Hire Purchase

There can be different requirements if you want to apply for a car loan, depending on your circumstances. Our car loan is available to anyone with a home loan. If you can demonstrate that you’ve been regularly paying off a home loan with any lender, then you automatically satisfy the initial requirements needed for a Mortgage House personal car loan. Existing Mortgage House customers can also skip a lot of the paperwork required and enjoy a faster approval process.

Already With Us?

PAYG:

• Last pay slip if your salary is not paid directly into the loan or Offset Account
• Invoice for car purchase

Self-Employed:

• Last years tax returns for individuals and business
• Invoice for car purchase

New To Mortgage House?

PAYG:

• High resolution proof of identification
• Proof of employment
• Invoice for car purchase

Self-Employed:

• Last 2 years tax returns for individuals and business
• Latest annual tax assessment notices
• Invoice for car purchase

Car loans of up to $50,000 are available with no minimum loan size and a maximum loan term of 10 years.

Car hire leasing is a popular option if you want to drive without owning a depreciating asset. In addition to giving you the flexibility to change vehicles on a regular basis, there are also tax benefits of leasing a car.

We have two types of Business Vehicle Finance options available. The first one is a Car Hire Lease which is suitable for the self-employed who use their car for work a lot. The second option is a Novated Lease suitable for business owners and employees who enter into a salary packaging arrangement to help the employee fund the car from pre-tax income. The main benefit of both options are the tax benefits that can be claimed. You may be eligible for business vehicle finance if you fall in these categories.

There are many benefits of taking on our Car Loan. The main benefit being that it gives you access to the funds you need to buy the car of your choice without having to wait. You can borrow up to $50,000 and have a set period to pay off your loan with regular repayments. You may even be able to enjoy tax benefits if you’re using your car of business purposes.

Yes you can make unlimited extra payments directly into your loan and pay it down quickly and save on interest. This is also a good way to build up savings for a rainy day. You can access the extra payments using the redraw facility. Direct salary crediting into your loan offset account is another way to save money because that way you only pay interest on the difference between the balance in your offset account and your loan amount.

Think about the purpose of your car loan. Is it for your personal use, for business purposes or part of a salary packaging arrangement with your employer. This will help you determine if you require a car loan or a novated car loan. Review all your options before deciding on the loan that’s right for your needs.

Yes, our Car Loan gives you the flexibility to make unlimited extra payments above the minimum required repayments, without any penalties. In fact, it’s one of the easiest ways to pay off your loan sooner. When you’ve got spare cash or receive lump sum payments like a work bonus or tax refunds it may be a smart move to direct it towards your loan and pay it off sooner and save on interest payable,

We understand that when you’re self-employed, meeting some of the asset and income criteria like producing payslips can be challenging. Depending on your circumstances, you can still apply for a Car Loan. If you have a good credit history and can demonstrate that you’re keeping up with repayments, a letter from your accountant may help you get around providing conventional proof of income. Speak to us to find out the options available.

Talk to us about why you’ve missed making payments and we can review your situation and be able to help. Generally, missing one or two payments won’t prevent you from getting a personal loan. It will likely keep you from qualifying for the lowest rate and terms though.