The Mutual Express Credit Facility


For owner-occupiers and investors, The Mutual Express Credit Facility uses the equity in your home or investment property as security for a line of credit from which you can access your funds through the offered Visa debit card or internet banking. There is a minimum amount you must be borrowing for this loan, but you can borrow up to 90 per cent of the value of your property at no maximum amount.

While the variable interest rate charged on this loan is high – which is typical of line of credit loans – you only pay the interest due on your loan since the principal amount essentially is your own property’s equity. Additional payments towards your loan are permitted, which could help you repay your loan sooner. And while there is a redraw facility where you can redraw the funds from any additional repayments you’ve made, there is a large minimum amount that you must redraw each time.

A direct debit can be set up through a savings account with The Mutual, where your salary can be deposited into and drawn from automatically towards your repayments.

Who is the The Mutual Express Credit Facility good for?

The Mutual Express Credit Facility is good for homeowners looking to use the equity in their property to access a line of credit account for renovations, construction or other purposes. And thus, this loan is most suitable for borrowers who have accrued enough home equity in order to do so.

Review - What RateCity says

The Mutual Express Credit Facility could be appropriate for those planning on making renovations or other construction work to their property and who want to use their existing equity to finance these activities. However, as with any line of credit loan, it functions like a large credit card so it’s important to be disciplined in using this loan by accessing the line of credit responsibly.

Also note that the high interest rate and no restraint on how much you can borrow – as long as you have the equity – may result in a large total cost over the course of your loan. You must be a member of The Mutual in order to qualify, so it’s a good idea to check your eligibility for this loan and see if the Express Credit Facility from The Mutual is your most suited option.

The Mutual Express Credit Facility Options

The Mutual Express Credit Facility is for owner-occupiers and investors and can be looked into further at the provided link.

1 - 1 of 1
Advertised rate
Comparison rate*
Monthly repayment
Go To Site

More details

Variable Rates from


Advertised rate


Comparison rate
  • Access to equity through a line of credit.
  • Early repayments and redraws allowed.
  • No maximum borrowing amount.
  • Entry and exit fees.
  • Ongoing monthly fee.
  • Limited branch access.

Must be a member of The Mutual.

Must be a citizen or permanent resident of Australia.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
  • Estimated upfront fees: $450.00
  • Discharge fees: $200
  • Ongoing fees: $10 monthly

There are moderate entry and exit fees for the Express Credit Facility, as well as a low ongoing monthly fee. Though these aren’t in the high range, when you add up the total cost of the ongoing fees with the entry and exit fees, it can turn out to be quite a sizable cost over the life of your loan.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About The Mutual

The Mutual, or the Maitland Mutual Building Society, is a member-owned bank with branches throughout Newcastle and a strong focus on serving its members and community with financial products and services to help them reach their financial goals.

Compare your product with the big 4 banks, or add more products to compare
As seen on