Sydney Mutual Bank Unsecured Personal Loan
- Interest Rate (p.a.)
- 7.99%
- Comp. Rate (p.a.)
- 8.20%
- Min Loan Amount
- $1,000
Summary
Borrow from $1,000 up to $40,000 unsecured. Loan terms are up to 7 years and costs include interest charges.
- Sydney Mutual Bank and Endeavour Mutual Bank have merged and from November 2021 will be known as Australian Mutual Bank. We have kept this page for historical records and for those interested.
The Sydney Mutual Bank Unsecured Personal Loan has borrowing amounts ranging from $1,000 up to $40,000. You don’t need an asset to secure this loan. Interest rates are variable, which means that your repayments will fluctuate from month to month based on the market interest rates. This loan has a fee waiver for the application fee of $150. There are also no annual or monthly fees involved. Interest rates start from 7.99% p.a., with a comparison rate of 8.20% p.a.
Details
Product details
| Product Name | Sydney Mutual Bank Unsecured Personal Loan |
| Interest Rate (p.a.) | 7.99% |
| Comp. Rate (p.a.) | 8.20% |
| Interest Rate Type | Variable |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $40,000 |
| Loan Security | Unsecured |
Main points to consider with a Sydney Mutual Bank Unsecured Personal Loan
The Sydney Mutual Bank Special Offer Unsecured Personal Loan offers an introductory interest rate of 7.99% p.a. and no annual or monthly fees apply to the loan. Early repayments can be made at any time without additional fees and any surplus loan repayments can be withdrawn, if certain conditions are met. Borrowers have the opportunity to bundle optional loan repayment insurance and/or vehicle insurance with the loan.
Features of the Sydney Mutual Bank Unsecured Personal Loan
- Convenient loan amount. Borrow exactly what you need, with loan amounts available between $1,000 and $40,000.
- Loan term options. Choose a loan term to suit your needs, taking into account the amount of the loan and the ongoing repayments you can afford. Loan terms are available between 1 to 7 years.
- Interest rate. This special offer unsecured personal loan features a competitive interest rate of 7.99% p.a.
- Waived application fee. The loan normally attracts a $150 application fee.
- No annual or monthly fees. Even after the introductory period is over, no annual or monthly fees apply to the loan.
- No security required. As an unsecured personal loan, no assets are required to be offered as security for the loan amount.
- Fee-free early repayments. Repay the loan as early as you like without incurring early repayment fees.
- Redraw facility. Feel secure making extra payments at any time, as the Sydney Mutual Bank Special Offer Unsecured Personal Loan allows for loan redraws as needed. This feature only applies when loan repayments are in advance of at least one month's normal repayments plus $100 and attracts a fee of $20 each time.
- Loan repayment insurance. Borrowers can choose to bundle one of several optional loan repayment insurance products with the loan, to ensure that loan repayments are made in the event of an accident, injury or unemployment.
- Vehicle insurance. Borrowers can choose to bundle comprehensive or third party motor vehicle insurance with the loan.
How to apply for a Sydney Mutual Bank Unsecured Personal Loan
Ready to apply? It's as simple as clicking "Go to Site" and beginning the application process online. Before you do, though, make sure you're aware of the following standard eligibility requirements for the loan:
- Australian citizen or permanent resident
- At least 18 years of age
- Earning a regular, permanent income
It is always a good idea to have at hand the documents you might need so you can speed through the online application. Gather the following for yourself (and your co-applicant if applying jointly) before starting the application process:
- The purpose of the loan, the amount required and the proposed loan term.
- Driver's licence number and expiry date.
- Employment income, including the name of your employer, duration of employment, amount and frequency of gross income. You will also need to supply two current payslips or a letter from your employer.
- If self-employed, you will need to supply your tax returns or profit and loss statements for the previous two years.
- Details and current value of all assets you own, including property, vehicles, cash and superannuation.
- Details of financial commitments, including outstanding balances and repayment amounts and frequencies. You will need to supply the most recent statements for all financial commitments.
- Detailed breakdown of your monthly costs of living, including utilities, communication, education, clothing, food, healthcare, insurance, transport and other ongoing monthly expenses.
- Contact details of two referees in Australia who do not live with you or each other.
The Sydney Mutual Bank Special Offer Unsecured Personal Loan could be an excellent loan choice depending on your circumstances. As with any other personal loan product, it is always a good idea to compare your options to ensure that you choose the right lender and the best personal loan product to suit your needs.
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