The Mutual has been serving the community of Maitland and the Hunter Valley since 1888, here’s a guide to their home loans.
Maitland Mutual building Society offers its customers a wide array of personal and business financial services and products. Personal loans, everyday accounts, financial planning and insurance packages complement the Mutual’s business accounts and loans.
Who is the Mutual?
The Mutual has an impressive portfolio of home lending options, including the Budget, Mutual, Premium, Fixed and Express Credit home loans. Many of these loans come with features such as redraw facilities, extra repayments, offset accounts and waived fee structures.
The Mutual makes the lending process one that is centred around the consumer's experience. It also offers several handy online tools to help make the borrowing process easier.
Home loans offered by the Mutual
Budget home loan
The Budget Home Loan is a variable rate loan that focuses on waived fees. There are no application or ongoing fees with this loan, and you can make extra repayments in principal and interest repayments as often as you like. If you find yourself in need of some cash, you can access a handy redraw facility that comes along with this loan.
Mutual home loan
This loan is a variable rate home loan that comes with many added perks. You can make extra repayments as often as you like without penalty, and repayments can be made in principal and interest or interest-only repayments. This gives you a fair bit of flexibility in deciding how you will pay back your loan.
You are also eligible for a redraw facility and a partial offset facility with this loan. There is an application fee to consider but monthly service fees are waived.
Premium home loan
The Premium home loan is a variable rate home loan that is suitable for those looking for a 100% offset facility. The loan allows extra repayments, and repayments can be made in principal and interest or interest-only. You also have access to a redraw facility for quick access to your money when needed.
The 100% offset account lets you put money into a savings account in order to lower the variable rate of interest. Application and monthly fees are waived with this loan as well.
Fixed Rate home loan
The Fixed Rate home loan is suitable for borrowers who prefer stability in the process of buying a home. Extra repayments are allowed and can be made in principal and interest or interest-only.
Other features include a redraw facility, loan split option and a waived monthly service fee, though there is an application fee to consider.
Express Credit home loan
The Express Credit loan allows borrowers to tap into the equity in their home. The loan can be paid off in principal and interest only, but extra repayments are allowed. There is a handy redraw facility available, while an application fee and a monthly service fee does apply.
Pros and cons of the Mutual home loans
- Line of credit. The Express Credit loan is great for accessing the equity in your home. Having a line of credit open can help when money is tight.
- Low fees. Only the Express Credit loan comes with a monthly service fee. Three loans have an application fee attached.
- Premium package. The Premium Home Loan is a variable rate loan that comes with a 100% offset account. The package also bundles many other great bonus features and is offered at a competitive rate.
- Limited construction options. The building facility add-on is only available for the Mutual and Premium packages, meaning you cannot take advantage of the lower rates offered by the Budget home loan to engage in construction.
How to apply for a home loan from the Mutual
To apply for a home loan from the Mutual, please contact a mortgage broker.
Documents needed to apply for a home loan from the Mutual
The Mutual Building Society will require you to provide some identification documents before approving your loan. This is a consumer protection step and is used to prevent fraudulent borrowing.
- 100 points of identification. You will need to provide the Mutual with 100 points of identification, with one of the pieces of ID being photographic. A driver’s licence or passport will suffice.
- Other forms of ID. You can consider using bank statements, citizenship documents or a birth certificate as valid forms of ID.
There are some property-related documents that you need to submit to the Mutual in order to be approved for a loan.
- Contract of sale. The contract of sale outlines many of the details regarding the sale of the home. This includes the price that is being paid to the seller.
- Certificate of title. The certificate of title shows the Mutual that the seller of the property actually owns it and has the right to sell it.
- Transfer of land. This document shows that the land itself will be transferred into your name after the sale.
The Mutual will need documentation regarding your financial situation in order to gauge how much of a lending risk you pose.
- Assets. You will need to provide documentation of any assets that you may have. This includes vehicles, real estate, savings and shares.
- Proof of income. If you earn a wage or salary you need to provide two consecutive pay slips, a letter from your employer stating your income, and information on wage deposits into a transaction account over a three-month period. If you are self-employed you need to provide personal tax returns.
- Expenses and liabilities. Expenses and liabilities include credit card debt, loan debt, child support payments, utility bills and other outstanding bills that you owe.
The Mutual offers a comprehensive portfolio of loans to prospective borrowers. Before making any decision when looking for a home loan,make sure that you have weighed your options. If you are having difficulties selecting a lender, you can always visit your local mortgage broker for help.