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Teachers Mutual Bank has launched a new variable home loan rate aimed at owner-occupiers.
The bank’s new Classic Home Loan has a variable interest rate of 4.11 per cent (4.16 per cent comparison rate).
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“We always strive to keep our rates among the most competitive in the market and our new Classic Home Loan certainly demonstrates this,” said Mark Middleton, national manager of third-party distribution at Teachers Mutual Bank.
“This product is a great option for rate-driven buyers looking to climb the property ladder this spring.”
The product is available for a limited time only and features a fee-free redraw facility for added flexibility. The Classic Home Loan is available across all Teachers Mutual Bank Limited brands, including UniBank, for new business only.
The product is available on loan amounts from $150,000 to $1 million.
Teachers Mutual lifted its home loan book by 12.32 per cent to $3.8 billion over the 2015 financial year.
Broker-generated loans contributed significantly to the lender’s loan book performance. Over 1,000 brokers are now accredited to sell Teachers Mutual Bank home loans.
[Related: Teachers Mutual praises brokers for 'national image']
