There are several ways you can make payments on your loan. Simply choose the one that suits your needs.
There may be times when you are unable to make your repayments on your loan. For example when on maternity leave, looking after a sick child, or caring for a sick partner or parent.
We understand. We offer a repayment pause on all variable home loans after the first 12 months of the loan. This provides you with the option to pause the repayments for up to 6 months in the event of legitimate leave from work.
Subsequent applications for the repayment pause can be made after a further 12 months from the completion of the previous repayment pause.
Please note that a repayment pause on your loan may affect your loan balance and repayments, and is subject to terms and conditions.
Redraw allows you to withdraw any extra repayments that you have made on your loan and it's free.
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 redraw.
When you redraw, you do not need to tell us why you’re withdrawing. All you need to do is ensure that your loan remains one repayment in advance. Redraw is not available once the loan balance is nil.
There will be times when you would like to make changes to the security you have offered for your home loan. This could be due to a number of reasons e.g. the sale of a property, paying out a loan or you might want to offer another property and keep the loan you have.
Complete the Request to release security form and return it to us, once we receive the completed form it will take us approximately 10 working days to process.
Getting the most out of your mortgage is easy, with a Teachers Mutual Bank home loan. If you’re looking to renovate, invest, or just need some additional funds to cover unexpected expenses – topping up your home loan might be the right solution for you. With our variable rate home loans you can apply to increase your home loan limit, to access the additional funds you need.
Increasing your home loan is an important decision, which might result in increased repayments and a longer time to pay off your loan. For this reason, it’s worth considering how topping up your loan might impact on your lifestyle and other financial commitments.
Equity is the difference between the market value of your home or property, and the amount owing on your loan.
This equity can be used to buy another property, renovate your home or other properties, buy a car, make an investment in shares - or any other worthwhile purpose.
One thing to remember if you’re considering accessing the equity in your home: keep your total loan to a maximum of 80%, depending on your home loan, of the property’s value. If you borrow more than this, you may have to pay Lenders Mortgage Insurance.
If your loan no longer fits your financial requirements and you would like to change interest rates, you can. People do this at times to take advantage of fixed rates if they see the market moving, or if there has been a change to their cash flow.
For example if interest rates are rising regularly you may consider switching all or part of your loan from a variable rate to a fixed interest rate.
You can also elect to split your home loan, which combines the elements and advantages from both a fixed rate and variable rate loan.
All Australian Mutual Bank home loans have the ability to be switched to another product if it no longer suits your needs.
If in doubt, talk to one of our specialised staff. Call us on 13 61 91.
Use online banking to keep an eye on your loan, 24/7. It’s convenient, it’s easy, and it’s secure.
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