The table below provides an overview of the Personal Loans offered by the Mutual Bank.

  Personal Loan Revolving Personal Loan Car Loans Student Loan Share Loan Green Personal Loan
Description An unsecured loan with regular repayments for any worthwhile purpose. Ongoing finance with the flexibility of Visa Debit card access and control of a Personal Loan. For the purchase of a new or used car. (Eligibility criteria apply.) A loan for education related purposes. An unsecured loan with regular repayments for purchasing shares. For the purchase of environmentally friendly home improvements.
Establishment Fee Yes* Yes* Yes* Yes* Yes* Yes*
Administration Fee No No No No No No
Interest Rate (p.a.) 11.99% 11.99% New: 9.04%
Used: 10.04%
Green: 8.54%
Student Loan: 10.99%
Student Loan (deferred): 11.50%
10.50% 9.60%
Comparison Rate (p.a.)1 12.62%4 N/A New: 9.17%2
Used: 10.66%3
Green: 8.67%2
Student Loan: 11.62%3
Student Loan (deferred): 12.13%3
11.12%4 10.22%4
Fixed Interest rates (p.a) Refer to Interest Rates No Refer to Interest Rates Refer to Interest Rates Refer to Interest Rates Refer to Interest Rates
Service Fees (Annual) No $35 p.a. No No No No
Repayment Frequency W, F, M5 N/A W, F, M5 W, F, M5 W, F, M5 W, F, M5
Additional Repayments Accepted Yes Yes Yes Yes Yes Yes
Fixed Interest Rates Available10 Yes No Yes Yes Yes Yes
Early Repayment Penalty No N/A No No No No
Fixed Rate Break Cost Yes N/A Yes Yes Yes Yes
Redraw Available Yes N/A Yes No Yes Yes
Redraw Fees No N/A No N/A No No
Minimum Redraw Amount $500 N/A $500 N/A $500 $500
Minimum Loan Amount No minimum $10,000 New Car Loan: $10,000
Used Car Loan: $5,000+
Green Car Loan: $5,000+
$500 $1,000 No minimum
Maximum Loan Amount No maximum $25,000 No maximum $10,000 No maximum No maximum
Maximum Loan Term 9 years Ongoing 9 years6 7 years7 5 years 9 years
Ability to Defer Repayments No N/A No Yes8 No No
Security Required May be required May be required Goods mortgage over vehicle Guarantor and/or goods mortgage over vehicle may be required9 No May be required
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Interest rates current as at 1 July 2014.

 

  1. WARNING: 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.
  2. Comparison rate calculated on a secured loan amount of $30,000 for 5 years.
  3. Comparison rate calculated on a secured loan amount of $10,000 for a term of 3 years.
  4. Comparison rate calculated on an unsecured loan amount of $10,000 for a term of 3 years.
  5. Weekly, fortnightly or monthly repayments.
  6. This may vary depending on the age of the vehicle.
  7. Maximum loan term includes deferral period.
  8. Repayments can be deferred until completion or termination of studies (up to 3 years), with interest accruing from the date the loan is disbursed.
  9. Each application will be assessed individually and advised if this will be required.
  10. 1 - 5 year Fixed Terms Available.

*$90 establishment fee applies to all Personal Loan types (Personal, Green Personal, Revolving Personal, Car, Green Car, Share and Student) whether secured or unsecured, and is only payable if the loan is funded. Waived for Student Banking Package customers.
+For car loans less than $5,000, we recommend a Personal Loan.