Firefighters Mutual Bank | Experts' Review

Overview

flagFounded: 1968

businessOwned by: Teachers Mutual Bank Limited

monetization_onFunded by: Retail Deposits

securityLMI Provider: Genworth

account_balanceLender type: Bank

Founded by Bob Hall in 1968, Fire Board (NSW) Employees Credit Union was born with the intent of helping firefighters, emergency workers, and their families obtain loans. The credit union was based on the principle of putting its profits back to work for the benefit of its members to reduce loan interest rates and increase the interest paid on investments.

In 2016, the NSW-based Fire Brigades Employees’ Credit Union initiated moves to merge with Teachers Mutual Bank, one of Australia’s largest mutual banks. Since then, the entity has been named Firefighters Mutual Bank.

FMB is renowned for its sustainability programs, which range from offering home loans with funding screened to exclude money from polluting industries, or ensuring that customers’ funds benefit their community. In 2021, FMB was named one of the World’s Most Ethical Companies by the Ethisphere Institute for the fourth year running. In 2019, FMB members awarded it a 92% member satisfaction rating, which highlights the organisation’s commitment to serving the community with utmost care and integrity.


How Does Firefighters Mutual Bank Compare?

Pros Cons
  • Quick loan approval process
  • Higher interest rates than other lenders
  • Most home loans are available as owner-occupied loans or investor loans
  • Need to have a relationship with the emergency service sector to be a member
  • Offset account available
  • Ongoing fee
  • No upfront fees
  • Discharge fee at end of the loan
  • Split account option
  • Some loans is limited to 60% of property value
  • Unlimited extra repayments
  • Loan reverts to higher rate after fixed period

  • The Types of Home Loans Firefighters Mutual Bank Offers

    FMB offers both owner-occupied and investor home loans with packaged benefits and discounted rates. With a 100% offset facility, split loans, and unlimited additional repayments on variable loans, you can potentially reduce the interest charged on your loan. For some loans, such as the Your Way Plus Home Loan package, you may receive only up to 60% LVR. As an essential worker, you will have access to special benefits and discounts.


    What Documents Are Needed To Apply?

    You will need to be an Australian citizen or a permanent resident above the age of 18 with a regular income to apply. You will need to provide:

    • Personal details and contact information
    • Identification, such as a passport or driver’s licence
    • Income statement
    • Statement of debts

    Tips For Applying

    You can apply for a loan on the FMB website. You can find its latest rates with its calculators and tools. For $10, you can purchase a share in the bank and be eligible for members benefits. As FMB is a division of Teachers Mutual Bank Limited, you can use Teachers Mutuals’ extensive network across Australia.


    We Can Help You Find Out If Firefighters Mutual Bank Is Right For You

    Still not sure which is the right lender for you? Talk to one of our specialist mortgage brokers at Home Loan Experts. We’ll first discuss your situation, complete a pre-assessment and find the best lender option for you.

    Give us a call on 1300 889 743 or fill in our free online enquiry form.

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