The Mutual Personal Loans
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
Total interest paid
Total amount to pay
The Mutual personal loans rates
Go to site
up to 19.99%
Secured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
- Redraw facility available
- No high interest rates
- Borrow up to $100,000
- Establishment fee
- Redraw fee per withdraw
- Limited branches
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.
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It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult and/or expensive than for borrowers with a good credit history.
Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.
While some lenders will require you to provide paperwork in person, many lenders will allow you to make a quick personal loan application online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.
A person is deemed to have ‘bad credit’ when they have a poor history of repaying debts.
Comprehensive credit reporting means including both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.
Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.
Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.