Product Range - Victoria Teachers Mutual Bank

Head Office
117 Camberwell Road
Hawthorn East VIC 3123
PO Box 338
Camberwell VIC 3124
Branch Office
687 Mt Alexander Road
Moonee Ponds VIC 3039
PO Box 210
Moonee Ponds VIC 3039
victeach.com.au
1300 654 822
Victoria Teachers Limited
ABN 44 087 651 769
AFSL/Australian Credit Licence Number 240 960
VTAD2019 010816
Product
Range
Where to find
Welcome to
customer owned banking
Welcome to customer owned banking
1
Accounts
2
Account access - fee free banking
4
Account access - channels
6
Home Loans
8
Personal Loans
12
Credit Cards
14
Insurance
16
Financial Planning
18
Supporting the Education Community
20
Our aim is to provide our customers with the financial services, relationships
and advice they need to help build and protect their finances through every
stage of life.
As a mutual, our customers own the
organisation. Profits are reinvested to add to
its strength and security and provide continuing
value.
Everyone can join
Our customers benefit from:
Further information
n S
uperior
service - provided by our friendly and knowledgeable Staff.
n
A
fair deal - we are committed to providing
value to our customers.
n 2
4/7
access - funds can be accessed anytime, anywhere in the world.
Although we have special links to the Education
Community, anyone can join and experience the
benefits of banking with us.
This brochure provides information on Victoria
Teachers Mutual Bank and the features and
benefits of our products and services. If you
would like further information, please call
our Customer Service Consultants on
1300 654 822 or visit victeach.com.au.
n R
elevant
and ethical advice - given our understanding of the special needs of the education sector.
n S
ervices
that meet your every need - through using our flexible range of Banking, Loans, Financial Planning and Insurance products and services.
Becoming a customer is easy
Join online at victeach.com.au I Call 1300 654 822 or 03 9834 8494
Email customerrelations@victeach.com.au
Visit one of our branches at Hawthorn East or Moonee Ponds
This information does not take into account your objectives, financial situation or needs. Therefore you should
firstly consider the appropriateness of this information and refer to the Terms and Conditions or the relevant
Product Disclosure Statements (PDS) before acquiring a product. These documents are available at our
branches or by contacting us on 1300 654 822.
1
Our accounts
We offer a range of accounts with highly competitive interest rates and
convenient access to funds designed to suit your needs.
Transaction accounts
Saving accounts
nEveryday:
n
Online Saver: This
n
Pension:
nBonus Saver:
A transaction account for
general banking needs, accessible
via our Internet and Phone Banking
services. Your cheque book, Visa Debit
Card or ATM Card can be attached.
Available to customers
receiving a Government pension
from Centrelink or the Department of
Veterans’ Affairs. This account is for
handling your day to day transactions
- link a Visa Debit Card, ATM Card or
Cheque Book.
n
Budget: Ideal
for managing your
financial commitments. You can set up
automatic payments from the account
including regular Direct Debits, BPAY
and Regular Authorised Payments.
n
First Access:
The perfect account for
0-17 year olds to deposit their pocket
money or first salary, accessed by an
ATM Card.
easy to use
account offers high returns on your
savings. It is accessible via our secure
and convenient Internet, Mobile and
Phone Banking services.
Bonus interest is
awarded when at least one deposit
of a minimum of $1.00 and no
withdrawals are made within a
calendar month.
nFirst Saver:
Offers a highly
competitive interest rate for 0-17 year
olds to save for something special.
nChristmas
Club: Save
for Christmas
expenses by earning a higher rate of
interest and restricting access to your
funds until November.
nFirst
Home Bonus Saver: Save
for your first home while earning
bonus interest.^ You’ll also receive
$600 cash back, and we’ll waive the
establishment fee when your Home
Loan is funded by the Mutual Bank.~
Investments
nCash Management:
Offers a higher
rate of interest for larger deposits,
with the flexibility of funds at call.
Minimum opening deposit is $5,000.
Access is via Internet, Mobile and
Phone Banking.
n
Term Deposits: Competitive
interest rates, range of terms and
a guaranteed rate of return. Terms
available for 30 days to 5 years.
