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Finance Rates

Discussion in 'Australia & New Zealand' started by Nuclear Fusion, Jun 19, 2019.

  1. Nuclear Fusion

    Nuclear Fusion Active Member

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    Thread to post your rates & institutions
    Got 5.25% comparative rate from Esanda/ANZ on the X last year
     
  2. Nuclear Fusion

    Nuclear Fusion Active Member

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    Just saw Macquarie are now offering a very competitive 4.34%
    7 year loan - I wonder what their 5 year rate is
    Weren’t this competitive last year
     
  3. paulp

    paulp Active Member

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    They saw you coming! Expensive.
     
    • Like x 1
  4. EcoCloudIT

    EcoCloudIT Member

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    Agreed, got 4.99% years ago on S, 4.59% on X not long ago....

    That looks very good! Where did you find that published?
     
  5. paulp

    paulp Active Member

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    That institution offered low 3’s on chattel mortgages last year, so probably extremely low 3’s now.
     
  6. Nuclear Fusion

    Nuclear Fusion Active Member

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    Even brokers couldn’t get that rate. Maybe cause it was pre-owned
     
  7. Nuclear Fusion

    Nuclear Fusion Active Member

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  8. paulp

    paulp Active Member

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    I know what I got and it was low 3’s. No luck involved either....but you do have to do a bit of work to find good rates.
    I’ve done a load of commercial loans over the years, brokers have never achieved the rates I can by going direct to institutions where I have an existing relationship.
     
  9. Nuclear Fusion

    Nuclear Fusion Active Member

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    ANZ/Esanda have told me my rate was 4.65% + the establishment & monthly fees
    Anyway, ANZ have quoted me 3.79% for the Model 3, with a tick under $400 establishment fee & no monthly fees. 5 years no residual
    Now to play them off each other!
     
  10. MichaelVorst

    MichaelVorst Member

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    #10 MichaelVorst, Jun 20, 2019
    Last edited: Jun 20, 2019
    Are these loan-only rates everyone is posting?

    I got a novated lease quote for SR+ $71k today @ $700 / fortnight, assuming $20K residual to pay after 5 years, 7.6% interest (rate seems high).

    They had added $1800/year for insurance (I've seen $1400 quoted here) and $760/year for maintenance/tyres, but even after deducting all the tax savings, it still works out a lot cheaper ($4k / year) to just redraw the $$ from a home loan.

    For me to lease it means paying the same total amount over 5 years as a cash purchase funded from a redraw, but having to hand back the car after 5 years (losing any resale value), or paying $20k to own it.

    I can't see why anyone with access to a home-loan redraw would do a novated lease, although I guess that driving a similarly-priced fossil car would cost nearly that much extra in gas and fossil maintenance costs, which would make it more competitive against a home loan redraw to lease such cars.
     
  11. EcoCloudIT

    EcoCloudIT Member

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    You are going to pay $91,014 over 5 years and then still owe $20,000! That would have to be the worst deal I've read in a LONG time.
     
  12. Nuclear Fusion

    Nuclear Fusion Active Member

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    Home loan redraw makes sense only if you are disciplined enough to repay it in the same time period that you would have given a car loan eg: 5 years.
     
    • Like x 1
  13. Saoirse

    Saoirse Member

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    This is the only bit of information I could see thus far for Macquarie & the Uuky interest rate cut, its related to variable home loans, but it looks as though Macquarie is passing on .20% to 3.44%
    Applies from 18/7/19
    We can hope to see the same for our loans.. (hope being the key word here..)

    Interest rate cut: ANZ, Westpac, CBA & NAB mortgage rates lower | Canstar
     
  14. Nuclear Fusion

    Nuclear Fusion Active Member

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    ANZ quoted me 3.79% before the rate cut, so I’ll expect even better
     
  15. one4spl

    one4spl Luke Smith - https://TSL43.info

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    Why is Telsa's comparison rate 4.34% when Pepper Money list 9.9% on their site...?
     
  16. mmui90

    mmui90 Member

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    Exclusive partnership rate that Tesla has with either Pepper or Macquarie.
     
  17. Momentum1

    Momentum1 Member

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    Fixed 5Yrs with 30% Balloon at 4.29% which includes reduction of 0.7% for a Green Car.
     
  18. ShockOnT

    ShockOnT ⚡️⚡️⚡️⚡️⚡️

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    A finance company doesn’t care if the car is green, it’s just a marketing technique. They certainly aren’t getting any incentive from government or some philanthropist.
    They are happy to do the loan at 4.29%. The 0.7% is just a fake markup.
    You can probably do better than 4.29%, and I wouldn’t like doing business with company that plays that kind of game.
     
  19. Hyena

    Hyena Member

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    Got any evidence of rates better than that?

    I've tried banks, brokers and care dealer finance and no one seems to be able to beat that rate for a consumer loan.

    Only a business asset loan is going to beat that.
     
  20. paulp

    paulp Active Member

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    You will get better rates if you have a relationship such as repeat regular business or other substantial business with the financier. I can’t supply the proof you want as its commercial in confidence. Timing is another important factor, as is their risk level assesment of the borrower.
     

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