The Mutual Bank Home Loans
The Mutual Bank is one of the participants in the federal government’s First Home Loan Deposit Scheme.
What home loans does The Mutual Bank offer?
First Home Buyer Package Home Loan
This loan is designed for people buying their first home, including those eligible for the First Home Loan Deposit Scheme. Features of the package include a discounted interest rate on the Standard Variable Rate Home Loan for the life of the loan, the ability to make additional repayments, access to a free redraw facility, a 100% offset account with no account keeping fee, and a fee-free Loan Saver Account. At the time of writing, an annual fee applies to the loan and it is available for a minimum loan amount of $150,000.
Package Home Loan
This loan is comes with either a fixed or variable rate. Features include a discounted interest rate on either the Standard Variable Rate Home Loan or the Fixed Rate Home Loan, the ability to make additional repayments, access to a redraw facility, a 100% offset account (variable loans only) and a fee-free Loan Saver Account. An annual fee applies.
Budget Home Loan
This is a variable rate home loan available on loan amounts between $100,000 and $750,000. Features include no monthly or annual fees, the ability to make additional repayments, and access to a redraw facility via internet banking.
Mutual Home Loan
A variable rate loan (with interest-only options available) for loan amounts between $50,000 and $750,000. Features include the ability to make additional repayments, access to a redraw facility, no monthly or annual fees, a Loan Saver Account which can be used to offset loan interest, and the ability to split the loan so that a fixed rate applies to part of the balance
Premium Home Loan
This loan comes with either a 100% offset account or a fee-free Loan Saver account. Other features include the ability to make additional repayments, a free redraw facility, the option to pay interest only for a period, and the ability to split the loan.
Standard Variable Home Loan
According to The Mutual Bank, this loan may suit both owner occupiers and investors. Features include access to a 100% offset account, unlimited additional repayments and a free redraw facility.
Fixed Rate Home Loans
The Mutual Bank offers fixed rate home loans with fixed repayment terms of up to three years. Features include the ability to make additional repayments (up to $20,000 during the fixed term), a redraw facility, the option of an interest-only period (between 1-5 years), and no monthly or annual fees.
The Mutual Bank home loan features
Depending on the option you choose, a The Mutual Bank home loan may provide:
- Additional repayments allowed
- Repayments may be made weekly, fortnightly or monthly
- Redraw facility available
- Offset accounts available on selected loan products
- The ability to split your loan between a variable and fixed rate
The inclusions above represent a selection of the features available with The Mutual Bank home loans. Canstar is not making any suggestion or recommendation to you about this product. Additional conditions may apply to different features. Please see our comparison tables for more detailed information about products on offer from this provider. Check upfront with The Mutual Bank and please ensure that you read the product disclosure statement (PDS) or other loan documentation to determine all the current loan terms and conditions for the product you are considering and whether it meets your needs, before committing to it.
The Mutual Bank home loans FAQs
Before getting started, you might first like to take a look at our applying for a home loan checklist for some pointers, and use the Canstar website to compare home loans with other providers before choosing a product that suits your needs.
If you decide to apply for a The Mutual Bank home loan, you can make an enquiry through its online enquiry form, over the phone, by making an email enquiry, or by visiting one of its branches which are primarily based in Maitland and Newcastle in New South Wales.
At the time of writing, The Mutual Bank allows extra repayments on all its variable and fixed rate home loans. Terms and conditions may apply, such as a cap of $20,000 in additional repayments during the fixed term on some loans. Contact The Mutual Bank for details.
To give you an idea of how making extra repayments could save money in interest over the life of your loan, you might like to try our Extra Repayments Calculator.
At the time of writing, all of The Mutual Bank’s variable and fixed rate home loans offer a redraw facility via Internet Banking. Fees and charges may apply. Contact The Mutual Bank for details.
Established in 1888, The Mutual Bank says it is one of the oldest Building Societies in Australia. The Mutual Bank is based in Maitland, NSW. The Mutual Bank is a customer owned institution, and says its profits are channelled back into The Mutual Bank rather than to shareholders.
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest-highest). Products shown are principal and interest home loans available for a loan amount of $350K in NSW with an LVR of 80% of the property value and that offer an offset account. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products.
*Comparison rate based on loan amount of $150,000 and a term of 25 years. Read the Comparison Rate Warning