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

90

Go to Deal

kcome on 24/07/2024 - 14:10 themutual.com.au (421 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

  +4

  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.

  • 

    Loki556 on 24/07/2024 - 16:33

    +2

    https://tiimelyhome.com.au/

    5.94% + $10 per month for offset.

    Considering no other fees, good deal.

    • 

      sghetti on 04/08/2024 - 09:17

      Tiimely (previously TicToc) have been great with the loans I've had with them. About to settle on another shortly. Submitted application for pre-approval last Tuesday, they confirmed a few details over the phone in the following few days, advised me of my borrowing capacity without formal approval yet. Won an auction on Saturday, submitted details and purchase contract to Tiimely this past Monday. Tuesday I was formally approved and loan docs signed that afternoon. Settlement in less than a fortnight…

      Their internet banking is a bit archaic, and no app. But for the rate and other features it's incredible value. Full offset with a debit card attached, full transfer functionality except for PayID, which you can work around with the debit card for up to $2000 at a time.

• 

  UFO on 24/07/2024 - 14:26

  -3

  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

    +3

    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

      +1

      …Flawless Victory

    • 

      pennypincher98 on 24/07/2024 - 18:01

      +2

      mortal and brick branch

      This made me smile, I think you're looking for brick and mortar.

      Unless you're talking about the MMORPG, then you can have Mortal buildings :)

      • 

        starburstyellow on 25/07/2024 - 04:25

        Mortal Kombat!!

  • 

    peter on 24/07/2024 - 17:44

    +1

    They are lending the money to you, it's the bank taking the big risk here, not you.

    • 

      kcome on 24/07/2024 - 17:52

      Just using ADI as a little proof that they are “well-established” and “government recognised” organisation.

    • 

      UFO on 25/07/2024 - 08:59

      hahaha… yes, because asking questions on the validity of lenders one has never heard of is soooo horrible :).

      Blindly signing up to any old bank simply because they are prepared to give you money is woefully shortsighted.
      The risk is most certainly with the person accepting the loan and not the bank, because there IS such a thing as predatory loan practices… and the golden tooth fairy you portray all lenders as are very well protected with YOUR property. Unconscionable loan terms and behaviour could very quickly see yourself out of the property you've put up as collateral.

      Your sympathies to all banks is laughable.

• 

  Nuggets on 26/07/2024 - 11:43

  +1

  https://www.bendigobank.com.au/personal/home-loans/express/

  For anyone looking for a proper "bank" with a good rate. This seems very competitive at the moment with offset.