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
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:
- 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.