Frequently Asked Questions

We offer a full verification loan called Star to customers that are on PAYG (pay as you go) or have been self-employed for a minimum of 12 months. We also offer Nova, an alternative verification product available to applicants who partially or wholly relied on self-employment for at least 24 months and who do not wish to provide accountant prepared financials.

Our loans come with a loan term of two to five years. Interest is fixed for the term of the loan and repayments are calculated on a Principal and Interest basis. The maximum loan size is $120,000 while the minimum loan size is $8,000. We offer repayment options on a monthly, fortnightly or weekly basis via direct debit only. All our consumer loans are regulated by the Uniform Consumer Credit Code www.creditcode.gov.au.

For Star, we require full verification of income from payslips, supported by bank statements showing regular deposits from your employer. Self-employed applicants may provide accountant prepared financial statements or tax returns. For Nova, stated income must be supported by evidence. Generally, this must be by at least three months of bank statements.

We accept any PAYG income, including second jobs, overtime and car allowance, with varying minimum employment terms. For our Star product, fully verified income from self-employment is also acceptable. For our Nova product, income from self employment is acceptable. Restrictions do apply to casual income.

Glass’s Guide is utilised to value vehicles. Trade Value is applied to used vehicles and Recommended Retail Price for new vehicles.

The Loan to Value Ratio refers to the maximum amount lenders will approve against the value of any asset taken as security for your loan. For Consumer Asset Finance, LVR ranges from 70% to 150% of trade value. Retail Price is 125% to 130% of trade value.

The applicant’s past credit history and the vehicle’s age and value determine the interest rate and maximum LVR.

Vehicles must be purchased through a licensed dealer and must be less than 9 years old. New, used and demonstration passenger, 4WD, people movers up to seven seats and utes to one tonne are acceptable.

Learner’s Permits are not acceptable. A valid Driver Licence showing current residential address is needed.

All applicants must be Australian Citizens or Permanent Residents. Joint applicants must be spouse or de facto, not father/son etc. Applicants need to be at least 18 years of age.

Applicants under 23 years of age need to have good stability in employment and a proven payment history on a regular commitment , for example rent, credit card, loan or another regular payment that has at least six months good history.

A minimum of 12 months’ proof of payment of comprehensive insurance is needed. Insurance Premium Funding is also acceptable with a copy of the proposal for this product.

We check the information you provide. If all is in order, we approve the loan and you sign the required documentation. Once the documentation is received by us and has been verified, we pay the car dealer. You will be contacted and told when you can pick up your car.

You should make sure that you have enough money in your bank account to cover payments when they are due. You will be charged fees if you do not make a payment on time or if a Direct Debit fails. If at any time your circumstances change, please ring our Customer Service Department on 13 11 80 to discuss other options. Remember, you cannot sell the car until you have repaid your loan in full.

Our finance solutions are available to people in a wide variety of circumstances. However, we will not offer finance in the following situations:

• In the absence of customer benefit and remote locations
• To applicants that reside in caravans, hotels/motels; undischarged or discharged bankrupts of less than six months; repeat credit offenders e.g. bankrupt twice, defaults after bankruptcy; non-residents; and customers with unpaid repossessions from other financiers
• Motor bikes, boats and caravans; high performance vehicles for people under 23; and certain vehicle brands i.e. ASIA, Corsa Special Vehicles, Daihatsu, Lada, Seat, Ssangyong, Tata, Morgan and TVR
• Where there is undisclosed or inconsistent information; and evidence of problem gambling or illegal activity
• Guarantees are not accepted