdays.