QT Mutual Bank Personal Loan Review

Queenslanders can borrow up to $60,000 as a secured or unsecured loan and repay over a maximum term of 5 year(s).

With an interest rate starting at 12.95% p.a., residents of Queensland can apply for a QT Mutual Bank (QTMB) personal loan starting at $3,000.

QTMB has merged with RACQ

QT Mutual Bank has merged with Queensland's peak motoring club, RACQ. Find out more about RACQ's personal loans here.

Product NameQT Mutual Bank Personal Loan
Interest Rate (p.a.)From 12.95% (variable)
Comparison Rate (p.a.)13.54%
Interest Rate TypeVariable
Min Loan Amount$3,000
Max. Loan Amount$60,000


  • No minimum loan term
  • No early repayment fees
  • Additional repayments allowed up to $10,000


  • High application fee
  • No redraw feature
  • Interest rate may vary based on your creditworthiness
  • Must be an Australian citizen
  • Must have a clean credit file

Main points to consider about the QTMB personal loan

This loan can be approved as a secured or unsecured product, which means you have the option to guarantee the amount with assets like property or other valuable items. Joint applications are allowed. Repayments can be made fortnightly or monthly, and they rise and fall with changes in the interest rate. This loan can be used for any purpose, including investment or business.

Note you need to be a resident of Queensland to apply for this product.

Features of the QTMB personal loan

Below are some of the features of QTMB’s personal loan product.

  • Application options. You can submit an application online or download the form to fill in at your leisure. Joint applications are accepted. An online loan enquiry form and loan calculator are available to give you an idea of how much you’d be paying.
  • Establishment fee. You will be charged an establishment fee of $395 for setting up the loan.
  • Flexible. This loan can be used for any purpose, including consolidating debt. You will be asked to specify the purpose on the application form, and whether more than 50% will be dedicated to investment or personal use.
  • Loan terms. Amounts vary between $3,000 and $60,000 depending on your financial profile. No minimum term applies, but you can repay the amount over a maximum of 5 year(s).
  • Easy repayments. Loans can be repaid fortnightly or monthly by payroll deduction, transfer order or direct deposit. No fees are charged for paying out the loan early, and you can make as many extra repayments as you like without penalty.
  • Loan insurance available. You can apply for insurance to cover your loan repayments in case of sickness, an accident, involuntary unemployment or death.

How to apply for the QTMB personal loan

If you’d like to apply for this loan, click on “Go to Site: get started.

To qualify for this loan, you must be:

  • A permanent Australian resident (must reside in Queensland)
  • At least 18 years old
  • Free of bankruptcy

You’ll be asked to supply the following to support your application:

  • Positive identification, like a passport or ID card
  • Employment information
  • Information about your assets and liabilities

A personal loan can bridge financial gaps and help borrowers take advantage of investment opportunities. Whether you’re considering a secured or unsecured option, make sure that you can afford the repayments and that your assets are not jeopardised.

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2 Responses

  1. Default Gravatar
    HoneyNovember 17, 2017

    I wanted to apply for unsecured personal loan to consolidate my debts because the interests are too high.

    • Default Gravatar
      ArnoldNovember 17, 2017

      Hi Honey,

      Thanks for your inquiry

      If you’re set at wanting to apply for a secured loan and want to compare all unsecured loans on our panel, please go ahead and click this link.

      However, if you want to check for more debt consolidation options and look for more information about it, you can click here.

      Hope this information helps


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