Rating based on 20 reviews

Teachers Mutual Bank

Updated

  • Short-term loans up to $80,000
  • Low-interest up to 20%
  • Repayment up to 6 years

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Teachers Mutual Bank homepage

Author Teachers Mutual Bank. Screenshot of Teachers Mutual Bank website. [Accessed September 10, 2021]

About Teachers Mutual Bank

They have the expertise to help you focus more on yourself and less on the financial stress you might face.

While you’re making an impact as a teacher; shaping future generations, helping them learn and prepare for the next step, they can help you to achieve your dreams in life. Whether that’s owning your dream home or a car loan to buy a car, saving for a holiday, or helping your own children or grandchildren save for tomorrow – you can make it a reality with them.

Their credit union was created in 1966 by a group of teachers who wanted to give their students better financial options. After 50 years, they still offer the same dedication and passion to education, providing industry-leading products and services to students, teachers, schools, and school boards statewide.

Becoming a member of Teachers Mutual Bank 

Access better rates and services from them as they channel a portion of their profits back into the business to ensure just that. Have access to ATMs worldwide, you can also get a low-rate credit card. Teachers like yourself have busy lives, that’s why they’re so committed to providing a better banking experience that’s convenient to you. Their mobile bankers can meet you at a suitable time and place, either in person or over the phone.

You can also use their mobile app, plus you can now use Google Pay, Apple Pay, and Samsung Pay to make purchases on your phone. They are more than just a bank; they’re committed to community investment and providing outstanding service with strong ethical standards. It all comes down to making members' lives easier and it shows through our innovative member-centric approach. It all started with 29 members and $644 in deposits and has grown into over 200,000 members and more than $7 billion in assets.

Teachers Mutual Bank Services

Whatever you might need a loan for, they have a credit solution for you.

It will only cost you $100 to apply with them they’re one of the lowest in the market. Maybe you are planning for a holiday, consolidating existing debts, eyeing a new car, or saving for a special occasion. Whatever you need a loan for, a competitive loan from Teachers Mutual Bank can help get your plans off the ground. While they offer short-term loans for the unexpected short-term hassles, they also offer longer-term loans such as home loans and more.

Charges and repayments

You can get started by making use of their calculators and tools to find just the loan amount for you. There are no ongoing fees, this means that they don’t charge monthly, which will allow you to pay off your loan faster. You can also use this facility if you want to make additional repayments without paying any extra fees. Additional payments outside of your repayment schedule are allowed and will help you to pay off your loan faster. Enjoy flexible repayments and repay every week, fortnight or month.

Credit Card

Enjoy up to 55 days of interest-free credit cards with rates starting at 7.90% p.a. for the first 6 months and no annual fee, allowing you to still enjoy all the little things in life while keeping your budget on track. Access flexible credit limits from $1,000 to $25,000 and add additional cardholders when you want to at no extra cost. The Teachers Mutual Bank Credit Card is accepted worldwide in over 200 countries.

Teachers Mutual Bank Short-term loan

  • Loan Type Short-term loans
  • Interest Rate 20%
  • Loan Amount up to $80,000
  • Repayment 6 months to 6 years

Benefits of Teachers Mutual Bank

  • Repay early with no penalty fees
  • Low-interest rates
  • Flexible loans 

Teachers Mutual Bank - Funding teachers nationwide

They offer a variety of insurance products such as car & caravan insurance, home & contents insurance, Life insurance, and more.

Access several accounts to assist you with your day-to-day financial use such as a savings account, term deposits, everyday direct account, and more.

How to apply for a short-term loan 

To get started you will need 

  • To be a permanent resident or an Australian citizen.
  • Be of legal age (18) or older.
  • ID, your full name, date of birth, and address – this could be a driver's Licence or passport.
  • Your income – this could be confirmed by recent payslips, bank statements, tax returns, or balance sheets
  • Your assets and liabilities like property, shares loans, or credit cards.
  • Your expenses like bills, general living expenses, etc.

Don't worry if you don't have all the documents, they will call you to complete your application later.

Apply in a few easy steps

  1. Find the right loan amount for you by using their compare table.

    2. You can apply either telephonically or online within approximately 10-15 minutes and you should receive conditional approval within 24 hours (weekdays). You can also apply at any of their offices.

    3. You will then need to provide confirmation of your employment and income and accept our letter of offer.

    4. Once received and contracts are signed, the funds will be transferred accordingly.

Who can join 

If you are a current or retired employee in the Australian education sector or are a family member of a member (i.e. shareholders) of the Bank. You are welcome to contact them if you are not sure if you can join.

The benefits of choosing Teachers Mutual Bank

  • You can lock in your interest rate for 1 up to 6 years, this means that you can have the certainty that your repayments stay the same for the duration of your loan.
  • Have flexibility when you need it with a variable loan allowing you to make unlimited additional repayments and access additional payments when you need it.
  • You can pay your loan off faster with no early repayment fee.
  • You’ll be joining a great community of teachers that helps to make a difference.
  • Become a stakeholder through only contributing as little as $10 and be part of a community that is passionate about making an impact on the planet and the people on it.
  • Enjoy great financial futures.
  • Receive superior member support.
  • Access a variety of banking products.
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Teachers Mutual Bank is a trusted & reliable provider of short-term loans

In our review, Teachers Mutual Bank adheres to the compliance criteria in accordance with the National Consumer Credit Protection Act 2009, as well as the National Consumer Credit Protection Regulations 2010, where the granting the loan will not cause financial distress to the consumer.

Teachers Mutual Bank is a registered credit provider in Australia; ACL 238981

Customer Reviews & Testimonials

March 2019

As a teacher myself, I will never try to find a different bank. Teachers Mutual has been so good to my family and myself throughout my teaching career. Thank you for the awesome service throughou...

Denise G
— Derby —

March 2019

Get an affordable car loan from Teachers Mutual. I got my vehicle financed through them and I have not got a single regret. Their loans come with some pretty cool perks too!

Paul R
— Canberra —

April 2019

Finance is simple at Teachers Mutual. They know how to keep things simple and convenient with less paperwork, online applications and fast payouts.

Zane P
— Bathurst —

Teachers Mutual Bank Contact

Contact Number

E-Mail

  • not available

Website

Physical Address


Postal Address

  • PO Box 7501, Silverwater, 2128, Australia

Opening Hours

  • Monday 09:00 – 17:00
  • Tuesday 09:00 – 17:00
  • Wednesday 09:00 – 17:00
  • Thursday 09:00 – 17:00
  • Friday 09:00 – 17:00
  • Saturday – Closed
  • Sunday – Closed