Finty
Teachers Mutual Bank

Teachers Mutual Bank Fixed Rate All Purpose Personal Loan

Fixed rate

Our Fixed Rate All Purpose Personal Loan allows you to lock in your interest rate and repayments for a fixed period.

Written byDavid Boyd
Interest rate a year, from
6.99%
Comparison rate, from
7.20%
Establishment fee
$150
Monthly fee
Not published
Borrow
$4,000 to $80,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 6.99%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$617
Total repayments
$22,228
Interest
$2,228

Loan details

Rates

Interest rate (a year)
6.99%
Comparison rate (a year)
7.20%
Rate type
Fixed
Security
Not published

Limits and fees

Loan amount
$4,000 to $80,000
Loan term
2 years to 6 years
Establishment fee
$150
Monthly fee
Not published

How it compares

Against the other personal loans we compare. Typical means the middle half of them.

Comparison rate

7.20%

From 7.20%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$3,906

Interest and fees at its starting rate. Typical is $5,513.

Setup fee

$150

A typical setup fee is $150.

Most you can borrow

$80,000

Typically you can borrow up to $60,000.

Longest term

6 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 7.20%, below the typical 10.14%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 6.99%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.

Cons

  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar loans

Personal loans from other lenders that start at a similar comparison rate.