^Bonus interest is earned when deposits totaling a minimum of $100 and no withdrawals are made in
the calendar month. ~Cash back will be paid when a new home loan is funded by the Mutual Bank and
the account was held for a minimum of twelve months with a balance of $5,000 maintained over three
consecutive months immediately prior to lodging a home loan application.
2
3
Account access
Our transactions have been grouped into three categories
to minimise costs and help customers achieve fee free banking.
Unlimited Free Transactions
Can be used as often as you like without
incurring fees.
?
How to avoid fees
n
If you
do not need to withdraw cash, press the ‘credit’ button when making
a purchase using your Visa Debit Card.
This is an Unlimited Free Transaction
and will not incur a fee.
n
Visa
Debit Card purchases when
you press ‘credit’.
n
Internet and Phone Banking.
n
All deposits.
n
Direct
n
Instead of withdrawing cash multiple times within a week, try to withdraw enough cash in one transaction through a Commonwealth Bank ATM, Bank@
Post or EFTPOS to meet your weekly
needs.
If you do not exceed your quota of
Limited Free Transactions each month
you will not incur a fee.
n
Avoid using non-Commonwealth Bank ATMs where possible. Although we do
not charge for these transactions, the
ATM operator is likely to charge you at
the time of the transaction.
Debits.
nElectronic
payments using BSB
and account number.
n
BPAY transactions.
Limited Free Transactions
Each month you receive a quota of free
transactions. When you have exceeded your
Limited Free Transactions, each transaction
thereafter is charged the applicable fee.
Customers receive a combined total of
10 free transactions each month:
n
Six
EFTPOS transactions (including cash withdrawals).
n
A
combination of four of the following
withdrawals – Commonwealth Bank ATMs,
Bank@Post, Personal and corporate cheques
and at our branches.
Pay Per Use Transactions
Charged on a pay per use basis.
n
Overseas
n
n
Withdraw
cash when making a
purchase using EFTPOS instead of
withdrawing later from an ATM. This
means you will use only one Limited
Free Transaction instead of two.
nIf
you exceed your quota of Limited
Free Transactions, use EFTPOS to
dramatically reduce potential fees.
ATM withdrawals.
Visa Debit Card cash advances.
For a full listing of all transactions and the
associated fees and charges please refer to
the relevant Terms and Conditions.
4
5
Account access
Access to your funds has never been easier with
our wide range of channels.
Depositing funds
n
Regular
Customers have a range of options to
deposit funds:
nOur
n
Credit
your salary directly into your account.
Simply provide your employer with our
BSB number 704-191, and your account number.
n
Internet,
Mobile and Phone Banking to transfer funds between your own accounts.
nThrough
electronic transfers from other institutions or accounts, using the BSB
number and your account number.
nOver
the counter at any Commonwealth Bank branch using our specially encoded deposit books (cash and cheques).
n
Bank@Post,
using your card at participating Australia Post outlets (cash and cheques) using your Visa Debit or Credit Cards.
n
At
our branches at Hawthorn East and Moonee Ponds.
n
By
mail (cheques only).
Withdrawing funds
We offer extensive 24/7 worldwide account
access. Withdraw funds using:
nOur
Visa Debit Card - access your own funds via EFTPOS, Commonwealth Bank ATMs and worldwide, wherever the Visa logo is displayed.
Authorised Payments,
using a BSB and account number.
Visa Platinum and Visa Classic Credit
Cards – credit facilities which can be used
through EFTPOS, Commonwealth Bank
ATMs and worldwide, wherever the Visa logo
is displayed. The cards can also be used for
cash advances (fees & charges apply).
n
Phone
Banking - transfer funds between selected accounts.
nBank@Post
using your card at participating
Australia Post outlets.
n
Our
branches at Hawthorn East and
Moonee Ponds.
n
Personal
Cheque Book.
Bill paying
Customers have convenient bill paying
options available:
n
Visa
Debit Card.
n
Visa
Credit Cards.
n
BPAY
– using Internet, Mobile
and Phone Banking.
n
Direct
Debit.
n
Regular
Authorised Payments,
using a BSB and account number.
n
Personal
Cheque Book.
n
Internet/Mobile
Banking - transfer funds
between internal and external accounts.
