QT Mutual Bank car loans

QT Mutual Bank
QT Mutual Bank's overall rating for car loans

(as rated by the Mozo community)

9.3 / 10

based on 3 reviews

QT Mutual Bank, who was once dubbed Queensland Teachers' Credit Union, first opened its doors to Aussies in the sunshine state in 1965. Today, customers looking for ways to finance a car can choose from a range of loans, all coming with competitively low interest rates. Take a look at them in more detail below...

QT Mutual Bank offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee  

6.17% p.a.

6.72% p.a.based on $30,000
over 5 years


8.95% p.a.

9.52% p.a.based on $30,000
over 5 years


12.95% p.a.to 15.55% p.a.

13.54% p.a.to 16.16% p.a.based on $30,000
over 5 years


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*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

QT Mutual Bank car loan FAQs

Should I go for a fixed or variable interest rate?

First, let’s clear up what these rates do. Fixed rates are guaranteed interest rates, simply giving you the peace of mind that your loan repayments won’t change. Alternatively, variable rates can potentially rise or fall during your loan term. With QT Mutual, whether you secure your car to the loan or not will ultimately determine the type of interest rate you’ll receive.

Should I secure my car to the loan?

Like the idea of a fixed rate? Put your car up as collateral, and QT Mutual will offer you a fixed rate new or used car loan.

Alternatively, pay interest at a higher rate with a variable rate unsecured loan. That way, you buy any car that sits outside QT Mutual’s eligibility requirements for security.

How much can I borrow?

Whether you’re looking at a secured or unsecured loan, the price of your new or used car can range from $3k to $60k.

Can I use a QT Mutual Bank loan to buy a preloved car?

Absolutely! If it’s an approved make and a model aged over 2 years old, you can still secure the vehicle to a fixed rate loan (it will just have a slightly higher rate). Contact the bank if you’re unsure the car you want will qualify.

How frequently will I need to make repayments?

You’ll get to pick between a weekly, fortnightly or monthly billing cycle.

How long can I take to pay off my loan?

From 1 to 5 years if you don’t secure your ride, otherwise 1 to 7 years.

Can I make extra repayments and is there a redraw facility?

While you can bring your balance down with additional repayments, keep in mind that you cannot dip into them via a redraw facility.

Are there early loan repayment penalty fees?

No, QT Mutual Bank won’t charge you a fee for finalising your loan before the term has ended.

What’s the car loan application process like?

Like many loans these days, all it takes to apply is a few minutes spent online, at a branch or over the phone. Want to be organised? Make sure you have the following details ready to supply QT Mutual Bank with:

Once you’ve submitted what’s required, the bank will contact you in a couple of business days to keep you posted on the progress. If approved, you could have that brand new car in the driveway by next week!

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