Health Professionals Bank launches into broker channel

As of this week, (4 February), Health Professionals Bank has entered the broker channel as the fourth division of Teachers Mutual Bank Limited (TMBL) – alongside its three existing brands: Teachers Mutual Bank, UniBank, and Firefighters Mutual Bank.

The new brand is tailored to benefit employees and retirees of Australia’s health sector, who now have access to the brand and are “automatically credited with the TMBL family”.

Health Professionals Bank reportedly has not been launched as a merger but as a newly established brand aligned with TMBL’s “strategic aims to support key workers and their families” across Australia.

“All existing products and pricing currently available to our other brands will also be available through Health Professionals Bank, including the 100 per cent mortgage offset option on fixed rate interest loans,” TMBL announced.

Further, TMBL said that, effective from 26 February, there will be a new “NextGen LIM” to assist loans submitted to Health Professionals Bank.

The criteria for membership in TMBL’s existing brands include citizens or permanent residents who fall into one of the following categories:

• Employees or retirees of Australia’s health sector
• Students in health-related degrees at an Australian university
• Members of Nurses or Midwives Health
• Immediate relatives, family members or partners of a Health Professionals Bank member

Existing broker IDs will remain the same and are now applicable to all new Health Professionals Bank deals submitted through the broker channel.

[Related: Mutual bank now offering ‘responsible’ mortgages]