SMS Alerts and Email Alerts available.
n
Our
ATM Card - via EFTPOS and Commonwealth Bank ATMs.
6
7
Home Loans
Home Loans (continued)
Whether you are buying your first home, an investment property
or renovating, we offer a range of Home Loans to meet your needs.
Our Home Loan products offer:
n100%
offset.
Highly competitive interest rates.
n
No redraw fees.1
n
No early repayment penalties.2
n
Flexible repayments.
n
Family repayment pause.3
n
Repayment holiday.4
n
Quick approval.
n
Option to split loan between
Fixed and Variable.
n
Family Guarantee available.5
7
n
n
Portability.6
Complete Home Loan
This is a simple and easy to manage loan with
a lower variable interest rate and fixed rate
options. The Complete Home Loan offers a
100% offset feature7, flexible repayments and
free redraw.1
The Complete Home Loan also offers the
following:
n Construction
A flexible option for people who are building a
home or investment property or undertaking
major extensions/renovations which allows for
progress payments to your builder during the
construction period and an interest only option
during construction.
Investment
You can choose from variable and fixed loans,
as well as features like interest only and offset
facility.
n
Standard Home Loan
This is a flexible loan that offers a competitive
variable interest rate, a fixed rate option and
free redraw.1 With 100% offset, we deduct
your transaction account balance from your
Home Loan balance and you are only charged
interest on the reduced amount.7
The Standard Home Loan also offers the
following:
n Bridging
This option provides finance for people
purchasing a home or investment property
prior to the sale or settlement of their current
home or investment property. A fixed interest
rate is not available on the Bridging option.
n Investment
You can choose from variable and fixed loans,
as well as features like interest only and offset
facility.
1. Minimum redraw is $500. 2. A break cost fee applies to fixed rate Home Loans during fixed rate period only.
3. Repayment pause is between 3 and 6 months and approval is required. 4. Loan must be in advance to enable
repayment holiday. 5. Subject to approval and conditions apply. Fees and charges apply. Available on Complete,
Standard & Education Package Home Loans. 6. Subject to approval and conditions apply. Fees and charges
apply. 7. Not available during fixed interest rate period. When you link a transaction account to an offset facility,
you earn no interest under the transaction account even if the balance of the transaction account exceeds the
loan balance.
8
Education Package Home Loan
Equity Line of Credit Loan
The Education Package Home Loan is suitable
for all stages of home ownership, including
first home buyers and investors. The Education
Package Home Loan includes a range of
discounts and benefits such as:
Our Line of Credit Loan provides customers
with a convenient way to access the equity
in their home. This is an all-in-one loan that
combines income, savings and credit into
one home loan account that offers a line of
credit facility. You can access funds to pay
for renovations, shares or any other purpose,
without making further applications.
n0.80%
p.a. discount off Standard Home
Loan variable interest rates.
nHome
Loan interest rate discounts on eligible
fixed rate loans.
n
Reduced Home Loan establishment fee.
n100%
Offset facility on variable rate home
nAbility
to borrow up to 85% LVR with no
loans.
LMI.8
n
Self Managed Super Fund Loan
Victoria Teachers Mutual Bank’s Self Managed
Super Fund (SMSF) Loan is designed to
provide finance to regulated Australian SMSF’s
borrowing to purchase an investment property
or refinance an existing SMSF Loan.
No transaction fees.9
nPremium
CGU insurance policies at
competitive prices.10
n
No Platinum Credit Card annual fee.
n
No Personal Loan establishment fee.
Additional benefits apply to First Home
Buyers, refer page 10 First Home Buyers
Package.
