8.9/10

Based on 21 The Mutual Bank product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.

The Mutual Bank personal loans

Started in 1988 in Maitland, The Mutual Bank has an over 130-year history of providing financial products to its members. It covers the Maitland, Newcastle and Hunter regions. 

The Mutual Bank is a 100% customer-owned bank. It offers a wide range of products from everyday banking, home loans and personal loans. Currently, it offers a handful of personal and car loan options to customers, read on to find out more … 

The Mutual Bank offers the following personal loans

Rates and fees verified as correct at 26 May 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
New Car Loan (Fixed, Secured)

7.99% p.a.

8.27% p.a.based on $30,000
over 5 years

$200.00

Secured Personal Loan (Fixed)

8.49% p.a.

8.78% p.a.based on $30,000
over 5 years

$200.00

Unsecured Personal Loan (Fixed)

12.49% p.a.

12.79% p.a.based on $10,000
over 3 years

$200.00

Used Car Loan (Fixed, Secured)

8.99% p.a.

9.28% p.a.based on $30,000
over 5 years

$200.00

What personal loans does The Mutual Bank offer? 

Personal Loan 

There are two options when it comes to The Mutual Bank personal loan: secured or unsecured. Both versions come with a fixed rate, however the secured rate is lower. 

For the secured loan, customers must put up an asset as collateral, such as a vehicle or property. Plus, they can borrow between $5,000 and $100,000 over 1 to 7 years. On the other hand, the unsecured loan is only between $5,000 and $20,000 over 1 to 5 years. But borrowers don’t have to put up an asset against the loan. 

Repayments can be made on a weekly, fortnightly or monthly basis, no matter if you opt for a secured or unsecured loan. Similarly, extra repayments are allowed but with no redraws. There are no early repayment, exit or ongoing monthly service fees attached to this loan. Just remember, there is an upfront application cost. 

Car Loan 

Like the personal loan above, The Mutual Bank car loan comes with a fixed interest rate. The loan amounts range from $5,000 and $50,000 over 1 to 7 years and can be used for either a new or pre-loved vehicle. 

The same repayment structure and fees apply to the car loan as the other personal loan options.  

The Mutual Bank personal loan features at a glance 

  • Repayment schedule options: Whether you are after a The Mutual Bank personal loan or car loan, you’ll have the option to make weekly, fortnightly or monthly repayments. 

  • Extra repayments: The Mutual Bank personal loans also allow for you to make additional contributions whenever you like. Just bear in mind, there are no redraws allowed on any options. 

  • No early repayment penalty: If you end up paying down your The Mutual Bank personal loan ahead of the arranged time, there is no early repayment penalty. Some fixed personal loans come with this charge - which can cost hundreds of dollars. 

How do you apply for The Mutual Bank personal loan? 

If you are looking to enquire about a The Mutual Bank personal loan, this can be done online, over the phone or in-branch. 

You’ll need to provide some personal information when you do, such as: 

  • Personal info 

  • Contact info (phone number, email) 

  • Current residential postcode 

  • The purpose for you loan 

  • Whether you are a member of The Mutual Bank

The Mutual Bank will then get in touch with you directly to discuss your application. 

How are The Mutual Bank personal loans rated?

Mozo users have rated The 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
The Mutual Bank personal loans customer reviews
Overall
8.0/10
Price
9.0/10
Features
7.0/10
Customer service
9.0/10
Convenience
8.0/10
Trust
8.0/10
Based on 1 The Mutual Bank product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Recent The Mutual Bank personal loan reviews

The Mutual Bank Personal Loan
Overall 8/10

The branch manager was great. I had no idea about loans, she helped roll business & personal into one loan. No matter how many times I rang or emailed, they were only too happy to help. Best of all you can see everything about your loans and accounts on the internet banking website. Paying that bit extra helps, we dont really have to make nay payments till August!

Read full review

The branch manager was great. I had no idea about loans, she helped roll business & personal into one loan. No matter how many times I rang or emailed, they were only too happy to help. Best of all you can see everything about your loans and accounts on the internet banking website. Paying that bit extra helps, we dont really have to make nay payments till August!

Price
9/10
Features
7/10
Customer service
9/10
Convenience
8/10
Trust
8/10
Less
Lesley, New South Wales, reviewed about 12 years ago
See all personal loan reviews
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.
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.

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