Yes – as part of the application process, you’ll pay a fee of $10 to purchase a share of the bank. Mutual banks and credit unions are member-owned, so you’ll own part of the institution when you sign up to become a member. You won’t be able to take out a car loan if you don’t become a member, so make sure you’re eligible to become a member of the bank.

Not really – credit union car loans and those offered by banks are essentially the same in terms of the products you’re taking out. The main difference is that, in most cases, credit unions and other mutuals can offer lower interest rates and fees due to the fact that their profits are reinvested in the company, rather than used to pay shareholders who own big banks.

No – as long as your vehicle meets your lender’s requirements in relation to their age and condition, you can choose any make or model of car you wish. This may be anything from Mitsubishi, Honda, Subaru, Suzuki or any other car brand available on the Australian market right now.

No – unfortunately, membership for TM Bank isn’t currently open to teaching students or those in the field of education. You can contact the institution to clarify whether you can be accepted if you’re unsure. However, you can also apply directly with Savvy to speak with one of our consultants about car loans available to students.

The most effective way of working out the cost of your loan instalments, such as Teachers Mutual Bank, is with our car loan repayment calculator. This will give you a rough idea of what your repayments are likely to be based on factors such as differing loan amounts and terms. However, on top of a car loan calculator for Teachers Mutual Bank, your dedicated consultant will run extensive affordability checks to determine how much you’ll be able to borrow.