8. Lenders Mortgage Insurance (LMI) is only required if the loan exceeds 80% of the property value or 85% for
Education Package Home Loan holders where approval conditions are met. LMI protects the lender. Loans of
up to 95% Loan to Value Ratio (LVR) can be approved, subject to meeting LMI approval conditions and may be
extended to 98% inclusive of LMI fee capitalisation for First Home Buyers who are or have been employed in the
Education sector and their immediate families. 9. Charges may apply at non-CBA ATMs. 10. General insurance
is issued by CGU Insurance Limited (CGU) ABN 27 004 478 371, AFSL 238 291. In arranging this insurance,
Victoria Teachers Limited ABN 44 087 651 769, AFSL 240 960 acts under an agreement with CGU, not as your
agent. This information does not take into consideration your objectives, financial situation or needs. Therefore
you should firstly consider the appropriateness of this information and refer to the Terms and Conditions or
relevant Product Disclosure Statement (PDS) before acquiring a product, available by calling 1300 654 166. We
receive commission on these insurance products as a percentage of the premium price for each policy ranging
from 5-35%.
9
Home Loans (continued)
First Home Buyers’ Package
Mobile Lenders
Turn your dream home into reality. First home
buyers on our Education Package Home Loan
or our Complete Home Loan will benefit from:
Our Mobile Lenders can advise and assist
you to understand the buying and refinancing
process; determine which loan is best suited to
your needs, assisting with the application and
take you through the settlement process.
n
$0 Home Loan establishment fee.11
n100%
offset facility on variable rate home
loans (multiple offset accounts available on
the Education Package Home Loan).
n
Competitive interest rates.
nAbility
to borrow up to 98% of the value of
the property.12
n
May borrow 100% with Family Guarantee.13
n
No Personal Loan establishment fee.
n
No transaction fees.
14
nPremium
CGU insurance policies at
competitive prices.15
nPre-approved
Visa Classic Credit Card for day
to day expenses.16
And for your convenience, we will come to
you. We can visit you at home or work (if you
live in metropolitan Melbourne). Alternatively
we also offer phone, and video conference
consultations via Skype for our regional
customers (although individual requests for
home visits will be considered).
First Home Buyers Hub
Buying your first home is an exciting time
with seemingly endless possibilities. We know
there is a lot to consider and we’re here to
help every step of the way. We’ve developed
an online First Home Buyers Hub packed with
information and tips for the home buying
journey including; saving for a deposit, tips and
tools, costs associated with buying a home,
the home buying process, choosing your loan
and insurance.
Visit the First Home Buyers Hub at
campaigns.victeach.com.au/fhb.
If you would like further information, or to apply, please call our Lending Consultants on
1300 654 822.
11. Applicants who don’t proceed with the loan may incur establishment fees. 12. Lenders Mortgage Insurance
(LMI) is only required if the loan exceeds 80% of the property value or 85% for Education Package Home Loan
holders where approval conditions are met. LMI protects the lender. Loans of up to 95% Loan to Value Ratio (LVR)
can be approved, subject to meeting LMI approval conditions and may be extended to 98% inclusive of LMI fee
capitalisation for First Home Buyers who are or have been employed in the Education sector and their immediate
families. 13. Subject to approval and conditions apply. Fees and charges apply. Available on Standard, Complete
and Education Package Home Loans.14. Charges may apply at non-CBA ATMs. 15. General insurance is issued
by CGU Insurance Limited (CGU) ABN 27 004 478 371, AFSL 238 291. In arranging this insurance, Victoria
Teachers Limited ABN 44 087 651 769, AFSL 240 960 acts under an agreement with CGU, not as your agent.
This information does not take into consideration your objectives, financial situation or needs. Therefore you
should firstly consider the appropriateness of this information and refer to the Terms and Conditions or relevant
Product Disclosure Statement (PDS) before acquiring a product, available by calling 1300 654 166. We receive
commission on these insurance products as a percentage of the premium price for each policy ranging from
5-35%. 16. A $5,000 limit will be provided for eligible applicants, higher limits will be considered upon request.
10
11
Personal Loans
We work hard to deliver you great value loans
with competitive interest rates.
Personal Loan
Green Car Loan
Suitable for almost anything, from financing the
holiday of your dreams to debt consolidation.
Our Personal Loan has a competitive interest
rate and flexible repayment options so you
won’t have to compromise your lifestyle.
