News

For the second year running, The Mutual Bank’s Budget Home Loan* has won a Mozo Experts Choice Home Loan Award in the Low Cost Home Loan award category. The win follows the news earlier this month that The Mutual Bank’s Budget Home Loan was named one of the best refinance home loans in the market with a 2024 RateCity Gold Award. The Mozo Experts Choice Awards have been helping consumers make informed purchase decisions for the past 10 years and their extensive award selection process evaluates thousands of products. For the Low Cost Home Loan category the Mozo judges assessed 270 variable rate loans for owner-occupier borrowers, making principal and interest repayments, and identified these as the lowest cost for several different loan-to-value ratios. The Mutual Bank’s CEO, Mark Williams, said the double win for the Budget Home Loan was fantastic news for the Hunter-based bank. “Our commitment to offer competitive products has been recognised with these two awards, and that recognition highlights our commitment to helping people thrive,” he said. “We know the cost-of-living pressure means people are looking to trim their budgets where they can, and our Budget Home Loan has been consistently popular with home buyers looking for a no-frills home loan with a low, variable interest rate.” Mozo Experts Choice Awards Judge Peter Marshall said when it comes to choosing a home loan, key factors that people look for are competitive rates, low fees and a lender they can trust. “The Mutual Bank has demonstrated that it delivers on all three fronts,” he said. “This is the second year running that the Budget Home Loan has taken out a coveted award in the low cost home loan category, and is to be congratulated on this achievement. “These awards were designed to showcase the products in the market that deliver best value and The Mutual Bank is a great example of a small member-owned challenger competing with the big guys.” * The Mozo Experts Choice Low Cost Home Loan award was awarded to The Mutual Bank’s Budget Home Loan Special Variable Rate for owner occupied loans with ≤80% LVR and Principal and Interest repayments. Eligibility and lending criteria, terms, conditions, fees and charges apply and are available on application.  

The Mutual Bank’s Chair Steve Meyn has welcomed the appointment of Scott King and Steve Martinelli to The Mutual Bank’s Board of Directors. Mr Meyn said both men have extensive backgrounds in the banking and finance industry and bring a wealth of knowledge to the Hunter-based bank. “More importantly, both Scott and Steve are passionate about the Mutual sector and have a proven track record of working collaboratively,” Mr Meyn said. As a senior banking, finance and asset management executive, Steve Martinelli brings more than 40 years of experience in world-class local and global institutions to the Board, including as CEO of a customer-owned bank. Mr Martinelli will be a member of the Board’s Risk Committee. “Mr Martinelli brings deep experience across multiple international jurisdictions, and specialist expertise in consumer lending products, commercial lending, distribution, strategy and operations,” said Mr Meyn. Scott King has extensive experience in finance, risk management, strategy, and technology, including as CEO and CFO of a customer-owned bank, and has been a spokesperson, international speaker and commentator for the mutual banking sector. “With extensive strategic and operational experience, particularly at Board and Executive level, Mr King takes a collaborative approach to problem solving and decision making. He will also be a member of the Board’s Information Technology Committee,” said Mr Meyn. Mr Martinelli and Mr King joined current Directors Steve Meyn, Melinda Smith, Deb Mirisch, Sharon Howes and Geoff Seccombe from 18 May 2023.