7.7 / 10

based on 537 reviews as rated by Mozo community

Bank Australia car loans

Customer owned provider Bank Australia could help you get behind the
wheel of a new or used car in no time! If you like the idea of a competitive fixed rate and zero early loan repayment penalties, read on for even more appealing features that come these products.

Bank Australia offers the following car loans

Rates and fees verified as correct at 03 December, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Lifestyle Personal Loan (Variable, for Property Owners, Secured)

7.89% p.a.

8.92% p.a.based on $10,000
over 3 years

$150

Lifestyle Personal Loan (Variable, Unsecured)

11.89% p.a.

12.94% p.a.based on $10,000
over 3 years

$150

Low Emission Vehicle Loan (Fixed, Secured)

5.45% p.a.

5.45% p.a.based on $30,000
over 5 years

$0

New Car Loan (Fixed, Secured)

6.45% p.a.

6.66% p.a.based on $30,000
over 5 years

$150

Used Car Loan (Fixed, Secured)

8.95% p.a.

9.16% p.a.based on $30,000
over 5 years

$150

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

Bank Australia car loan FAQs

Why should I opt for a fixed interest rate?

Because with a competitive rate that low, you may prefer it to stay that way for the entire term. After all, one downside of opting for a variable rate loan with another provider instead is that it could increase while you’re still making repayments.

Should I secure my car to a Bank Australia loan?

Yes, if you want to score the lowest possible car loan rate Bank Australia can offer you. Even cars up to 7 years old can be secured!

Are there any borrowing minimums or limits?

Bank Australia car loans start from $1k, up to the amount you are eligible to borrow. There is no limit.

I heard you get some kind of discount if you buy a “green” car. Is this true?

Yes, Bank Australia is among the few providers that waiver application fees for customers who buy cars with a 5 star ANCAP crash rating or greenhouse rating of 7+.

What would a Bank Australia car loan repayment look like?

Let’s look at a scenario. Say you bought a $30k zippy new ride for your morning commute to work. Based on the comparison rate at the time of writing, over a 5 year period, fortnightly repayments would be $137. Try tailoring an example like this for yourself using our car loan repayments calculator.

Can I choose how frequently I make repayments?

For sure! Bank Australia will give you the option to choose between weekly, fortnightly or monthly loan repayment dates. That way, you’ll have the freedom to choose which one works with your budget best.

What could my car loan term potentially look like?

Loan terms can range from 1 to 7 years, or up to 5 if you’re buying a used car. Choose a time frame that reflects what you can comfortably repay, and how much money in interest you are willing to hand over to Bank Australia long term. Remember, it’s okay to choose a lengthy contract, as there are no financial penalties involved for repaying your loan off early.

Can I make extra loan repayments?

Certainly. Just think it through first, as you cannot access additional repayments via a redraw facility.

What about repaying all that I owe sooner?

You can clear your debt before the due date with Bank Australia and not be charged an early loan repayment penalty. You may find this surprising, as many fixed rate loans involve contract break fees. With Bank Australia, you get to have the best of both worlds!

Say I wanted to dip into extra repayments. Could I do that?

No, unfortunately you cannot. If having that kind of flexibility is a must for you, browse other loans in the market at our car loan hub.

Can I use the Bank Australia car loan for a second-hand ride?

Yes, used cars up to 7 years old that fit the criteria can be purchased with and secured to a Bank Australia loan.

What happens if I make a late repayment?

You may be charged a late fee and your credit rating could be at risk. Too many missed repayments can lead to a loan default, and you subsequently giving up your car (if it is secured).

I want to apply. What’s involved?

The process is easy, and with Bank Australia it can even start on this very page. Scroll to the top and hit a “go to site” blue icon beside the car loan of your choice. You’ll then be redirected to Bank Australia’s application form, where you’ll need to fill in details such as…

  • Your name and address within Australia
  • Your income, assets and liabilities
  • Your driver’s licence or passport number

If you’d rather take out a Bank Australia car loan in person, visit a local branch and do it there. Alternatively, you could call the provider to sign up verbally. Once you’ve applied, the turnaround is quick. You’ll will be notified on the outcome from a few business hours to a couple of days.

How are Bank Australia car loans rated?

Mozo users have rated Bank Australia car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of car-loans
Bank Australia car loans
Overall
6.0/10
Price
Features
Customer service
Convenience
Trust

26 Reviews

Recent Bank Australia car loan reviews

Bank Australia New Car Loan (Fixed) review
Overall 10/10
Australia Bank for the win.

This Bank has the best ethical principles and refuses to fund environmentally destructive investments.

Read full review

This Bank has the best ethical principles and refuses to fund environmentally destructive investments.

Price
8/10
Features
6/10
Customer service
8/10
Convenience
8/10
Trust
10/10
Less
Sandy, South Australia reviewed 5 months ago
Bank Australia New Car Loan (Fixed) review
Overall 10/10
Bank Australia have been amazing.

Can't recommend Bank Australia enough. I needed to refinance a loan due to a settlement. Applied one week ago and new loan was funded this morning. The lending consultant has been amazing - responsive, professional, informative, and really lovely to deal with. I can't recommend Bank Australia enough - when I applied for the original loan they were also amazing. I have never had to wait on hold, every person I've ever spoken to has been professional, courteous, and knowledgeable. This is before even considering the products, which as an old credit union, are no or low fee with great rates. It is also customer-owned, only lends to industries that that advance social and environmental causes, and does not lend to industries involved in firearms, tobacco, fossil fuels, or live animal exports. No brainer.

Read full review

Can't recommend Bank Australia enough. I needed to refinance a loan due to a settlement. Applied one week ago and new loan was funded this morning. The lending consultant has been amazing - responsive, professional, informative, and really lovely to deal with. I can't recommend Bank Australia enough - when I applied for the original loan they were also amazing. I have never had to wait on hold, every person I've ever spoken to has been professional, courteous, and knowledgeable. This is before even considering the products, which as an old credit union, are no or low fee with great rates. It is also customer-owned, only lends to industries that that advance social and environmental causes, and does not lend to industries involved in firearms, tobacco, fossil fuels, or live animal exports. No brainer.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Kate, Victoria reviewed 5 months ago
Bank Australia Car Loan review
Overall 10/10
Excellent products and services!

Keep up the good work!

Read full review

Keep up the good work!

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Shaleen, Western Australia reviewed about 1 year ago
Bank Australia Car Loan review
Overall 10/10
Great personal experience, consumer involved

Bank Australia is a small consumer involved and environmentally friendly bank. It actually had the lowest interest provided at the time and because of it's small community, it has a personal approach to loans dealing with one consultant through the whole process.

Read full review

Bank Australia is a small consumer involved and environmentally friendly bank. It actually had the lowest interest provided at the time and because of it's small community, it has a personal approach to loans dealing with one consultant through the whole process.

Price
10/10
Less
Stephanie, Victoria reviewed almost 4 years ago

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