Early exit fees are a disgrace and a ripoff. This bank only seems to be worried about recouping interest fees off me. In this trying time to pay off a car loan I am being slammed with early termination fees, account fees and administration fees. They will not remove any of the fees away because of interest they are losing and they have a COVID-19 deferred payment system in place, where you defer payments for 6 months but with added interest.
St George has been a reliable, easy to deal with bank. I would definitely go through them with my next car purchase.
I would advice anyone considering St George car finance to shop around beforehand. There's far kinder out there. As other reviewers have pointed out, they have big exit fees should you try to pay the vehicle off early. So be prepared. Most of it will be in the contract, read it carefully. You will be charged an early exit fee of around $100, a termination fee of around $165, and a "break fee." The "break fee" is the amount of money they estimate they would lose should you pay out early. This is estimated at around $15 for the remainder of every month that it didn't take you to pay the car off. For example, the car loan was for 100 months, at the 60th month the car is to be paid off leaving 40 months left on the contract. That adds 40 months x $15 ($600) plus the other fees (total $865) on top of the total amount you still owe on the vehicle. I personally will never take finance with them again. They are used quite a lot in car sales, and the sales person will try to convince you the loan is a good competitive deal and easy to get. Don't say you weren't warned.
Upon trying to follow up on my car loan repayments I was transferred to 4 different people in 45 minutes to get to the final person and get transferred back. Overall wait time was an hour. Which wouldn't be a problem if I had actually received any assistance from either of the 4 people on the other end of the phone!
Very competitive rate, offered due to new care being purchased and being an existing customer. Very fast processing and easy to deal with.
St George is a subsidiary for Westpac one of the big four banks. So though they may seem like they operate as a seperate entity, they would still be highly influenced by decisions made by the larger bank in regards to their overall operations. This is reflected in the types of products & services which are similar or almost identical, as well as rates, fees and charges which the bank offer their customers. St George have always offered an easy alternate to the other banks in regards to signing up new customers, as the 100 points of identification required to open a new account is a lot easier than as required by most other institutions. Primarily just consisting of a Passport (60points), a drivers licence (30 points) and a letter with a current address (10 points). This is especially ideal for new migrants or people who have just arrived in Australia who require a bank account to begin working, or others who may not have accumulated the necessary documents required by the other banks. I believe St George to be a conventional bank at best, offering services and products similar or comparable to all other banks, great as a starter or 1st time banking institute for customers, but in the long run will move onto other financial institutes which offer better rates, fees, incentives etc not so highly influenced by its bigger brother Westpac.
Biggest early exit fees I have ever seen, you certainly don't want to get a new car while still under this contract. Interest rates are over the top for a secured personal loan. Terrible contract once you get home and read it all. Only pro is the ease of getting the loan, which some car yards will have as their main provider. Customer service is ok, and the auto and equipment online portal is average. Can make extra repayments but as stated, don't pay it out early. Don't get trapped into a car loan on the same day you want a car, get pre-approved elsewhere.
Would not go near them. Tt takes so long to get any sort of letter from them. They have alot of sneaky fees so beware. Their online system is completely useless and also they are a subbranch of Westpac. Customer service is their only good point. I wont get caught by them again.
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Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.67% would cost $34,096.76 including fees.
Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,276.58 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,377.58 including fees.
Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 5.19% would cost $34,320.13 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.50% would cost $34,632.09 including fees.
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.
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