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
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Fixed 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 can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
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.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
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.
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
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
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.
Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.
If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.
Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.
Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.