Sydney Mutual Bank, formerly Sydney Credit Union (SCU), started in 1963 for the financial well-being of the City of Sydney Council employees. It was to act as an alternative to banks, building societies and payday lenders. Over the years, SCU grew by offering its services to 12 other councils, industries seeking financial protection for their employees and mergers with credit unions that have a similar philosophy as SCU. The organisation has grown with numerous mergers and has enabled it to provide more members with "more generous banking”. On 1 October 2019, it changed its name to Sydney Mutual Bank.
Sydney Mutual Bank's mission is to make its customers "members for life". It balances the efficiency of new technology with the personal touch of highly trained and motivated, professional staff. The mutual bank is proud of its association with Credit Union Foundation Australia, an organisation that promotes social responsibility by empowering communities through access to affordable financial services both domestically and internationally.
Sydney Mutual Bank has its head office in Blacktown. It also has 16 other branches located throughout NSW: Campbelltown, Fairfield, Greenacre, Katoomba, Lidcombe, Marrickville, Mascot, Parkes, Parramatta, Penrith, Rockdale, Rouse Hill, Springwood, Sutherland, Sydney City, and Windsor.
Sydney Mutual Bank offers a wide range of products including everyday banking, loans (home loans, car loans, personal loans, credit cards and overdrafts), insurance and financial planning, and business products.
Sydney Mutual Bank has several types of home loans available that would suit a wide variety of customers: first home buyers, owner-occupiers, investors, refinancers, self-employed (low-doc loans), and line of credit loans. Borrowers who take out a home loan with the mutual bank can also choose from a variety of interest rate options: fixed interest rates, variable interest rates interest-only home loans, principal-and-interest home loans, and split loans.
If you want to apply for a home loan with Sydney Mutual Bank, you must meet the following requirements first:
- You should be an Australian citizen or permanent resident
- You should be 18 years old or over
- You should have a regular permanent income
You can apply for a home loan through the following methods: via phone, email, the online application form on the Sydney Mutual Bank's website, by booking a phone appointment with a home loan specialist or in person at a branch. Upon application, you will need to supply the following information:
- Your employment, income and living expense details
- Your asset details including land, house, contents, vehicles, savings, shares and super
- Any amount you owe on loans, overdrafts, credit/store cards (including limits and repayments)
- Your Australian driver's licence and passport details (if you are new to Sydney Mutual Bank)