Finty
The Mutual Bank

The Mutual Bank Standard Home Loan

Variable or Fixed rateOffsetRedraw

A flexible home loan with a range of features.

Written byDavid Boyd
Interest rate a year, from
6.44%
Comparison rate
8.63%
Upfront fees
$450
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.44% (1 year fixed, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,769
Total repayments
$1,356,755
Interest
$756,755

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.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestAny8.88%8.91%
VariableInvestmentPrincipal and interestAny9.28%9.31%
VariableInvestmentInterest onlyAny9.28%9.31%
1 year fixedLive inPrincipal and interestAny6.44%8.63%
1 year fixedInvestmentPrincipal and interestAny6.64%9.00%
1 year fixedInvestmentInterest onlyAny6.64%9.00%
2 year fixedLive inPrincipal and interestAny6.44%8.38%
2 year fixedInvestmentPrincipal and interestAny6.64%8.73%
2 year fixedInvestmentInterest onlyAny6.64%8.74%
3 year fixedLive inPrincipal and interestAny6.54%8.19%
3 year fixedInvestmentPrincipal and interestAny6.74%8.52%
3 year fixedInvestmentInterest onlyAny6.74%8.54%

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
Not published

Features

Offset account
Yes
Redraw
Yes
Highest LVR
95%
Loan amount
From $20,000

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.

Variable rate

8.88%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

8.91%

For the same rate. Typical is 6.70%.

Upfront fees

$450

Typical upfront fees are $600.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
  • 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.
  • Fixed rates on offer. You can fix for 1 to 3 years if you'd like repayments that don't change for a while.
  • 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

  • A higher variable rate. 8.88%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.
  • 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 home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.