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Greater Bank Car Loan

Looking at a Greater Bank car loan? Read about its key features before you apply right here with Savvy.

Written by 
Thomas Perrotta
Thomas Perrotta is the managing editor of Savvy. Throughout his time at the company, Thomas has specialised in personal finance, namely car, personal and small loans, although he has also written on topics ranging from mortgages to business loans to banking and more. Thomas graduated from the University of Adelaide with a Bachelor of Media, majoring in journalism, and has previously had his work published in The Advertiser.
Our authors
, updated on April 10th, 2024       

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Greater Bank, formerly known as Greater Building Society, is an Australian mutual bank offering a variety of financial services across lending, banking and insurance for individuals and businesses.

One of the many products on offer at Greater Bank is a car loan, which enables eligible borrowers to purchase their next vehicle, so it may seem like the sensible option to go with them if you’re already a customer.

However, it’s always important to compare car loans and know exactly what you’re getting when you sign up, which is why Savvy is here to break down car loan offers and make it easier for you to make an educated decision on which product is right for you.

*Please note that Savvy does not represent Greater Bank for its car loan product. All information in this article is correct as of 10 April 2024.

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The features and benefits of Greater Bank car loans

Competitive rates from 5.99% p.a.

The Greater Bank new car loan offers highly competitive rates starting from just 5.99% p.a. (6.37% p.a. comparison rate), giving you a great shot at locking in an affordable deal.

Borrow from $5,000 up to $100,000

You can borrow for big or small purposes, with luxury cars in the fold up to $100,000 or less expensive ones with sizeable deposits enabling you to borrow as little as $5,000.

Take up to seven years to repay

You’ll be able to secure a flexible loan term from as little as one year all the way up to seven, allowing you to tailor your repayments to suit your financial needs.

Set your preferred repayment frequency

You can also choose whether to make monthly, fortnightly or weekly repayments as part of your car loan, so you can ensure they align with how often you get paid.

No monthly costs

Ongoing fees can add up over the life of your loan, particularly if you’re on the longer end of the scale when it comes to your loan term, but you won’t need to worry about them here.

Unlimited free redraws

You can pay above and beyond the minimum required amount as part of your car loan and access the additional funds down the track without having to pay a penalty when you redraw.

The pros and cons of a Greater Bank car loan

PROS

No early repayment penalties

Although many car loans will charge you an early repayment penalty if your loan payments are completed ahead of schedule, you can do so free of charge with Greater Bank.

Available for new and used vehicles

You’ll be able to purchase a vehicle new or used and receive the finance you need to purchase it when you apply, ensuring you have a wide range of options to choose from.

Joint car loans offered

You can also apply with your partner or another close relation to co-purchase your vehicle, which can improve your chances of securing an affordable loan deal.

CONS

Establishment fee charged

You’ll have to pay an establishment fee of $275 upon the opening of your loan account, as well as other potential fees which may apply across your finance term.

Higher rates for used or refinanced vehicles

The minimum rate advertised is only available for new cars or demo models with under 5,000km on the odometer. As a result, you won't be able to use this product if your car doesn't meet these requirements.

Not available Australia-wide

As part of the bank’s eligibility criteria, borrowers must live in New South Wales, Queensland or the ACT to finance their car, cutting off potential options from other states and territories.

More about Greater Bank car finance explained

What are the documents I’ll need to apply for a Greater Bank car loan?

There are various types of documents which you’ll need to supply as part of your car loan application to Greater Bank. It’s important to have all of these in advance of your application to ensure it runs smoothly. These include:

Proof of identity

You’ll need to supply one of:

  • Your driver’s licence
  • Your passport
  • Another card which includes your photo and signature

Proof of income

If you’re a PAYG employee, you’ll need to supply evidence of income deposited into your account from the past three months and one of the following:

  • Your two most recent consecutive payslips, which are no more than four weeks old
  • A letter signed by your employer on company letterhead stating either your gross annual income and role or your position, length of employment and employment status

If you’re self-employed, you’ll need to supply:

  • Personal and business tax returns
  • Financial statements
  • Notices of Assessment from the ATO from the last two years consecutively

If you receive income from other sources, you’ll also need to supply adequate documentation of these. The following may be included:

  • Family Tax Benefit: a letter from Centrelink from within the past six months indicating the type of benefit and what data was used to calculate your payment, as well as bank statements showing your two most recent payments
  • Rental income: a current letter written by the Managing Real Estate Agent of your property or bank statements showing the three most recent months’ worth of rental income
  • Child support: a Letter of Assessment form provided by the Child Support Agency from within the last six months and three months’ worth of bank statements showing your payments

Information on liabilities

You’ll need to show evidence of any outstanding debts as part of your car loan application, which may include:

  • Six months’ worth of statements for a home loan
  • Three months’ worth of statements for a personal loan
  • Your most recent statement for a credit card, store card or interest-free loan

Information on expenses

On top of this, you’ll be required to supply one of the following if you’re renting a property:

  • Receipts or rental statements from a real estate agent
  • Three months of bank statements from a Greater Bank account to show your transactions

Information on your vehicle

Various documents will also be required in relation to your vehicle, which will include:

  • Registration papers for privately purchased vehicles
  • An invoice for dealer-purchased vehicles
  • A vehicle inspection certificate if you’re applying for more than $60,000
  • If you’re refinancing, your current registration and comprehensive insurance documents
 

The application process may seem complicated, but it doesn’t have to be. By applying with Savvy, you can gain access to a wide range of more than 40 lenders and expert guidance from our diligent consultants to maximise your chances of getting approved for the best car loan. You can apply with us today and drive away in your new car in as few as 48 hours.

Frequently asked questions about Greater Bank car loans

How can I work out my car loan repayments?

You can use Savvy’s car loan repayment calculator for Greater Bank finance or any other lender or loan to give you an idea of what you might end up paying based on different loan sizes, terms and interest rates. For a Greater Bank car loan, our repayment calculator can be highly useful; the available terms range from one to seven years, you can start at the minimum comparison rate as advertised above and play around with different loan amounts and deposits.

Can I buy any type of car with Greater Bank?

Yes – as long as your car meets their eligibility criteria, you can be approved for any vehicle purchase you like. This means you can finance the purchase of any make or model from Mitsubishi, Honda, Subaru, Toyota, Jeep and more.

How do I qualify for car finance with Greater Bank?

It’s important to know how to qualify for your car loan application before you start the process, as there’s little point in applying for something you’re ineligible for. The main criteria for Greater Bank are that you must:

  • Be 18 years or older
  • Be an Australian citizen or permanent resident
  • Earn a salary of at least $20,000
  • Have a satisfactory credit history
  • Live in NSW, ACT or QLD
Will I be able to sell my car while still under finance?

Yes – however, you may be required to pay a fee for doing so if your loan comes without free early repayments. If you’re looking to refinance a Greater Bank loan, therefore, you’d be able to effectively sell your car under finance at no cost to you.

Should I get car loan pre-approval?

Yes – car loan pre-approval not only gives you a clear indication of what your budget is likely to be before you pick out your vehicle but also gives you a strong hand when it comes to negotiating the price with your seller. If you’ve been pre-approved for $30,000, for instance, they’ll probably know that they won’t be able to push the price up much further.

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