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Supporting Small Business and Home Loan Members Through the Uncertainty of COVID-19

As we navigate these unprecedented times The Mutual Bank is committed to continuing to best support its members, and today introduced further measures to help personal and business members manage the impacts of COVID-19.

Small Business and Home Loan Deferrals

All home loan and business members impacted by Financial Hardship can request a pause in their repayments, with interest capitalised, for up to 6 months. To find out more contact our member services team on 1300 688 825.

Financial Hardship

The Mutual Bank is here to support all members, both business and personal, through any financial hardship experienced as a result of COVID-19. If you have been impacted financially as a result of the current Corona Virus pandemic please contact the member services team on 1300 688 825 to find out more.

Other options that may be able to assist you during this time, including:

  • Accessing any additional money you may have available in redraw

  • Considering if Interest Only repayments are right for you

  • Reducing repayments to the minimum monthly repayment amount

  • Utilising money in your Everyday Offset (if available)

Term Deposits

To assist depositing members The Mutual Bank has increased 12-month term deposits to 1.70%p.a., for amounts over $5,000, which is available to all members including personal and self-managed superannuation funds.

‘Open for Business’

The Mutual Bank currently remains open for business-as-usual across its full branch network.

As always, members can also access their money through The Mutual Bank’s 24-hour banking options, including:

  • The Mutual App, which can be downloaded from the App Store
  • Internet Banking, accessed via themutual.com.au
  • Telephone Banking, available by calling 1300 657 523.
  • ATM’s, cash can be withdrawn and funds transferred using a Mutual ATM

Transaction accounts with a linked Visa Card can also be access at over 3,200 Australia Post outlets.

 

Strength, Security, Stability

The Mutual Bank takes great pride in not only meeting, but surpassing the strict prudential standards set by the Australian Prudential Regulation Authority (APRA). This has ensured that The Mutual Bank remains in a strong and stable financial position that can provide peace of mind for our members.

The majority of members can also take comfort in knowing that the Federal Government’s Financial Claims Scheme (www.fcs.gov.au) ensures that their deposits are protected by the Banking Act.

 

The Mutual Bank is continuously monitoring the current situation and will continue to update its members and team as more information becomes available.

To stay up-to-date on the latest information from The Mutual Bank in relation to COVID-19 please follow The Mutual Bank at facebook.com/themutualauor check the News Items at themutual.com.au

 

Yours Sincerely,

Geoff Seccombe

Chief Executive Officer