Rates and fees verified as correct at 29 November, 2021. Other information correct at the time of writing. Advertiser disclosure.
|Product||Interest rate from||Comparison rate from||Upfront fee|
|New Car Loan (Up to 3 years old, Variable, Secured)|| |
6.66% p.a.based on $30,000
|Personal Loan (Variable, Unsecured)|| |
8.20% p.a.based on $30,000
Look at Australian Mutual Bank’s interest rates listed in the table above. Would you commit to an unchanging fixed rate loan, or rather pay interest at a rate subject to change during your loan term? Some like being charged at a set interest rate, as they know what repayments will be like for the life of the loan. Then again, potential rate drops can bring the bills down. It’s your choice!
Secured loans are cheaper, because you score a lower rate in return for tying your vehicle to the loan as collateral. If you don’t like the sound of that, Australian Mutual Bank can offer you an unsecured loan, which involves paying more in interest but no extra paperwork.
Loan approvals vary between applicants, as they rely on a lot of personal information like credit history and salary. While we can’t tell you how much credit Australian Mutual Bank can lend you, note that secured loans start at $10k, and unsecured loans from $2k.
Either weekly, fortnightly or monthly. You get to pick the repayment frequency you find most suitable.
Between 1 - 7 years.
Sure can, and free of charge too! This helps to reduce the amount of interest you pay.
Yes, whichever Australian Mutual Bank loan you choose, you’ll have a redraw facility to access any additional loan repayments made.
If it’s under 3 years old, you can. Otherwise, consider an unsecured loan, or taking out a secured personal loan using an asset you already have.
Not at all. In fact, all Australian Mutual Bank car loans charge zero fees when you wipe that debt off before the contract is up.
Very easy, as you can do it online, at a branch or over the phone. There are some personal details that must be included in your application though, which include:
Once that’s done, sit back and you’ll hear from Australian Mutual Bank on the outcome of your application shortly. You should be on the road in that dream car in no time. Good luck!
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