Who can apply for a Fixed Rate Car Loan?
You must be at least 18 years old and either already a member of the Bank or eligible to become one.
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How much can I borrow, and for what types of vehicles?
Use our borrowing power calculator to get an estimate of how much you can borrow. You can finance new or used cars6, as well as caravans, boats, and motorcycles.
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What are the repayment options?
You can choose weekly, fortnightly, or monthly repayments using any of the following methods:
- Direct from your salary
- Periodical payment from your transaction account
- Phone, mobile, or Internet Banking
- Electronic transfer or deposit from another financial institution
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Can I add extras like car accessories or insurance to the loan?
Yes. You can add additional costs such as car insurance or optional extras to the balance of your loan.
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What happens if I want to make extra repayments or pay off the loan early? Can I redraw?
Additional repayments
You can make additional repayments anytime with no fee on any personal loan with a variable interest rate. Additional repayments to a fixed rate loan may result in incurring a break cost.
Redraw
Once you have registered, you can redraw any deposits made to the loan account in excess of your loan repayment amount. This will provide at least one loan repayment covered in advance for you. There is no fee and no minimum redraw amount. Redraw is only available on variable rate loans.
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How long does it take to apply and get approved?
Online or phone applications usually take 10-15 minutes. And you can also apply at any of our branches.
Conditional approval is typically within 24 hours (weekdays). You will then need to confirm your employment and income and sign the offer. Once these documents are approved, funds will be released according to loan conditions.
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What is a “Comparison Rate” and why does it matter?
A comparison rate combines the interest rate with most upfront and ongoing fees to the overall cost in one figure. This gives you a clearer picture than just the advertised interest rate. They are based on a standard example to make it easier to compare loan options, though it doesn’t include costs like early exit or redraw fees.
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