5.89% p.a. (5.89% CR) Variable Rate Owner-Occupied P&I Repayment Home Loan (LVR ≤ 80%, Min $100,000 Loan) @ The Mutual Bank

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kcome on 24/07/2024 - 14:10 themutual.com.au (123 clicks)
Last edited 24/07/2024 - 14:35 by 1 other user

Interest Rate is 5.89% P.A., Advertised comparison rate is 5.89% P.A.

I see this ad on Instagram, and it's quite similar to this one. The difference is only 0.09% higher but for everyone else (non-essential-worker).

The rate might get updated without notice.

The product basically has no fees and only re-draw facility.

Interest : Calculated daily, charged monthly
Minimum Amount : $100,000
Loan Term : Up to 30 years
Repayments : Weekly, fortnightly or monthly
Additional Repayments : Yes
Annual Fee : $0
Application Fee : No
100% Offset Account : No
Principal and Interest Loan : Yes
Interest Only Loan : No
Variable Interest Rate Option : Yes
1, 2 & 3 Year Fixed Rate Options : No
100% Offset Monthly Fee : N/A
Mutual Visa Credit Card Annual Fee : $49
Mutual Visa Credit Card Discounts : N/A
Switching Fee : $300
Rollover Fee : $200
Personal/Car Loans : $200
Redraw Facility : Yes, minimum redraw is $1,000
Valuation Fee : $250 per new loan application

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The Mutual Bank

• 

  Kas on 24/07/2024 - 14:14

  +2

  Good rate… only issue is 100% Offset Account : No

  • 

    Slo20 on 24/07/2024 - 14:22

    +1

    Typically the cheaper rates are usually ones that only do redraw and not offset.

• 

  UFO on 24/07/2024 - 14:26

  -1

  Never heard of them… "The Mutual Bank" ?

  Initially thought you were talking and G&C Mutual and their essential workers loan… but this is a completely different lender.

  New lender? Not many reviews on Product Review, and none of them older than 10-11 months… ALL of them glowing ;).

  • 

    kcome on 24/07/2024 - 14:44

    +2

    They are not new. They started from Maitland NSW since 1888. I didn't know this but when I visited Maitland earlier this year I did see their mortal and brick branch :)
    At first I thought they are the same as GC Mutual, but definitely not the same.
    Their company name is "Maitland Mutual Limited", and listed as deposit taker in APRA https://www.apra.gov.au/register-of-authorised-deposit-takin… for gov $250000 deposit guarantee.

    • 

      tunzafun001 on 24/07/2024 - 14:54

      …Flawless Victory