No, there are no fees to pay out your loan early. Paying off a loan early usually means you save money on interest over the life of your loan, making it a great step financially if you can afford to do so. This is why we have no fees in this instance, encouraging you to make the best decision for yourself.
While there is no set maximum amount, we often require a vehicle to be held as security over loans of a higher amount. If there is a suitable vehicle, we can assess the loan on its own merit.
Congratulations on being so near to paying off your loan. The process of paying out the remainder of your loan is different depending on the type of loan you have.
If you want to pay out your home loan, you’ll need to contact your personal home loan consultant. Our helpful staff at our Contact Centre or in-branch can let you know who that is if you’re unsure.
If you want to pay out your car loan or personal loan, we can provide you with a payout figure up to one week in advance of the requested payout date. This figure can change day to day, and we need to make the final payment into the loan to close it off. Once you’ve spoken to us and transferred the right amount into one of your everyday accounts, we’ll keep an eye on it and make sure it’s closed off for you.
An overdraft is more of a background facility that kicks in when you’ve exhausted all of your own funds in the account. The interest on an overdraft starts being calculated the day any transactions are made using that line of credit, whereas the credit card has up to 55 days interest free. While the interest rate on an overdraft is higher, there are no annual fees or transfer fees.
Our car loan only applies to any vehicles that are five years or under. If a vehicle is over five years old, our personal loan is a good option. It’s also the way to go if you’re borrowing for another purpose like a holiday, wedding or home renovation.
To be eligible for a car loan, the vehicle must be 5 years old or newer. Any vehicle over 5 years old will be processed as a personal loan.
The minimum value for any of our loans is $1,000.
We will need to take security over a suitable vehicle of a similar value for the life of the loan.
A debt consolidation loan is when you combine two or more external debts into one to make repayments easier. This can include car loans, personal loans, or credit cards.