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Latest News
Reduced Owner-Occupied Home Loan Fixed Rates
The Mutual Bank has reduced Owner-Occupied Home Loan fixed interest rates, effective 16 November 2020, following the Reserve Bank of Australia’s decision this month to reduce the official cash rate by 15 basis points.
First Home Loan Deposit Scheme Extended For New Homes
On 6 October 2020, the Federal Government released an additional 10,000 First Home Loan Deposit Scheme (FHLDS) places to support the purchase of a new home or a newly built home. Under the existing FHLDS, eligible first home buyers can purchase a home with a deposit of as little as 5 per cent while avoiding Lenders Mortgage Insurance.
Glendale Branch is reopening at Edgeworth Town Square
Glendale Branch is reopening at Edgeworth Town Square We are pleased to share with our community that we are currently working towards reopening our branch in Lake Macquarie.
Important Information
Footnotes:
- 1 The Discounted Variable Rate Home Loan interest rate on the Owner Occupied - Package Home Loan Variable Rate Home Loan is available for new borrowers applying for Owner Occupied - Package Home Loan Variable Rate Home Loan with principal and interest repayments, a minimum balance of $150,000 and the loan security Loan to Value Ratio (LVR) of less than 90% as approved by The Mutual Bank. The Discounted Variable Rate Home Loan interest rate reverts to the Owner Occupied- Package Home Loan Variable Rate Home Loan interest rate at the end of the 12 month discount period.
- 2 Each of the above comparison rates is calculated on the basis that the loan is secured with repayments made at monthly intervals. Comparison rate calculated on the loan amount of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. NOTE: All loans are subject to The Mutual Bank's lending guidelines. Full details of Terms and Conditions are available on application. Eligibility criteria, conditions, fees and charges apply to all loans.
- 3 Interest is calculated by applying the daily percentage rate applicable to the daily balance to the entire balance and paid on the last day of every month. Interest will be calculated and paid if there has been at least $1.00 deposited and no withdrawals on the account during the calendar month. Interest credits from this account do not constitute a deposit. If this condition is not met, no interest will be paid for that month. The daily percentage rate is the applicable annual percentage rate divided by 365.
