Teachers Mutual Bank has simplified its home loan range, cutting the number of products from six to three and introducing some new benefits.

The new range is made up of a Classic Home Loan, Your Way Loan and Your Way Plus.

Top of the range is Your Way Plus, which has a package that includes an offset account, a redraw facility and the ability to make additional payments on variable rate loans and up to A$10,000 a year on a fixed rate loan.

For essential services workers, the Your Way Plus package includes a reduction of 5 basis points in the variable rate and for first home buyer’s a waiver of the annual fees.

All loans have been certified by the Responsible Investment Association of Australia.

“This is our guarantee to members that we won’t fund their loans with the proceeds of harmful industries such as alcohol, armaments, tobacco and deforestation, nor will we use their deposits t fund those industries, the bank said.

The changes apply to all Teachers Mutual Bank Ltd brands, including Firefighters Mutual Bank, Health Professional Bank, UniBank and Teachers Mutual Bank.

Interest rates will not be published until the new loans are available on June 29. There is no impact for existing borrowers.