Interest rate from
5.49% p.a.
Comparison rate from
5.87% p.a.based on $30,000
over 5 years
Upfront fee
$275

Mozo editorial review Greater Bank New Car Loan

Last updated: 6 July 2020.

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What's hot
  • 5.49% fixed rate (5.87% comparison rate*)
  • Extra repayments allowed
  • Redraw facility
What's not
  • $275 application fee
Mozo snapshot

Buying a new car? If you need a loan that is both competitive and flexible, check out Greater Bank’s New Car Loan. Not only does it come with a low fixed rate of 5.49% (5.87% comparison rate*), it also has a bunch of flexible repayment features. Plus, you could be approved for the loan as quickly as 24 hours.

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Key features

Greater Bank’s New Car Loan has more than one thing going for it. 

It comes with a super low 5.49% fixed rate (5.87% comparison rate*) and a range of loan terms from one year up to seven years. Borrowers can take out loans anywhere from $5,000 to $100,000 to purchase a new car. Just bear in mind though, you can only borrow up to 80% of the car’s value, so you must have saved at least 20% before you apply. 

With Greater Bank’s New Car Loan customers can choose a weekly, fortnightly or monthly repayment schedule. Plus, they can also make free extra repayments and access a redraw facility if they want to. Also keep in mind, there is no penalty for borrowers that pay down their loan early.  

While there are no monthly service fees attached to this loan, there are a couple of fees to be mindful of. There is a $275 upfront application fee, and it is best to set up automatic repayments because if you miss a regular repayment you will be charged $6 every time you do.

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Who is it good for

Greater Bank’s New Car Loan could be a good loan choice for anyone looking for a finance option with a low rate and flexible repayment options. And for those that love banking out of the palm of their hand, customers can track their loan 24/7 on the Greater Bank app.

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Any catches

This is a secured loan so you will be putting your new car down as security. 

To qualify for this loan you must be an Australian resident, over 18 and live in either NSW, QLD or ACT. Plus, you must have an annual income of over $20,000 and a satisfactory credit history.

Details

Rates and fees information correct as at 24 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 5.49% p.a. fixed

  • 5.87% p.a.based on $30,000
    over 5 years

Fees
  • $275.00

  • $0.00

  • $6.00

  • $0.00

  • $0.00

Other financial bits
  • $5,000.00

  • $100,000.00

  • 1 Year

  • 7 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • Yes

  • Yes

  • Borrow up to 80% of the value of the new car.

  • none

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.

Customer Reviews

How are Greater Bank personal loans rated by the Mozo community?

Overall
7.7/10
Price
7.7/10
Features
7.4/10
Customer service
8.4/10
Convenience
7.7/10
Trust
7.3/10
Greater Bank

About Greater Bank

Greater Bank offers a range of personal and business banking products around a quarter of a million customers in NSW and Queensland. Its products include savings and investment accounts, home loans, personal loans, credit cards, business banking, financial planning, travel money and insurance. Greater Bank is owned by its customers, not shareholders, and has a focus on providing great rates, low fees and superior service.

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