Nexus Mutual is a member-owned credit union based out of Victoria with a history dating back to 1969.
With over 6,000 Australian members, Nexus Mutual has only two branches, located in Victoria. As such, Nexus Mutual serves as an online bank for customers in states other than Victoria.
Members have access to personal loans, home loans, bank accounts, credit cards, savings accounts, term deposits, financial planning and insurance.
Nexus Mutual personal loan repayment calculator
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Pros and cons
- Very low interest rates available
- Redraw facility available
- No ongoing fees
- Only two branches for customers to visit
- Above-average upfront fee possible
- Redraw facility establishment fee applies
Nexus Mutual personal loans rates
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Features of a Nexus Mutual personal loan
Secured and unsecured personal loans with variable interest rates are available to members of Nexus Mutual.
Members have access to personal loans with a maximum amount up to $80,000 from Nexus Mutual.
Loan terms of up to seven years are available to members with a Nexus Mutual personal loan.
Nexus Mutual personal loan rates range from very low to moderately low, based on the loan chosen.
A Nexus Mutual personal loan does not come with monthly ongoing fees. Establishment fees can range from average to higher than average, depending on the loan.
Redraw facilities are available from Nexus Mutual, but members should expect to pay an establishment fee.
Nexus Mutual personal loans - customer service
Nexus Mutual serves mostly as an online bank for Australians. Those members who want to visit a branch will need to be close to one of its two locations in Victoria.
Otherwise, customer service can be reached by phone or online.
Who is eligible for a Nexus Mutual personal loan?
Nexus Mutual will look for the following when assessing a personal loan application:
- Proof of income
- Details of any current debt
- A car for a secured loan
How to apply for a Nexus Mutual personal loan
Potential borrowers can apply for a loan in the following ways:
- In person at one of the two branches in Victoria
- By phone
Nexus Mutual personal loans review
A Nexus Mutual personal loan can help borrowers who need assistance with purchasing vehicles, consolidating debt, renovating homes, funding weddings or paying for holidays. Personal loans up to $80,000 are available.
Current personal loan interest rates range from very low to moderately low. This could save borrowers money over the life of their loan.
An upfront fee will be needed to establish a personal loan, and can range from average to above-average depending on the loan.
However, there are no ongoing fees, which may be an incentive for borrowers looking to save on monthly repayment costs.
A redraw facility is available for customers who want to borrow back money paid off their loan. A redraw facility establishment fee will apply for those who do not also have a Nexus Mutual Platinum home loan.
Learn more about personal loans
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
Can I repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.
Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
Can I get a bad credit personal loan with a guarantor?
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.