November 2023 Interest Rate Changes

Following the Reserve Bank of Australia’s decision in November to increase the official cash rate by 0.25% per annum (p.a.), Firefighters Mutual Bank as a Division of Teachers Mutual Bank Limited (the Bank) will change interest rates on some of our loan and savings products.¹

Why are we changing interest rates?

As market conditions change, as a Mutual Bank we need to adjust our rates to operate sustainably while providing value for all Members. 

What’s changing?

For loans:

Effective 4 December 2023, the Bank will increase the variable interest rates for the following new home loans by between 0.10% to 0.25% p.a. for: 

• Your Way Home Loan Basic Variable
• Your Way Home Loan Standard Variable
• Selected Your Way and Your Way Plus fixed rate terms 

The Bank will increase the variable interest rates for the selected existing home loans and residential investment loans by 0.25% p.a.

The Bank will decrease interest rates for new home loans between 0.05% to 0.85% p.a. for the following new home loans: 

• Your Way Plus Loan Variable 
• Selected Your Way and Your Way Plus fixed rate terms 

Effective 7 December 2023, the Bank will decrease the interest rates for selected existing home and residential investment loans between 0.25%p.a and 2.37%p.a. 

For deposits:

Effective from 1 December 2023, the Bank will increase the interest paid on Savings Products by between 0.12% and 2.10% p.a. for the following: 

• Online Savings account
• Pension Advantage Account
• Cash Management account
• Edvest Cash Management account 

To further support savers, we have increased all Member Term Deposit effective from 24 November 2023.

To view all our home loan, savings products and term deposits rates, visit our Rates page.

We have a long-standing commitment to hardship assistance and Member service. If you’re experiencing financial hardship and can’t meet your repayment commitments, you can contact 1800 800 225 to discuss your options with us.

1. This announcement is for generic corporate communication purpose. This is not a regulatory communication to members about rates changes. Members will be separately notified of their rates changes. Information is subject to change. Membership eligibility applies to join the Bank. Terms and conditions and target market determinations are available online and should be considered before making any decision about what’s appropriate for you.

Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence No 238981.