Offers a reduced interest rate, no monthly
fees and flexible repayment options for
the purchase of an environmentally friendly
new car. It must have a C02 value of 180
g/km or less as rated by the Australian
Government Green Vehicle Guide (available at
greenvehicleguide.gov.au).
Green Personal Loan
Offering a reduced interest rate for
environmentally friendly products, our Green
Personal Loan is perfect if you are seeking to
reduce the environmental impact of your home
and lower your heating, cooling and water
usage costs. Please visit victeach.com.au
for eligibility criteria.
Student Loan
Ideal if you are studying full-time and need
extra funds to pay for expenses such as
computers, text books or course fees.
Repayments can be deferred for up to 3
years.17
Car Loan
Share Loan
Our New and Used Car Loans offer competitive
interest rates and pre-approval to help get you
on the road quickly.
If you have spotted a great investment
opportunity but don’t have the funds, you
can take out a Share Loan specifically to
purchase shares.
Overdraft
Attaching an overdraft to your Transaction
Account provides fast and convenient access
to extra funds when you need them. It works
like an emergency fund attached to your
Transaction Account. Once the Transaction
Account balance reaches zero the Overdraft is
automatically activated.
17. Repayments can be deferred until completion or termination of studies (up to 3 years), with interest accruing
from the date the loan is disbursed. Guarantor may be required.
12
13
Credit Cards
Our credit cards offer great value, flexibility and worldwide access
to your funds 24/7.
Visa Platinum Credit Card
Visa Classic Credit Card
n
n
A highly competitive interest rate on purchases and balance transfers.18
A low competitive interest rate.18
n
0%
p.a. for 6 months for our Starting Out and
Student Banking Package customers. 20
n
Up to 55 days interest free.19
n
A low annual fee.
n
No annual fee.
n
24/7 access.
n
Up to 55 days interest free.19, 21
n
Quick approval.
n
24/7 access.
n
Easy repayment options.
n
Quick approval.
n
No monthly administration fees.
n
Easy repayment options.
n
No monthly administration fees.
n
Exclusive Visa Platinum 24/7 Concierge Services.
n
Overseas Travel Insurance at no extra cost.22
nExclusive
offers.
Visa Platinum Entertainment
For more details visit the Victoria Teachers
Mutual Bank Visa Platinum page at
victeach.com.au.
Other benefits include:
nAccess
to funds via EFTPOS,
Commonwealth Bank ATMs and worldwide,
wherever the Visa logo is displayed.
n
Balance transfers from your existing Credit
Card.
How to apply
Call 1300 654 822
I
Email loans@victeach.com.au
I
Online at victeach.com.au
18. Variable interest rate. Fees and charges apply. Full details on request. 19. Does not apply to cash advances.
20. Does not apply to cash advances. Subject to assessment criteria and loan suitability assessment. Will revert
back to standard variable interest rate once 6 months period is complete. Refer to our website for current interest
rates. 21. Applicable to Student Banking and Starting Out Package Customers after the 6 months interest free
period. 22. Visa Platinum Credit Card comes with complimentary travel insurance. Victoria Teachers Limited (ABN
44 087 651 769) trading as Victoria Teachers Mutual Bank has obtained the complimentary insurances applying
to the Victoria Teachers Mutual Bank Platinum Card under Master Policies issued by CGU Insurance Limited ABN
27 004 478 371 AFSL 238 291.The benefits of these Master Policies are extended to Victoria Teachers Mutual
Bank’s cardholders (as third party beneficiaries) as complimentary benefits. For eligibility criteria and full terms and
conditions please refer to the policy document. Once you have read the policy document you should decide if the
complimentary cover is suitable for your needs.
14
15
Insurance
Victoria Teachers Mutual Bank has been acting as an agent/referrer
for a number of well-known underwriters23 for over 25 years.
Insurance cover can be
arranged for your:
Quotes
n
Vehicle.
Visit victeach.com.au to:
n
Home
and Contents.
n
Get
n
Health
and Life.
n
Use
n
Bills.
n
Travel.
n
Investment
Property.
an online quote for your insurance.
our building and contents
replacement calculators.
Call our Insurance Consultants
on 1300 654 166.
n
Motorcycle.
n
Caravan
n
Farm
and Boat.
and Business.
