Personal loans

Whatever the reason, we’ve got the loan

There are many reasons for taking out a personal loan¹. You might be planning for a holiday, consolidating existing debts², eyeing a new car or saving for a special occasion. Whatever the reason, a competitive personal loan from Teachers Mutual Bank can help get your plans off the ground.

Why choose a Personal Loan with us?

Fixed rate or variable rate, which loan is right for you?

Enjoy peace of mind with a fixed loan:

• Lock in your interest rate for 1 up to 6 years
• Have certainty that your repayments stay the same for the duration of your loan
  
  

Have flexibility when you need it with a variable loan:

• Make unlimited additional repayments
• Access additional payments when you need it
• Pay your loan off faster with no early repayment fee

Have a question?

Check our frequently asked questions for answers to some common questions about our personal loans.

What documents do I need to apply?

• ID – drivers licence or passport
• How much you earn –recent payslip, bank statements, tax returns or balance sheets
• Assets & liabilities in your name – property, shares loans or credit cards.
• Expenses – bills, household costs or other expenses.

How long does it take to apply and how fast can I get my loan?

Phone and online applications take approximately 10-15 minutes and you should receive conditional approval within 24 hours (weekdays). You will then need to provide confirmation of your employment and income and accept our letter of offer. Once received and contracts are signed, the funds will be disbursed according to conditions of your loan and your instructions.

Loans can also be applied for at any of our offices.

What is the interest rate for Teachers Mutual Bank personal Loans?

We offer fixed interest rate and variable interest rate loans.  Go to compare loans for interest rates.

Have another question? Visit our FAQs page for more information.

Discover more

Insightful reads and helpful information

**Comparison rate warning
Comparison rates quoted are based on $10,000 for a term of 3 years for Travel Loans, $10,000 for a term of 3 years for Car Loans and All Purpose Loans and $30,000 for a term of 5 years for Secured New Car Loans, with monthly repayments. The Secured New Car Loan is a secured product. All other loan products quoted are unsecured. 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.

Drive away in your new car

Whether it’s a new or used car, an upgrade or necessity, our car loans¹ have flexible repayment options and no ongoing account keeping fees². You won’t believe how easy it is to get on the road.

We offer variable rate loans which start from $2,000 and fixed rate loans starting from $10,000 so you can turn the car you want into a reality.

Our Fixed Rate Car Loan has been awarded the Mozo Expert Choice Award 2019 in the Used Car Loan category³.

Need help to find your next set of wheels?

Don't spend hours looking for a car, let Teachers Car Buying Service do it for you. This service takes the hassle out of buying a car - new or used.

**Comparison rate warning
Comparison rates quoted are based on $10,000 for a term of 3 years for Travel Loans, $10,000 for a term of 3 years for Car Loans and All Purpose Loans and $30,000 for a term of 5 years for Secured New Car Loans, with monthly repayments. The Secured New Car Loan is a secured product. All other loan products quoted are unsecured. 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.

**Comparison rate warning
Comparison rates quoted are based on $10,000 for a term of 3 years for Travel Loans, $10,000 for a term of 3 years for Car Loans and All Purpose Loans and $30,000 for a term of 5 years for Secured New Car Loans, with monthly repayments. The Secured New Car Loan is a secured product. All other loan products quoted are unsecured. 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.

Debt consolidation

As a teacher dedicated to helping others, you sometimes don't have enough time to focus on yourself - or your finances.

A debt consolidation loan with Teachers Mutual Bank can help you take control of your finances, save on interest and reduce financial stress.

Benefits of consolidating multiple debts

 

One regular, easy to manage repayment

 

A fixed end date for when your debt will be paid off

 

Interest savings with a potentially lower interest rate

How does debt consolidation work?

What will my repayments be?

Quick and easy to use – our online calculators and tools will give you the information you need, in a matter of minutes.

Have a question?

Check our frequently asked questions for answers to some common questions about our personal loans.

How does debt consolidation work?

When you consolidate debt with a personal loan, you combine the outstanding balances of multiple debts into one new personal loan in order to pay off all those other debts. 

This often helps you better manage your budget and cashflow because you only have one loan with one regular repayment and a set end date for paying off the debts, instead of having to manage multiple debts and multiple payments. 

Some of the types of debt that could be consolidated with a personal loan include car loans, credit cards, store cards, and personal loans with other lenders. 

**Comparison rate warning
Comparison rates quoted are based on $10,000 for a term of 3 years for Travel Loans, $10,000 for a term of 3 years for Car Loans and All Purpose Loans and $30,000 for a term of 5 years for Secured New Car Loans, with monthly repayments. The Secured New Car Loan is a secured product. All other loan products quoted are unsecured. 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.

**Comparison rate warning
Comparison rates quoted are based on $10,000 for a term of 3 years for Travel Loans, $10,000 for a term of 3 years for Car Loans and All Purpose Loans and $30,000 for a term of 5 years for Secured New Car Loans, with monthly repayments. The Secured New Car Loan is a secured product. All other loan products quoted are unsecured. 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.

Be prepared for the unexpected

Having an overdraft (RediCredit) means you’re ready to manage life’s little emergencies at any time.