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QT Mutual Bank Home Loans

QT Mutual Bank was set up in the mid 1960s under the name the Queensland Teachers’ Credit Union with the aim of lending money to other teachers. In 2011, it changed its name QT Mutual Bank, after becoming Queensland’s first customer-owned bank.

As a mutual bank, QT Mutual Bank can be characterised as a community-based financial institution that’s controlled by its members and offers banking services like savings accounts and loans, but is not owned by shareholders like the major banks.

In addition to its home loan products, QT Mutual Bank offers financial products like car loans, personal loans, financial advice, insurance as well as transaction accounts.

QT Mutual Bank Overdraft

QT Mutual Bank Choices Package

QT Mutual Bank Fixed Rate Loan

This loan is pitched at borrowers who want security that comes from locking in an interest rate. These loans can be taken out by investors or owner-occupiers and can be split between a fixed and variable rate. On the downside, it does not offer a redraw facility or offset account.

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QT Mutual Bank Saver Home Loan

The attraction of this home loan is that has a low variable rate with no ongoing fees. It also enables you to make unlimited repayments at no extra cost. It doesn’t have an offset account but it does let you redraw. The main catch is that it is for owner-occupiers only.

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QT Mutual Bank Mortgage Breaker Loan

This loan is targeted at borrowers who are keen to utilise a 100 per cent offset account. While it does have relatively high rates, it also offers a range of features such as the flexibility to split loans between fixed and variable interest, a redraw facility and an LVR of up to 95 per cent for owner occupiers.

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Home Loans from QT Mutual Bank

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Pros
  • Variety of home loan products.
  • Opportunity to bundle other financial products.
  • Caters for people with specific needs.
  • Community based bank run by members.
Cons
  • Some products include fees.
  • Limited branch access.
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Customer Service

QT Mutual Bank has numerous services for customers to access their accounts and get support. QT Mutual Bank also has a presence on the ground in Queensland, with over 10 branches throughout the state. QT Mutual Bank also has a team of mobile lenders. They can visit you at home and talk to you about a loan set-up that suits your personal circumstances. Customers can access their accounts 24-hours-a-day via internet banking and telephone banking is also available. Both these services allow you to access things such as your recent transactions history and account balance, as well as to  find a bank branch or ATM. The bank can also be contacted by email.

  • Mobile app
  • Online banking
  • Branch
  • Mobile banking staff
Applying and Eligibility

Applications and home loan enquiries can be made online at the QT Mutual Bank website or by downloading and completing relevant documentation then rsending them to QT Mutual Bank via post. Relevant information includes:

  • Personal identification material.
  • Proof of income.
  • Information regarding your living costs.
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