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G&C Mutual Bank Fair Rate Personal Loan (Variable, Unsecured)

Advertiser disclosure
Interest rate from
5.99% p.a.to 16.99% p.a.
Comparison rate from
6.20% p.a.to 17.22% p.a.based on $30,000
over 5 years
Upfront fee

Mozo editorial review G&C Mutual Bank Fair Rate Personal Loan (Variable, Unsecured) - last updated: 18 November 2021

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What's hot
  • 2022 Mozo Experts Choice Award winner
  • Interest rates from 5.99% p.a. (6.20% p.a. comparison rate*)
  • Extra repayments, plus no exit fee
What's not
  • $150 application fee
Mozo snapshot

If you have a healthy credit score and you’re looking to borrow between $1,000 and $90,000, then you may want to check out G&C Mutual Bank’s Fair Rate Personal Loan. Variable rates for this loan start as low as 5.99% p.a. (6.20% p.a. comparison rate*), borrowers can make unlimited extra repayments and there’s no exit fee. With all this on offer, it’s no surprise this loan walked away with a 2022 Mozo Experts Choice Award for best Unsecured Personal Loan.

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Key features

With G&C Mutual Bank’s Fair Rate Personal Loan, borrowers can take out loans from as little as $1,000 to as much as $90,000. Loan terms range from one to seven years and you can make unlimited extra repayments. On top of that, there’s also no exit fee and no penalty for repaying your loan early. So, if you can budget for the extra outgoing repayments, you could get rid of the loan sooner than anticipated.

Interest rates are variable and start as low 5.99% p.a. for borrowers with an excellent credit score (6.20% p.a. comparison rate*). G&C Mutual Bank will determine the interest rate you pay, depending on your individual credit score and borrowing history. Interest rate tiers are as follows (from highest to lowest credit score):

  • Diamond Tier - 5.99% p.a. (6.20% p.a. comparison rate*)
  • Emerald Tier - 7.99% p.a. (8.20% p.a. comparison rate*)
  • Sapphire Tier - 8.99% p.a. (9.20% p.a. comparison rate*)
  • Ruby Tier - 10.99% p.a. (11.21% p.a. comparison rate*)
  • Opal Tier - 16.99% p.a. (17.22% p.a. comparison rate*)

Plus, if you want the option to work the repayments around your income, you’ll be happy to hear that you can choose to make payments weekly, fortnightly or monthly. There’s also a redraw facility, in case you need to redraw on any extra repayments that you make. However, it should be noted that you can only redraw a minimum of $100 and a $30 service fee applies.

On the subject of fees, there is a $150 upfront application fee to pay. Although after that, there are no regular service fees to worry about. Unless you need to redraw money (as mentioned above).

Who is it good for

This particular personal loan would be suited to someone with a good credit score, who doesn’t have any assets to put up as security.

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Any catches

With this loan your interest rate is variable, meaning it could go up or down over the life of your loan. There’s also a $150 application fee to pay upfront.


Rates and fees information correct as at 16 May 2022. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.


5.99% p.a.variable

6.20% p.a.to 17.22% p.a.based on $30,000
over 5 years







Other financial bits



1 Year

7 Years



Weekly, Fortnightly, Monthly



Interest rate varies according to VedaScore rating. Rates and fees shown are for an AA Rated borrower.


WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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