St George Car Loan Overview
St George was founded in 1937 as a building society before becoming a full-fledged bank in 1992. St George Bank joined the Westpac group in 2008, concentrating in retail and corporate banking and amassing a customer base of over 2.6 million individuals.
St George is able to provide a wide range of services to its customers due to its affiliation with one of Australia's Big Four banks. Bank accounts, home and personal loans, credit cards, insurance, superannuation, and investments are among its personal banking products, while business banking products include bank accounts, credit cards, business loans, superannuation, insurance, payment, and agricultural solutions.
Individuals can choose between secured and unsecured personal loans for St George car loans, while businesses can choose between goods loans (chattel mortgage), hire purchase, finance leasing, and novated lease agreements. You can track and manage your St George finance car loan online using their internet banking service.
The minimum loan amount is a distinctive feature of St George car loans. A $3,000 minimum loan amount is far less than what most other lenders require.
The minimum loan amount is a distinguishing feature of St George car loans. A $3,000 minimum loan amount is far less than what most other lenders require.
St George Personal Car Loan
St George car loans are available as secured or unsecured loans, with each offering varying features based on the risk profile of the borrower.
St George Secured Car Loans
By using the vehicle as security, the interest rates are reduced for St George secured car loans. Features include:
- Borrow from $3,000 to $40,000
- Choose from fixed or variable interest rates
- Fixed interest rate terms from 1-5 years
- Variable interest rate terms from 1-7 years, can make extra repayments without penalty
- Redraw facility available for variable rate personal loans
- Flexible repayment options - weekly, fortnightly or monthly
St George Unsecured Car Loans
If you choose not to use the vehicle or any other personal property as security, the interest rates will be higher than for a St George unsecured car loan. Features include:
- Borrow from $3,000 to $80,000
- Choose from fixed or variable interest rates
- Fixed interest rate terms from 1-5 years
- Variable interest rate terms from 1-7 years, can make extra repayments without penalty
- Redraw facility available for variable rate personal loans
- Flexible repayment options - weekly, fortnightly or monthly
St George Business Car Loan
St George Bank offers four car loan alternatives for businesses, each with its own set of advantages. Whatever option you choose, the minimum loan amount is $15,000 with adjustable payback durations ranging from 1 to 7 years.
St George Loan (Chattel Mortgage)
After being approved for a St George Bank Goods debt, you source and purchase the car, owning it outright with the debt secured against it. There are numerous tax breaks available to businesses:
- In your next BAS statement, claim GST on the purchase amount.
- Claim depreciation and the interest part of loan repayments.
- 100% financeable, which means that all additional expenditures can be rolled into the loan amount.
St George Finance Lease
A Finance Lease deal, like a Hire Purchase agreement, means that St George will purchase the car and rent it to you for an agreed-upon amount of time. You then have the option of purchasing the car at market value or having St George sell it to you.
St. George Lease Renewal
A Novated Lease is the same as a Finance Lease, except that it is for individual employees of a firm who want to buy a vehicle for personal use. The employee's lease payments are made on their behalf by the employer from their pre-tax earnings. This benefits the employee because their taxable wage will be reduced, which means they will pay less income tax.
St George Hire Purchase
Unlike a Goods Loan, with a Hire Purchase Loan St George buys the car and the borrower repays them in installments. After all payments are made, ownership of the car is transferred to the borrower.
Depreciation on the car and GST on interest repayments are normally tax deductible, just like the Goods Loan.
St George Programs and Initiatives
St George, in addition to providing a variety of car loan packages for individuals and businesses, is also active in a number of community programmes and activities. These are some examples:
- Discounted banking services for those with special needs, such as retirees, physically and mentally challenged consumers, students, concession cardholders, non-profit organisations, and rural customers.
- In Touch With Money is a new programme that teaches young people about fundamental financial management.
- WesleyMission Credit Line - A financial education programme that provides advise on money management and financial dangers to avoid. This program's resources are available online to community groups.
- St George-Illawarra Dragons (NRL club) - A 30 years association that also encompasses junior rugby league in the area.
- St George OpenAir Cinema - A major Sydney event featuring a three-storey cinema screen showing new and classic movies.
- QueenslandReds (Super Rugby club) - Principal sponsor as well as supporting coaching clinics right across Queensland.
Fees and charges for St. George car loans
Here’s a list of key features associated with St. George car loans at the time of writing (fees subject to change):
- Monthly administration fee – $12
- Redraw fee – $10
- Establishment fee – $195
- Early repayment fee (if you fully repay in the first 12 months) – $150
- Early repayment fee (if you fully repay after the first 12 months and before the term ends) – $100
- Break costs (applies to fixed rate loans that are in default or paid off early in full) – Varies with the amounts in question.
Requirements to apply for St. George car loan
- Be aged 18 years or older
- Have a steady income before tax of at least $35K p.a.
- Be an Australian citizen or permanent resident
- Have confirmed employment in Australia (non-resident)
How to apply
To apply online, select the appropriate "Go to Site" button from the table above. The application procedure can take between 10 and 20 minutes. Also, when St. George Bank examines your application, they may request additional information and facts.
Once accepted, you accept the online offer to receive the funds in your account. If you have chosen secured financing, you may be required to visit a St. George Bank branch to provide proof of comprehensive insurance.
Conclusion
The St George Foundation seeks to aid organizations and community groups that try to enhance the lives of children who are socially, economically, or physically disadvantaged. The St George Foundation has provided $25 million in financial grants to 800 organizations and community groups throughout the course of the program's 25-year operation, supporting almost 600,000 children in need.
