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.
Interest rates are high and there are huge early exit fees. Definitely do your research first with other lenders. Their financial hardship services are not the greatest. Some staff are wonderful and others are not so great.
It is a breeze to get approval for a car loan with this bank as long as all your documents and requirements are in place and you pass it. Efficient to deal with though I have not yet been introduced to an app nor internet banking for this bank.
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Car loan comparisons on Mozo - rates updated daily
New Car Loan
Including Demo, Fixed, Secured
5.22% p.a.based on $30,000 over 5 years
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.67% would cost $34,096.76 including fees.
*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. WARNING: 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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