QT Mutual Bank personal loans

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

(as rated by the Mozo community)

7.0 / 10

based on 3 reviews

QT Mutual Bank, which merged recently with RACQ, is a customer-owned bank providing personal loans to its members for a range of purposes. So if you’re after a new car loan or a loan to consolidate debt or even spruce up the kitchen, QT mutual bank can help. On this page, we’ll help you to compare the QT loans side by side but if you’re wondering how QT Mutual’s loans compare with other banking providers in the Mozo database, head over to our full comparison personal loan page to see how much you can save.

QT Mutual Bank offers the following personal loans

Rates and fees verified as correct at 16 August, 2017. Other information correct at the time of writing.

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


Go to site

*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.

FAQs about QT Mutual Bank Personal Loans

What does the comparison rate mean?

The comparison rate combines the interest rate and fees for that loan into a single rate so that you can compare the true cost of a loan. The comparison rate that we have used on our site, is for a $30,000 loan over 5 years. If your loan is more or less than this you’ll have a different comparison rate but QT Mutual are required to tell you what your actual personal comparison rate will be when you apply.

Can I get a fixed rate loan that isn’t for a car?

No, with QT Mutual Bank, you can only get a fixed rate loan for car loans. The standard personal loan is a variable interest rate loan so the rate could change during the loan period.

How much can I borrow with QT mutual bank?

The amount of money that you’ll personally be able to borrow will depend on your financial circumstances such as your income, assets, liabilities etc. But the maximum you’d be able to borrow with QT is $60,000 for both its standard personal loan and car loans.

What is the maximum loan term?
If you’re borrowing money for a car, the maximum loan term is 7 years, for the standard personal loan it is 5 years.

To see how much your repayments would change depending on the loan term you can use the Mozo personal loan repayments calculator.  

How often do I need to make repayments?

The good news is that unlike some banks that tailor repayment schedules to suit them, with QT Mutual you can choose your repayment option to suit you. You have the flexibility of making weekly, fortnightly or monthly repayments.

Can I pay out the loan early without penalty?

Yes, you’ll be able to pay out the loan at any point without penalty.

What fees will I need to pay?
There is a $395 application fee. There are no ongoing fees with any QT personal loan so all your repayments will go towards paying down your loan, not towards bank fees.

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