Lending Policy Update from TMBank
Teachers Mutal Bank has made changes to its lending policy, which were implemented on Thursday 1 November 2018, and are applicable across all brands of the Bank, which includes Teachers Mutual Bank, UniBank and Firefighters Mutual Bank.
What the changes involve
Effective from Thursday 1 November 2018, the Bank has reduced the LVR to 90% plus LMI for all occupations other than the following:
- Ambulance Officer or Paramedic
- Nurse or Midwife
- Police Officer
- Teacher or Lecturer
For the above stated occupations, the Bank's existing Lending Policy remains unchanged.
Deals already submitted to the Bank
The change will be effective for any applications submitted on or after 1 November 2018.