The Mutual Bank Secured Personal Loan
- Interest Rate (p.a.)
- 8.49%
- Comp. Rate (p.a.)
- 8.78%
- Min Loan Amount
- $5,000
Summary
This secured personal loan offers no ongoing service fees and a fixed rate of interest. Interest charges and fees apply.
The Mutual Bank’s Secured Personal Loan comes with a fixed interest rate and the ability to make extra repayments. You will have to provide security for the loan, either residential or rural, or a term deposit. Your interest charges will remain fixed for the duration of the loan. You can make extra repayments and redraw them for $25. While no monthly fees are charged, you will be charged an application fee and interest.
Details
Product details
| Product Name | The Mutual Bank Secured Personal Loan |
| Interest Rate (p.a.) | 8.49% |
| Comp. Rate (p.a.) | 8.78% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Secured |
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 $100,000.
- 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 8.49% 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.
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