The Mutual Bank Express Credit Facility
Variable rate
A line of credit facility. Use the equity in your home and draw up to your approved credit limit.
- Interest rate a year, from
- 8.89%
- Comparison rate
- Not published
- Upfront fees
- $450
- Annual fee
- Not published
- Monthly fee
- $10
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 8.89% (variable, investment, interest only), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $4,455
- Total repayments
- $2,203,800
- Interest and monthly fees
- $1,603,800
Rates
Every rate The Mutual Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| Variable | Investment | Interest only | Any | 8.89% | – |
Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fees and features
Fees
- Upfront fees
- $450
- Annual fee
- Not published
- Monthly fee
- $10
Features
- Offset account
- No
- Redraw
- No
- Highest LVR
- 80%
- Loan amount
- From $10,000
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Upfront fees
$450
Typical upfront fees are $600.
Smallest deposit
20%
Most loans need at least 10% of the price.
Pros and cons
Pros
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
- No offset account. Your savings can't reduce the interest unless you pay them into the loan.