For five years, NSW teacher Sophie, 27, and her electrician husband had been looking for a place to call home in the Lake Illawarra and Koonawarra area on the NSW’s South Coast.
With the help of a savings account with Teachers Mutual Bank, they were able to successfully build their financial future, saving for their wedding, an overseas honeymoon and most recently, their first home deposit.
According to Sophie, fellow teachers had highly recommended the customer-owned bank for its competitive savings rates. She switched from her childhood bank, one of the big four, to Teachers Mutual Bank around four years ago.
“It was so incredibly rewarding seeing how much my savings was able to grow every month,” she shared.
Through disciplined saving, the couple was ready to use the Government’s 5% Deposit Scheme to buy their first home.
They soon found a freestanding three-bedroom home in the Lake Illawarra area that was ready to move straight into, perfectly suiting their needs without requiring renovations.
The area marked a special location for the couple, who even got engaged at the lake in 2023.
Unfortunately, just as they were preparing to make their move into the property market, they hit a major setback. The lender they initially engaged with repeatedly delayed their pre-approval, with constant requests for additional documentation over a three-week period. Without secure financing, they had to ultimately withdraw their interest when another buyer made an offer for the property.
Frustrated, Sophie decided to submit an online enquiry to her bank, Teachers Mutual Bank. The very next day, mobile lender John contacted Sophie and offered to visit the couple’s rental home in Cranebrook to help finalise the paperwork.
“I honestly had no idea a bank would send someone directly to your house. We went from waiting weeks and constantly being asked for new documents to having a Teachers Mutual Bank lender sitting in our living room within 48 hours. The difference in service was incredible,” she added.
And in an unexpected twist not long after, Sophie and her husband found out that the previous buyer of their desired property had pulled out.
The couple’s pre-approval was finalised just hours later, and they put in an offer that same night, thanks to John’s swift assistance.
By choosing Teachers Mutual Bank, the couple further secured a more competitive interest rate than what they had initially explored with an alternative lender.
“After renting since I was 17 years old, it feels surreal to finally have a place of our own. The interest we saved and the incredibly fast pre-approval from Teachers Mutual Bank are the reasons we are moving into our new home in a few months,” Sophie said.
“The level of care they provide proves exactly why they are so highly recommended by other essential workers.”
As a teacher, Sophie was also eligible for the First Home Buyer Essential Services benefit. This package waived all annual fees, which can often cost up to $400 a year at major banks, and included an offset account at no extra cost. Over a standard 30-year loan term, dodging these annual package fees while securing a lower rate will keep thousands of dollars in the couple’s pockets.
“Securing a lower interest rate was fantastic, and getting our annual fees waived and an offset account at no extra cost because I am a teacher makes a massive difference to our long-term savings,” Sophie said.
Sophie is thrilled to finally step onto the property ladder, thanks to the help of her customer-owned bank. The couple is incredibly excited to make the move in October, accompanied by their two cats and their dog.