How to Apply for a Teachers Mutual Bank Home Loan?
To apply for a Teachers Mutual Bank Home Loan, you need to follow these steps:
Step 01: You need to be a member of Teachers Mutual Bank or any of its divisions (Firefighters Mutual Bank, Health Professionals Bank, or UniBank). You can easily join online or by calling 13 12 21.
Step 02: You need to compare the different types of home loans and their features on the Teachers Mutual Bank website. You can also use online calculators to estimate your borrowing power, repayments, and savings.
Step 03: You need to complete an online application and send it to Teachers Mutual Bank with supporting documentation. If you need assistance to complete the application, you can access the customer service provided by the bank.
Step 04: You need to wait for your application's pre-approval (also called conditional approval). This will depend on your income, credit history, property value, and other factors. Your pre-approval will remain valid for up to 90 days, subject to your remaining financial position.
Step 05: You must arrange for a property valuation and meet any other loan conditions. Based on the valuation outcome and other criteria, you will receive your loan's final approval (also called unconditional approval).
Step 06: You need to sign and return the loan contracts and mortgage documents that will be mailed to you or your solicitor. You should read through the contract and support documents carefully and check with your solicitor if you have any questions.
Step 07: Finally, you can celebrate your new home loan and enjoy the benefits of being a Teachers Mutual Bank member.
Documents Required for Teachers Mutual Bank Home Loan
To apply for an Auswide Bank home loan, you are required to submit the following documents along with your application form:
- Proof of identity: Driver's licence, passport or birth certificate.
- Proof of income: Payslips, bank statements, tax returns.
- Proof of address: Utility bills, rental agreement, or council rates notice.
- Proof of Property: A Contract of Sale that shows the details of the property you are buying and your solicitor or conveyancer’s name, address and contact details.
- Proof of Asset and liability: You must provide documents demonstrating your existing assets (such as savings accounts, investments, property, vehicles, investments, savings, etc.) and your liabilities (such as loans, credit cards, overdrafts, etc.).
- Proof of end use: You need to provide a reason for applying for a home loan, such as buying a new property, refinancing an existing loan, renovating your home, etc. You may also need to provide supporting documents such as the contract of sale, transfer documents, construction plans, etc.
Teachers Mutual Bank Home Loan Calculator
Teachers Mutual Bank Home Loan Calculator helps you estimate your monthly repayment and the total interest amount you may need to pay. To use this calculator, you need to enter your desired loan amount, repayment type, payment frequency, loan term, and the applicable interest rate from the bank (the current Teachers Mutual Home loan rates are mentioned below). In a jiffy, the calculator will show the result.
Moreover, you can experiment with different combinations of repayment amounts, frequencies and repayment types to see the impact on your home loan repayments. For instance, you may discover that opting for weekly repayments instead of monthly ones can decrease your overall interest payments, among other possibilities.