The Mutual Bank personal loans

The Mutual Bank personal loans come in a range of options. Secured and unsecured loans are available with fixed interest rates.

The minimum amount borrowers can apply for is $5,000 and the maximum is as high as $100,000, depending on the loan type. Loan terms of up to seven years are available based on what kind of personal loan is obtained from The Mutual Bank.

The Mutual Bank’s personal loan interest rates are moderate when compared to other financial institutions. Borrowers can use RateCity’s comparison tool to find competitive personal loan rates in Australia. An establishment fee may need to be paid when starting a loan with The Mutual Bank. A redraw facility may be available with a fee per withdraw.

The Mutual Bank has branches in Dungog, East Maitland, Edgeworth, Maitland, Mayfield, Raymond Terrace and Rutherford. They are open six days a week and  offer a full range of banking services. If you rely on face-to-face banking outside of these regional hubs, this may be a challenge. 

Members of The Mutual Bank also have the option of managing their personal loans online, via an app or by using phone banking services.

Eligibility criteria for a The Mutual Bank personal loan is as follows:

• Be a member of The Mutual Bank
• Be over 18
• Be an Australian permanent resident
• Show income and employment history
• Show proof of existing debts

The Mutual Bank allows potential customers to apply for a personal loan in multiple ways

• Calling the bank;
• Applying online via The Mutual Bank website; or
• Visiting a home loan specialist in person at a local branch.

Customers can also make enquiries about personal loan products online or by email. Before applying for a personal loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a personal loan. This will include:

• Personal identification documents.
• Proof of income – whether you are self-employed or work for an employer.
• Proof of assets, earnings and other income.
• Details of other loans, debts, liabilities and expenses.