The Mutual Bank Secured Personal Loan
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- Interest Rate (p.a.)
- 7.99%
- Comparison rate (p.a.)
- 8.27%
- Min Loan Amount
- $5,000
Summary
Secure a personal loan with a competitive 7.99% p.a. interest rate and no ongoing fees.The Mutual Bank Secured Personal Loan has a competitive 7.99% p.a. interest rate and no application or ongoing fees. These features help place it in the top 31% of secured loans in our database.
Its high Finder Score of 8.5 reflects its strong performance against its peers, making it a solid choice for eligible borrowers looking to keep loan costs down.
Details
Product details
| Product Name | The Mutual Bank Secured Personal Loan |
| Interest Rate (p.a.) | 7.99% |
| Comparison rate (p.a.) | 8.27% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $150,000 |
| Loan Security | Secured |
How does The Mutual Bank Secured Personal Loan compare?
- A competitive interest rate. This loan's minimum interest rate of 7.99% p.a. places it in the top half of our database for similar products.
- No application fee. Unlike many competing loans, you won't be charged a fee to apply.
- No ongoing fees. This loan is more cost-effective than some as there are no monthly or annual service fees.
- A high borrowing limit. You can borrow a higher amount compared to the market average.
How does The Mutual Bank Secured Personal Loan work?
This personal loan from The Mutual Bank is a secured loan requiring either residential property, rural lifestyle property or a term deposit as security. The interest rate is fixed, meaning that your repayments will remain the same for the lifetime of the loan. The loan can be used for personal or household purchases, minor home improvements or the purchase of motor vehicles.
What features does The Mutual Bank Secured Personal Loan offer?
- Secured loan. This loan requires an asset as collateral. This can be residential property, rural lifestyle property or a term deposit.
- Fixed rate. With a fixed rate loan, your interest payments will remain the same for the duration of the loan term. This makes it easier to predict and budget for your repayments.
- Flexible loan term. Your loan term can be between 1 and 7 years.
- Flexible repayments. You can choose to make weekly, fortnightly or monthly fixed repayments.
- Borrow from $5,000 upwards. The minimum loan amount is $5,000. You can borrow up to $150,000.
- Extra repayments. You can make extra repayments and pay off your loan sooner.
- No early repayment fees. You won't be charged early repayment fees.
- Redraw facility. You can access your extra repayments through the redraw facility for $25 per redraw.
- No ongoing fees. You won't be charged monthly or annual service fees.
How much does The Mutual Bank Secured Personal Loan cost?
The costs associated with this loan include:
- Loan principal
- Fixed interest at 7.99% p.a.
Pros and cons
Pros
- Easy to budget. As the repayments are fixed for the lifetime of the loan, you’ll know exactly what you have to pay each month. This makes it easier to budget for your repayments.
- No monthly fees. This loan does not come with monthly or annual account keeping fees. This helps keep down the cost of the loan.
Cons
- Risk of repossession. Secured loans come with the risk of the lender repossessing your asset if you default on the loan.
Am I eligible for the loan?
To be eligible, you must be:
- Over 18 years old
- An Australian citizen or permanent resident, or as otherwise approved
- A member of The Mutual Bank
- Able to provide security
How do I apply for the loan?
You can apply for the loan by making an online enquiry through The Mutual Bank website. Have your documents at hand to speed up the process.
Sources
Your reviews
Richard Finder
Assistant publisher
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