"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.
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The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only.
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. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.
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For home loans, the base criteria include a $500,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 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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Denise Raward
Harry O'Sullivan
