Since 1888, The Mutual, also known as Maitland Mutual Building Society, has provided financial services for Australians living in Maitland and the Hunter Valley region.
Such services include personal loans, home loans, credit cards, everyday bank accounts and savings accounts, in addition to other banking products.
The Mutual is a small institution with few branches to visit. However, those not living near a branch can rely on online and phone banking.
The Mutual personal loan repayment calculator
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Pros and cons
- Redraw facility available
- No high interest rates
- Borrow up to $100,000
- Establishment fee
- Redraw fee per withdraw
- Limited branches
The Mutual personal loans rates
Fixed up to 19.99%
based on $30,000 loan amount for 5 years at 9.16%
Fully drawn advance
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Features of a The Mutual personal loan
The Mutual personal loans come in a limited range of options. Secured and unsecured loans are available with fixed interest rates.
The minimum amount borrowers can apply for is $5,000 and the maximum is as high as $100,000, depending on the loan type.
Loan terms of up to seven years are available based on what kind of personal loan is obtained from The Mutual.
The Mutual’s personal loan interest rates are moderate when compared to other financial institutions. Borrowers can use RateCity’s comparison tool to find competitive personal loan rates in Australia.
An establishment fee will need to be paid when starting a loan with The Mutual.
A redraw facility is available with a fee per withdraw.
The Mutual personal loans - customer service
The Mutual has a limited number of branches to visit for customers who wish to receive more personalised customer service.
Members of The Mutual also have the option of managing their personal loans online or by using phone banking services.
Who is eligible for a The Mutual personal loan?
Eligibility criteria for a The Mutual personal loan is as follows:
- Be a member of The Mutual
- Be over 18
- Be an Australian permanent resident
- Show income and employment history
- Show proof of existing debts
How to apply for a The Mutual personal loan?
The Mutual accepts applications for personal loans via the following methods:
- By visiting a branch
- By phone
The Mutual personal loans review
The Mutual personal loans may appeal to members looking for help with financing a wedding, holiday, debt consolidation, motor vehicle or other personal items. Loans of up to $100,000 and term limits up to seven years are available, depending on the loan type.
There is a limited amount of personal lending options for members to choose from, including secured and unsecured loans.
Personal loan interest rates from The Mutual are moderate. While these rates aren’t the highest on the market, customers might want to shop around for lower interest rates. Potential borrowers can use RateCity to compare personal loan rates from different lenders.
A redraw facility is available for members who wish to ‘borrow back’ money on their personal loan payments. However, there is a fee associated with each withdraw.
Members who start a new personal loan with The Mutual can also expect to pay an establishment fee.
Learn more about personal loans
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 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.
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.
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.
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 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.
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 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 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.
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.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
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
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
Can I merge my personal loan with my home loan?
Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.
However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.