based on 18 The Mutual Bank banking product reviews as rated by Mozo community

The Mutual Bank home loans

Formally Maitland Mutual Building Society, The Mutual Bank is a member-owned bank with deep roots in the Hunter Region of New South Wales. Among other banking products, The Mutual Bank offers a range of fixed, variable and package home loans to its customers - all of which you can learn more about below.

What home loans do The Mutual Bank offer?

Rates and fees verified as correct at 28 November, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

With fixed repayment terms of up to three years, The Mutual Bank Fixed Rate Home Loan is made for borrowers looking for peace of mind when it comes to their interest rate (at least over the short term). This fixed rate home loan is available to owner occupiers and investors on loans starting from $50,000, with 1, 2 and 3-year fixed term options available - each of which comes with a different rate. The loan has no annual fees and it’s loaded with an abundance of features including the choice of monthly, fortnightly or weekly repayments, the option of making extra repayments (up to $20,000 during the fixed term) and to access those extra contributions down the track with a free redraw facility (min. $1,000 redraw).

Home loan repayments calculator

years

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

2.24% p.a.

3.68% p.a.

$0.00

$450

3.09% p.a.

4.19% p.a.

$0.00

$450

Variable Rate Home Loans

The Mutual Bank also offers a range of variable rate home loans. The Budget Home Loan may suit low cost borrowers, while the Mutual Home Loan could provide a mix between a (relatively) lower interest rate and handy features. That's because the Premium Home Loan and Standard Variable Home Loan are more geared towards mortgage holders looking for a wide range of features rather than a low rate. Each loan is available to both owner occupiers and investors, and depending on the loan you choose, unlimited extra repayments, a free redraw facility and an offset account may be among the features available. Find out more about the specific rates and fees involved with each by checking out the table below.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

3.58% p.a.

3.61% p.a.

$0.00

$450

3.78% p.a.

3.81% p.a.

$0.00

$450

4.13% p.a.

4.18% p.a.

$0.00

$650

4.38% p.a.

4.39% p.a.

$0.00

$150

3.98% p.a.

4.01% p.a.

$0.00

$450

4.18% p.a.

4.21% p.a.

$0.00

$450

4.53% p.a.

4.58% p.a.

$0.00

$650

4.78% p.a.

4.79% p.a.

$0.00

$150

Fixed Package Home Loan

The Mutual Bank’s Fixed Package Home Loan could be a great pick for those looking to lock in a competitive rate for either 1,2 or 3 years. Available on loans starting from $150,000, the Package Loan offers both owner occupiers and investors the ability to make additional payments towards their loan balance (free up to $20,000 during the fixed rate term), plus the use of a redraw facility. While the loan does come with a $395 annual fee, plus a few other one-off fees, it gives customers a number of perks including insurance discounts, plus a 1% rate discount and annual fee waiver on the Mutual Visa Credit Card. 

Home loan repayments calculator

years

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

2.14% p.a.

3.56% p.a.

$395.00 yearly

$150

2.99% p.a.

4.06% p.a.

$395.00 yearly

$150

Variable Package Home Loan

The Mutual Bank has even more variable rate package home loan options on offer. The First Home Buyer Package Home Loan is only available to owner occupiers, but it offers first time buyers the chance to get into the market with a low deposit, plus it features a competitive interest rate as well as extra repayments, redraws and an offset account. One the other hand, both investors and owner occupiers can apply for the Variable Home Loan (Package) which is available on loan amounts above $150,000 and comes with the same handy features. While there's a $395 annual service fee attached to both loans, customers will be able to take advantage of the same range of additional perks as the fixed package above, including insurance discounts and credit card specials. But for more information on those, check out the linked reviews below. 

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.98% p.a.variable for 12 months and then 3.48% p.a.

3.85% p.a.

$395.00 yearly

$150

2.73% p.a.

3.17% p.a.

$395.00 yearly

$150

3.48% p.a.

3.90% p.a.

$395.00 yearly

$150

3.88% p.a.

4.29% p.a.

$395.00 yearly

$150

The Mutual Bank home loan features in a glance

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Extra repayments and redraws

Borrowers looking for the flexibility to make extra repayments towards their loan, and to withdraw those additional contributions down the line with the aid of a redraw facility, will be pleased to know that almost all of The Mutual Bank's fixed, variable and package home loans offer both of these features. Just bear in mind that there may be contribution caps with fixed rate offers. 

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Offset accounts on variable loans

Is an offset account number one on your priority list of home loan features? Well a number of The Mutual Bank's regular and packaged variable rate offers come with 100% offset accounts attached, meaning you'll be able to reduce the amount of interest you pay.

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First home buyer options

The Mutual Bank hasn't forgotten about first home buyers, with low deposit and low cost options available with a number of its home loans. There's even the custom-made First Home Buyer Variable Home Loan (Package) option for first time, owner occupier borrowers who are looking for a loan with a bunch of handy features and additional banking perks. 

How are The Mutual Bank home loans rated?

Mozo users have rated The 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
The Mutual Bank home loans
Overall
Price
Features
Customer service
Convenience
Trust

2 Reviews

Recent The Mutual Bank home loan reviews

The Mutual Bank Home Loan
Overall 10/10
Looking after local people locally

Just a community minded lot.

Read full review

Just a community minded lot.

Price
9/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Dale, New South Wales, reviewed over 6 years ago
The Mutual Bank Home Loan
Overall 8/10
Flexible and service is very personal

They are flexible and service is very personal. The loans manager we deal with knows us by name and always goes out of her way to helps with other loans, cards, accounts etc

Read full review

They are flexible and service is very personal. The loans manager we deal with knows us by name and always goes out of her way to helps with other loans, cards, accounts etc

Price
7/10
Features
2/10
Customer service
10/10
Convenience
10/10
Trust
8/10
Less
Kylie, New South Wales, reviewed over 9 years ago

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

Interested in starting on your property journey with a home loan from The Mutual Bank? You'll be able to begin a home loan enquiry on their website, but before you do, make sure you have some of the following bits of information ready to go: 

  • Personal details for each applicant (if necessary)
  • Contact details including a valid email address
  • Proof of salary (i.e. payslips) and evidence of other income including government payments and rental income
  • Statements for any liabilities including credit cards or other existing loans
  • A copy of your driver's licence or passport
  • Home loan statements (if you’re refinancing)

Home loan quick links