Finty
Australian Mutual Bank

Australian Mutual Bank Fixed Rate All Purpose Personal Loan

Fixed rate

Any acceptable purpose excluding lending for business purposes.

Written byDavid Boyd
Interest rate a year, from
6.99%
Comparison rate, from
7.20%
Establishment fee
$150
Monthly fee
Not published
Borrow
$4,000 to $80,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 6.99%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$617
Total repayments
$22,228
Interest
$2,228

Loan details

Rates

Interest rate (a year)
6.99%
Comparison rate (a year)
7.20%
Rate type
Fixed
Security
Not published

Limits and fees

Loan amount
$4,000 to $80,000
Loan term
2 years to 6 years
Establishment fee
$150
Monthly fee
Not published

How it compares

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

Comparison rate

7.20%

From 7.20%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$3,906

Interest and fees at its starting rate. Typical is $5,513.

Setup fee

$150

A typical setup fee is $150.

Most you can borrow

$80,000

Typically you can borrow up to $60,000.

Longest term

6 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 7.20%, below the typical 10.14%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 6.99%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.

Cons

  • 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

Personal loans from other lenders that start at a similar comparison rate.