Following the decision by the Reserve Bank of Australia to increase the official cash rate by 0.25% p.a., Teachers Mutual Bank Limited will increase interest rates by 0.25% p.a. across its variable home loan products and variable savings products*, effective 12 November 2026.
The increase to variable home loan and variable savings rates will be applied across Teachers Mutual Bank Limited’s five retail brands - Teachers Mutual Bank, Australian Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank and UniBank.
The 0.25% p.a. rate increase will also be applied to business loans under the Australian Mutual Bank retail brand.
Greg Johnson, Teachers Mutual Bank Limited’s Chief Customer Officer, said: “With today’s announcement, the official cash rate has increased five times this year.
“While our members with savings accounts may welcome the change, those with home or business loans will be feeling added pressure on their budgets.
“Every member has different circumstances to manage, and our Member Assist team is here to work with members to explore personalised support options available. I encourage any member feeling under pressure to talk to us early.”
*Rate changes are effective 12 November 2026 for all variable deposit products excluding those products which operate with a monthly bonus interest feature. For products with monthly bonus interest, the increase will be applied in the following monthly cycle on 1 December 2026.
Member Q&A
1. When will my variable interest rate change?
Following the Reserve Bank of Australia’s decision on 3 November 2026 to increase the official cash rate by 0.25%, variable home loan rates will increase by 0.25% on 12 November 2026.
Variable savings rates will increase on 12 November 2026 for all variable deposit products excluding those products which operate with a monthly bonus interest feature. For products with monthly bonus interest, the increase will be applied on 1 December 2026.
2. When will my new home loan repayments start?
Repayments will change on or after 10 December 2026, giving you time to prepare. Members will begin to receive communication about any changes from the 12 November 2026** outlining specific changes to their loan accounts.
**Please allow 7 business days if your preferred communication method is via post
3. Will my home loan repayments change automatically?
When an interest rate increases, your minimum repayment is adjusted accordingly. Your repayments will only change if your new minimum required repayment amount is more than what you are currently paying.
4. How much will my home loan repayments increase?
Changes to your loan repayments are dependent on your loan balance, remaining term, interest rate and repayment frequency. Your new repayment amount will be included in your interest rate change letter.
As an example, for a $400,000 home loan over 25 years with an interest rate of 6.19%, an increase of 0.25% would result in an approximate increase of $62 per month.
|
Scenario |
Interest rate |
Monthly repayments |
|
Current rate |
6.19% p.a. |
$2,624 |
|
With a 0.25% increase |
6.44% p.a. |
$2,686 |
5. What if I want to increase my home loan repayments?
You can increase your repayments at any time by calling us. Because your minimum repayments form part of your loan contract, they can’t be adjusted through Internet Banking.
6. Who can I speak to if I need help with my home loan?
If you’re worried about making your repayments, please get in touch with us as early as possible.
We understand that unexpected changes can happen, and we’re committed to working with members who may need support. We can discuss the personalised assistance options available to you based on your individual circumstances.
Reaching out early gives us the best opportunity to help.
