The 28-year-old Olympian ended the bout by flooring Savage with a right hand, continuing a remarkable record as none of his opponents have lasted beyond the second round.
Savage arrived with 11 knockout victories and had vowed to take Teremoana into unfamiliar territory, but the Australian took control early and delivered another stoppage win.
Teremoana conceded he was frustrated that his fights have finished so fast.
"I'm really annoyed that these fellas can't carry on," Teremoana told Kayo Sports.
"No one's been able to make it out of two rounds."
Teremoana and promoter Eddie Hearn also said the Australian would next fight on the undercard of the proposed Anthony Joshua-Tyson Fury bout. No date or venue has been confirmed for the long-discussed contest between the British heavyweights, which is expected to take place later this year.
Savage, meanwhile, said Teremoana was the hardest puncher he had faced.
"That was the hardest I've ever been hit," Savage told Fox Sports Australia.
The American added he believed Teremoana had the ability to become heavyweight world champion.