Benefits Available to Key Workers
I trust that you had a great break over the Christmas period. As you know Teachers Mutual Bank Limited is very keen to assist "Key Workers" with their financial needs and we have some special polices that assist in that endeavour.
Who is a "Key Worker"
The following are "Key Workers":
- Ambulance Officers.
- Police Officers.
- Teachers, University Lecturers
Policy Enhancements for "Key Workers"
- LVR's of up to 95% inclusive of LMI are available for "Key Workers" for Owner Occupied Loans (* note available for the Classic Home Loan).
- LVR's of up to 95% inclusive of LMI for Construction Loans including for First Home Buyers.
- Maximum Loan Term of 35 years for First Home Buyers if at least one borrow is aged up to 35 years of age.
- 100% of regular casual employment is used for servicing purposes ( minimum of three months employment).
- 100% of regular overtime is used for servicing purposes for Essential Service workers (Teachers and Lecturers restricted to 80% of overtime).
- 100% of regular shift allowances is used for servicing purposes.
Niches available to all borrows eligible to deal with Teachers Mutual Bank brands:
- 100% offset available on all fixed rate loans - owner occupied fixed rate P&I rates start from 2.98% ( 1-3 year term).
- 80% LVR available for Company Share and Stratum Title properties.
- Apartments with 35 sqm of floor space can used as security - smaller may be considered.
- Properties up to 40 hectares in size and non-income producing Hobby Farms considered as security.
- No auto declines - applications are not credit scored and are looked by an assessor.
- We have a Delegated Underwriting Authority with Genworth as such the vast majority of LMI deals are signed off under our policy.
- Loans to Australian Citizen (must be PAYG) working overseas can be considered (conditions apply).
I look forward to hearing from you regarding any loan scenarios or policy questions that you may have.
Broker Development Manager
T: 1300 862 265 M: 0428 059 716 W: tmbank.com.au
PO Box 23015, Docklands VIC 8012