Rates and fees verified as correct at 17 May 2022. 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 |
$200 |
| Secured Personal Loan (Fixed) |
8.49% p.a. |
9.16% p.a.based on $30,000 |
$200 |
| Unsecured Personal Loan (Fixed) |
12.75% p.a. |
13.05% p.a.based on $10,000 |
$200 |
| Used Car Loan (Fixed, Secured) |
8.99% p.a. |
9.28% p.a.based on $30,000 |
$200 |
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.
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.
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.
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.
1 Reviews
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 reviewThe 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!
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