Queensland Country Bank launches sub-3% car loan

author-avatar By on June 01, 2020
Queensland Country Bank launches sub-3% car loan

Photo by ROMAIN TERPREAU on Unsplash

Queensland Country Bank today launched a variable 2.99% p.a. car loan (3.60% p.a. comparison rate*) over five years.

The loan is on variable terms over five years, which means the rate could change at any time.

This loan is a two percentage point decrease on its previously-lowest-rate car loan.

Other car loans slashed include:

  • New and Demo Cars up to 7 Years term: 3.99% p.a. rate (4.60% p.a. comparison rate*)
  • 'New Car Loan' for cars up to 3 years old: 4.99% p.a. rate (5.59% p.a. comparison rate*)

A Queensland Country Bank spokesperson told Savings.com.au the slashed rates were timely due to end of financial year sales and the increased small business instant asset write off amount.

"With many car dealerships currently offering significant end of financial year discounts on new and demonstrator vehicles, we decided to make our offering even more competitive by introducing the 2.99% p.a. interest rate," they said.

"We were also conscious that the increased instant asset write-off for businesses, which was temporarily increased from $30,000 to $150,000 during the COVID pandemic, reduces to the previous level on 30 June this year.

"By reducing our interest rates in the lead-up to the benefits of the scheme being reduced, we hoped to help local businesses wishing to take advantage of the instant asset write-off secure their new vehicles at a very competitive interest rate."

Various fees include a $120 establishment fee, a document fee, and a $5 per month 'loan maintenance' fee. 

While variable loans can change at any time, particularly subject to Reserve Bank cash rate changes, Queensland Country Bank's headline rate compares favourably with some of the lowest rate fixed-interest car loans currently available, as seen in the table below.

Lender
Advertised rate Comparison rate Monthly repayment Interest TypeVehicle TypeMaximum Vehicle AgeOngoing FeeApplication FeeTotal RepaymentEarly RepaymentInstant ApprovalOnline Application
FixedNew1 yearMore details

Green Car Loan

FixedNew2 yearsMore details
QUICK APPLICATION PROCESS WITH NO FEES

New Vehicle Fast Loan Low Rate

  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old
QUICK APPLICATION PROCESS WITH NO FEES

New Vehicle Fast Loan Low Rate

  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old
FixedNew, Used7 yearsMore details

Secured Car Loan Fixed

FixedNew, Used99 yearsN/AMore details

No Fee Secured Loan

FixedNew4 yearsMore details
GET APPROVED WITHIN 24 HOURS

Car Loan (New and Dealer Used) (< 5 years)

  • Approval in 24 hours
  • Balloon options to reduce repayments
  • No ongoing fees, no discharge fee
GET APPROVED WITHIN 24 HOURS

Car Loan (New and Dealer Used) (< 5 years)

  • Approval in 24 hours
  • Balloon options to reduce repayments
  • No ongoing fees, no discharge fee

Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate. Rates correct as of October 16, 2021. View disclaimer.


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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author-avatar
Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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