based on 170 Australian Mutual Bank banking product reviews as rated by Mozo community

Australian Mutual Bank personal loans

Australian Mutual Bank, the resulting entity of a merger between Sydney Mutual Bank and Endeavour Mutual Bank, is a credit union where profits are used to benefit members rather than shareholders in the form of low rates, minimum fees and competitive products. With no less than four personal loans available for financing new cars to other dreams, discover what this mutual lender could do for you!

Need more convincing? Well, Australian Mutual Bank is an award winner in the 2022 Mozo Experts Choice Awards. Read on for all the info you need on the great products on offer... 

Australian Mutual Bank offers the following personal loans

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
Green Loan (Variable, Unsecured)

6.10% p.a.

6.10% p.a.based on $30,000
over 5 years

$0

New Car Loan (Up to 3 years old, Variable, Secured)

6.45% p.a.

6.66% p.a.based on $30,000
over 5 years

$150

Personal Loan (Variable, Unsecured)

7.99% p.a.

8.20% p.a.based on $30,000
over 5 years

$150

What personal loans does Australian Mutual Bank offer?

New car loans

Australian Mutual Bank’s new car loan is suitable for vehicles up to three years old with a price tag from $10,000 to $80,000. This loan is secured, meaning you tie your car to the loan as collateral in return for a competitive variable rate. Australian Mutual Bank will still give you the flexibility to clear that debt before the final loan repayment is due fee-free. Loan terms range from one to seven years and you can access extra repayments through a redraw facility. Apart from being charged a signup cost, you won’t need to consider paying monthly fees with an Australian Mutual Bank new car loan.

Unsecured personal loan

Don’t have an asset like a car or piece of real estate to tie against a personal loan as collateral? Not to worry, Australian Mutual Bank’s unsecured personal loan doesn’t require one. This pick has a variable interest rate, meaning Australian Mutual Bank could change it at any point along the loan term. While the loan term can range from one to seven years, you do have the option to make extra repayments and be debt free sooner without financial penalty. You can also access any extra repayments you’ve made via Australian Mutual Bank’s redraw facility. Just like the Australian Mutual Bank new car loan mentioned above, the unsecured personal loan has zero monthly fees. All you need to consider is the relatively low signup cost when you first take out the loan.

This loan took home a 2021 Mozo Experts Choice Award for Best Unsecured Personal Loan (as Sydney Mutual Bank) 

Green loan 

Need a loan to go green? How about an award-winning one? Well, the Australian Mutual Bank unsecured green loan is worth your attention. This variable rate loan allows customers to borrow between $1,000 and $40,000 to fund the purchase of domestic environmentally-friendly goods or materials. When it comes to repaying the loan, there are plenty of options. Borrowers can choose to make weekly, fortnightly or monthly regular repayments as well as free extra repayments and redraws. On top of that, there are no upfront, ongoing or break costs associated with this loan. It's no wonder it took home a 2021 Mozo Experts Choice Award for Best Green Personal Loan (as Sydney Mutual Bank) 

Australian Mutual Bank personal loan features at a glance

How do you apply for an Australian Mutual Bank personal loan?

To apply for an Australian Mutual Bank personal loan, complete the online form on its site, call the hotline or do it the old fashioned way by printing and filling out a hard copy (if you live near a local branch). Doing it online can take fewer than 15 minutes and you’ll hear back from Australian Mutual Bank on the outcome soon after.

To apply for a personal loan with Australian Mutual Bank you will need:


How are Australian Mutual Bank personal loans rated?

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

Icon of personal-loans
Australian Mutual Bank personal loans
Overall
Price
Features
Customer service
Convenience
Trust

16 Reviews

Recent Australian Mutual Bank personal loan reviews

Australian Mutual Bank Personal Loan
Overall 2/10
Rates are ok but speed and sense is below average.

Quite clearly cant see beyond the office chair. Applying for a personal loan half the amount of any other loan ever held with them (and clearly can afford it) but because of a few too many enquiries on credit history they take 4 whole days to deny the loan. Very slow and pathetic.

Read full review

Quite clearly cant see beyond the office chair. Applying for a personal loan half the amount of any other loan ever held with them (and clearly can afford it) but because of a few too many enquiries on credit history they take 4 whole days to deny the loan. Very slow and pathetic.

Price
8/10
Customer service
6/10
Trust
3/10
Less
Scott, South Australia, reviewed over 1 year ago
Australian Mutual Bank New Car Loan
Overall 5/10
Too many hurdles to jump.

I tried to get a car loan from this organisation and was asked for at least 20 forms of identification and proof of earnings and savings. It took nearly two weeks with new requests from them everyday. I went with another lender and got a loan approved within 4 hours after supplying the relevant documentation. We had two very good wages. I rang SMB and told them to cancel everything.

Read full review

I tried to get a car loan from this organisation and was asked for at least 20 forms of identification and proof of earnings and savings. It took nearly two weeks with new requests from them everyday. I went with another lender and got a loan approved within 4 hours after supplying the relevant documentation. We had two very good wages. I rang SMB and told them to cancel everything.

Price
7/10
Features
6/10
Customer service
6/10
Convenience
6/10
Trust
6/10
Less
Harvey, Victoria, reviewed over 1 year ago
Australian Mutual Bank Secured Personal Loan
Overall 9/10
Great service without the onselling

Great people who offer a great service. Always friendly. Questions are always on point. They know their product and answer questions as they have access to all the relevant info.

Read full review

Great people who offer a great service. Always friendly. Questions are always on point. They know their product and answer questions as they have access to all the relevant info.

Price
9/10
Features
8/10
Customer service
10/10
Convenience
3/10
Trust
8/10
Less
Jeff, New South Wales, reviewed about 6 years ago
Australian Mutual Bank New Car Loan
Overall 5/10
Customer service slow

I wanted to pay out the loan, got a quote and then got another. I had to get it from the dealer. It turned out the dealer increased the rate and gave me a residual to keep the price down. It was 1% but how was I going to prove anything. I did expect that a high profile car distributor would be more responsible. We are helping you Peter yes but you do have your hand in my pocket. At the time the payout came around , the phone operator gave me a value I should ask for and it was at least $5000 less. Out of touch to the industry and certainly the clients.

Read full review

I wanted to pay out the loan, got a quote and then got another. I had to get it from the dealer. It turned out the dealer increased the rate and gave me a residual to keep the price down. It was 1% but how was I going to prove anything. I did expect that a high profile car distributor would be more responsible. We are helping you Peter yes but you do have your hand in my pocket. At the time the payout came around , the phone operator gave me a value I should ask for and it was at least $5000 less. Out of touch to the industry and certainly the clients.

Price
3/10
Features
2/10
Customer service
3/10
Convenience
3/10
Trust
2/10
Less
Peter, Western Australia, reviewed over 6 years ago

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