Finty
The Mutual Bank

The Mutual Bank Business Mortgage Loan

Term loanSecured

A loan for business purposes, secured by residential security.

Written byDavid Boyd
Interest rate a year, from
6.84%
Establishment fee
Not published
Monthly fee
Not published
Borrow
From $200,000

Monthly repayment

$250,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 6.84%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$7,701
Total repayments
$277,236
Interest
$27,236

Loan details

Rates

Interest rate (a year)
6.84%–10.54%
Rate type
Fixed or Variable
Security
Secured
Type of finance
Term loan

Limits and fees

Loan amount
From $200,000
Loan term
1 year to 3 years
Establishment fee
Not published
Monthly fee
Not published

How it compares

Against the other secured business loans we compare. Typical means the middle half of them.

Longest term

3 years

3 years is the usual longest term.

Pros and cons

Pros

  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.84% to 10.54%, and only some people get the starting rate.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar loans

Business loans of the same kind from other lenders that start at a similar interest rate.