Via Australian Broker:
More banks have increased interest rates as the pressure of increased funding costs continues to mount.
Teachers Mutual Bank Limited (TMBL) announced new rates yesterday. TMBL includes three banks: Teachers Mutual Bank, UniBank and Firefighters Mutual Bank.
TMBL announced changes to its fixed rates for new customers to the group’s brands.
TMBL rates have increased on selected fixed rate home loan products.
The rates have been increased by 8, 9, and 9 basis points for 1, 2, and 3 year fixed rates respectively.
TMBL chief executive officer, Steve James, said, “These rate changes are the first increase in 12 months for fixed rates, and follow a decrease to our fixed rates last November.
“Any new members who join after these rate changes will still have access to a competitive market rate and great products, such as our 100% mortgage offset facility.”
Other banks to increase rates recently include AusWide, IMB, AMP, ING and Bank of Queensland.
Rate changes – TMBL
The changes will affect owner-occupier, principal & interest, 1, 2 and 3 year fixed rate home loans.
The new rates are as follows:
- 1 Year Fixed rate OO P&I – 3.87% p.a.
- 2 Year Fixed rate OO P&I – 3.78% p.a.
- 3 Year Fixed rate OO P&I – 3.88% p.a.
Big banks next.
