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Nexus Mutual Personal Loans

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

Thinking about taking out a personal loan with Nexus Mutual? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Nexus Mutual personal loans compare with other options.

Nexus Mutual Personal Loans rates

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:

  • Online
  • 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.

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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