By obtaining an insurance policy through
Victoria Teachers Mutual Bank, customers can:
n
Receive
competitive premiums from
a range of underwriters.
n
Pay
by the month at no extra cost.24
n
Obtain
new policies (including application and payments) and make changes to existing policies with just one phone call. New policies/changes will be sent the same day.
23. CGU Insurance Limited ABN 27 004 478 371, AFSL 238 291, Australian Unity Health Limited ABN
13 078 722 568, Zurich Australia Limited AFSL 232 510, ABN 92 000 010 195, Swann Insurance AFSL
238 292, ABN 80 000 886 680 and Doug Kerr Insurance Consultants P/L trading as Brokers National
AFSL 246 366, ABN 67 078 679 071 are the insurance providers. In arranging this insurance, Victoria
Teachers Limited ABN 44 087 651 769, AFSL 240 960, acts under an agreement with the insurers, not as
your agent. This information does not take into consideration your objectives, financial situation or needs.
Therefore you should firstly consider the appropriateness of this information and refer to the Terms and
Conditions or relevant Product Disclosure Statement (PDS) before acquiring a product, available by calling
1300 654 166. We receive commission on these insurance products as a percentage of the premium price
for each policy ranging from 5-35%. 24. Motorcycle Insurance pay-by-the-month incurs a small fee. Hard
to place risks payment options may vary with the underwriter. The total premium may vary slightly due to
rounding; and bank or financial institution transaction fees may apply.
16
17
Financial Planning
Whether you are planning your retirement, investing for the future, or simply
want to make the most of your current financial situation, our Financial Planners
have the expertise and experience to help you reach your financial goals.
Why us?
How to access Financial Planning
nOur
n
Personal
Financial Planners are salaried
employees who are qualified and trained in
providing ethical advice.
n
Experience in dealing with financial situations and legislation specific to the education community.
consultations at our Hawthorn East
and Moonee Ponds offices.
n
Regional
visits – we visit many regional areas each year to conduct investment seminars and personal Financial Planning consultations.
n Accredited as a Professional Practice of the Financial Planning Association in recognition of high professional and ethical standards.
n
Phone
Our services
n
Financial
n
Retirement
n
Income
planning.
streams for retirement.
n
Tax-effective
consultations – this process is identical to in-person consultations, except we call you.
Planning seminars throughout
Victoria to the education community, organisations and customers.
strategies.
n
Investing.
n
Salary
packaging.
n
Regular
investment plans.
n
Personal
insurance planning.
n
Superannuation.
Contact Financial Planning. For more information or to make an appointment with one
of our Financial Planners.
Call 1300 654 193
18
I
Email finplan@victeach.com.au
19
Supporting the
education community
Each year we invest back into the education community
through sponsorship, awards and grants.
Some of the programs we are proud to
support include:
n
Teaching
Initiatives Program - our very
own program that provides schools and
preschools with funding to bring innovative
teaching ideas to life.
n
Better
Buddies – an anti-bullying program in schools.
n
State
Schools’ Relief – who provide clothing and footwear to government school children in need.
n
Early
Childhood Education Foundation
– provides assistance for families who cannot afford preschool education.
n
Student,
graduate teacher, principal
and education support staff awards.
n
Sponsorship
of a range of education community events.
n
Department
of Education and Training
Education Excellence Awards.
School and preschool finances
Victoria Teachers Mutual Bank offers a range
of accounts for schools and preschools to help
manage finances.
The benefits include:
n
Highly
competitive interest rates.
n
No
transaction fees on everyday
banking accounts.
n
Convenience,
with easy online
access to funds.
n
Flexible
account structures.
n
Superior
service.
n
Peace
of mind, with the same depositor protection arrangements that apply to all financial institutions.
Free information sessions at your school
We have a group of dedicated staff that visit
schools in order to:
n
Discuss
the benefits of being a customer.
n
Keep
customers informed about products and services.
n
Answer
queries and collect feedback.
A qualified Financial Planner can also visit
your school to discuss a range of financial
issues or conduct a seminar at a Professional
Development day.
20
21