OK, so you’ve seen our competitive and multi award-winning New Car Loan (New or demo cars) rate and it lines up perfectly with your plan to buy a new car. You’ve read through all the key features that boast affordability and flexibility like no early repayment fees, no deposits required, terms of up to seven years, a redraw facility and more, but you still have some questions.
We’re here to help! We’ve put together some of the most commonly asked questions our Members have asked about our New Car Loan (New or demo cars) to get you started.
Is it a fixed rate for the term?
Our New Car Loan (New or demo cars) is a variable rate product which allows for greater flexibility and benefits on your loan such as a redraw facility and the option to payout your loan early without penalty. As an added bonus your rate will not vary during the loan term giving you security in your repayment amount.
What is the maximum loan term?
You can choose a maximum loan term of up to 7 years.
Can I pay in advance?
Yes. Just when you thought our New Car Loan (New or demo cars) couldn’t get any better, you won’t be penalised for making extra payments and paying off your New Car Loan (New or demo cars) early.
Is there a minimum deposit?
No. In fact, there is no deposit required at all. When we bragged that our New Car Loan (New or demo cars) has flexibility and affordability we meant it.
What are the fees, including payout?
There are no penalties for paying out your New Car Loan (New or demo cars) early. The fees for the New Car Loan (New or demo cars) include an establishment fee, document fees and a loan maintenance fee. See details here.
Speak with a lending specialist today to find out the details based on your loan amount.
What if there is a long delay with the delivery of my new car from the dealership. Will this impact my New Car Loan (New or demo cars)?
Your New Car Loan (New or demo cars) should be settled, and funds disbursed to the dealership within 90 days of receiving loan approval. We understand however that COVID-19 has put pressure on manufacturers causing delays and this might be outside of your control. If your dealer has advised that delivery won't be possible within 90 days, please talk to our friendly team about your options as soon as possible.
Still have questions? If we’ve missed anything that you might want to know and haven’t covered in our New Car Loan (New or demo cars) page here, please don’t hesitate to reach out to us online or by giving us a call on 1800 075 078.