8.1 / 10

based on 170 Sydney Mutual Bank reviews as rated by Mozo community

Sydney Mutual Bank home loans

Founded in 1963 to help meet the financial needs of City of Sydney Council employees, Sydney Mutual Bank has made offering more generous banking products (including home loans) its mission. In 2019, Sydney Mutual Bank even grabbed two Mozo Experts Choice Awards for best First Home Buyer Loan and best Offset Home Loan. 

Check out Sydney Mutual Bank's range of fixed and variable home loans below for an overview of interest rates, fees, features, customer reviews and more.

What home loans do Sydney Mutual Bank offer?

Rates and fees verified as correct at 21 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

Sydney Mutual Bank offer a number of fixed rate home loans which may be suitable for borrowers ready to lock in an interest rate over the short term. Both owner occupiers and investors with a deposit of at least 5% may be eligible for the Fixed Rate Home Loan which comes with a minimum loan amount of $20,000 and the option of a 2 or 3-year fixed term. First time buyers also have the First Home Buyers Fixed Rate Special Offer open to them, which offers borrowers with at least a 5% deposit the chance to secure a 2-year fixed rate on loans of $100,000 and above. Both fixed loans also come with features such as free extra repayments and access to an online redraw facility, though there may be some one-off fees to consider. 

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

p.a.

n/a

$0.00

$0

2.04% p.a.

2.76% p.a.

$0.00

$250

1.98% p.a.

2.74% p.a.

$0.00

$250

2.29% p.a.

3.19% p.a.

$0.00

$250

2.49% p.a.

3.24% p.a.

$0.00

$250

2.23% p.a.

3.18% p.a.

$0.00

$250

2.43% p.a.

3.23% p.a.

$0.00

$250

Variable Rate Home Loans

For an even greater amount of choice and flexibility, Sydney Mutual Bank also has a number of variable rate home loans available. The First Home Buyer LoanBasic Variable Home Loan and Variable Rate Home Loan are open to owner occupiers, while the Standard Variable Rate Home Loan is available to investors as well. Sydney Mutual Bank allows borrowers to take out these offers with a deposit as low as 5% on loan amounts of $20,000 and above, but aside from that each loan has its own unique mix of features and fees, so to delve into the specific details check out the linked reviews in the table below.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.87% p.a.

2.93% p.a.

$0.00

$250

2.87% p.a.

2.88% p.a.

$0.00

$0

2.97% p.a.

2.99% p.a.

$0.00

$250

4.10% p.a.

4.12% p.a.

$0.00

$250

3.47% p.a.

3.49% p.a.

$0.00

$250

Sydney Mutual Bank home loan features in a glance

Deposit icon

Borrow with a lower deposit

Owner occupiers and investors alike may be able to purchase their designed property with a smaller deposit, as Sydney Mutual Bank allows deposits as small as 5% of the properties value. That's one both variable and fixed home loans, though it's worth remembering that borrowers with a deposit below 20% may be required to take out Lenders Mortgage Insurance (LMI)

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Offset account and extra repayments

Among other features on offer, borrowers will be able to access an offset account and make extra repayments towards their outstanding loan balance depending on the Sydney Mutual Bank home loan they choose. 

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First home buyer options

Looking to purchase your very first home? Sydney Mutual Bank has dedicated fixed and variable home loans available to first home buyers, equipped with competitive rates, relatively low fees and some handy features.

How are Sydney Mutual Bank home loans rated?

Mozo users have rated Sydney Mutual Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Sydney Mutual Bank home loans
Overall
8.8/10
Price
Features
Customer service
Convenience
Trust

15 Reviews

Recent Sydney Mutual Bank home loan reviews

Sydney Mutual Bank First Home Buyer Loan review
Overall 10/10
Small bank - Recommend.

I signed my Sydney Mutual Bank home loan up at the Campbelltown branch. Great staff and kept me informed all the way. They don’t have a huge branch network but there’s a few around and it suits me. Recommended.

Read full review

I signed my Sydney Mutual Bank home loan up at the Campbelltown branch. Great staff and kept me informed all the way. They don’t have a huge branch network but there’s a few around and it suits me. Recommended.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Jacob, Australian Capital Territory, reviewed 4 months ago
Sydney Mutual Bank Home Loan review
Overall 10/10
Great customer service and low interest rate.

Interest rate are low. They keep an eye out for suspicious transactions. Give great financial advice. Only thing that I'm not happy about is that it is a bit difficult to send money to a few countries overseas to family so we don’t use them for that.

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Interest rate are low. They keep an eye out for suspicious transactions. Give great financial advice. Only thing that I'm not happy about is that it is a bit difficult to send money to a few countries overseas to family so we don’t use them for that.

Price
10/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Julie, New South Wales, reviewed over 1 year ago
Sydney Mutual Bank Home Loan review
Overall 9/10
yes

I left a major bank to become a member, they gave me my home loan and I had never banked with them before. Their rates are on par with the other lenders, but their customer service rates are so much higher than the banks. They know you by name and take an interest in you, nothing is ever an effort. All my family and friends now bank with them.

Read full review

I left a major bank to become a member, they gave me my home loan and I had never banked with them before. Their rates are on par with the other lenders, but their customer service rates are so much higher than the banks. They know you by name and take an interest in you, nothing is ever an effort. All my family and friends now bank with them.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
8/10
Trust
9/10
Less
Michelle, New South Wales, reviewed almost 6 years ago
Sydney Mutual Bank Variable Rate Home Loan review
Overall 10/10
Customer service

This credit union has such a personal service. Even though I applied online the service was excellent. They answered all my questions and met all my needs.

Read full review

This credit union has such a personal service. Even though I applied online the service was excellent. They answered all my questions and met all my needs.

Price
8/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Stephanie, New South Wales, reviewed almost 6 years ago
Sydney Mutual Bank Basic Variable Home Loan review
Overall 10/10
The best to do business with

Sydney Credit Union (when I had a mortgage) was the best bank to deal with. They were fair, always ready to explain things and were very happy when I paid out the mortgage early.

Read full review

Sydney Credit Union (when I had a mortgage) was the best bank to deal with. They were fair, always ready to explain things and were very happy when I paid out the mortgage early.

Price
7/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Mozo community reviewer, New South Wales, reviewed about 6 years ago

What do you need to apply for a Sydney Mutual Bank home loan?

Ready to take the next step and apply? Starting an application for a Sydney Mutual Bank home loan can be done online through their website, though it's worth pointing out that they are only available to Australian citizens or permanent residents who are 18 years or over and have a regular permanent income. 

It could also be useful to pull together the following before you start an application: 

  • Personal and contact details for each applicant (if necessary)
  • A copy of your driver's licence or passport
  • Proof of salary (i.e. payslips) and evidence of other income including government payments and rental income
  • Details of your living expenses
  • Statements for any liabilities including credit cards or other existing loans

Home loan quick links