Maybe you’re in the market for your first car, or are just thinking of upgrading. Budgeting will be a whole lot easier if you know what upfront and ongoing costs to expect.
These costs will apply more to you if you’ve got a used car in your sights.
You may consider yourself a bit of a rev-head, or you may be mechanically challenged.
Either way, having a professional give the car you intend to buy a once over can be a good idea. If you’re a member of your state or territory’s motoring club, you may even be able to get this inspection done at a discounted price.
If you want to be extra vigilant, the Personal Property Securities Registry can conduct searches into whether the vehicle owner still owes money on the car, for a small fee.
Your biggest expense of the whole process. Be sure to work out what type of car you can afford, and not to get in over your head.
Remember, a new car will cost you more upfront (by and large), but will be cheaper to insure. A used car may set you back less but may require more in maintenance over time.
Whether you’re buying new or used, Stamp Duty is a large, one-off payment, which is a percentage of the purchase price of your car. This payment goes to your state or territory government, and will be different depending on where you live.
Some new cars may offer deals which include stamp duty as part of the purchase price.
To calculate the stamp duty in your state, click on the correct link:
Now that you’re ready to get behind the wheel, make sure you don’t leave yourself vulnerable to the unexpected.
Compulsory Third Party Insurance (green slip, as it’s known in NSW) is required for all vehicles in all states within Australia. It covers the driver against legal liability in the event of death or injury caused by an accident for which the insured driver is responsible. It’s not possible to register your car without it.
Once you’re out and about in your new ride, you’ll still need to consider some of the regular ongoing costs of keeping a car on the road, and factor these into your budget.
Something you hope you’ll never need to use, but comes in handy at just the right time. This ensures you’ll never be left stranded.
A fairly large cost each year. Your registration must be renewed each year to allow you to drive your vehicle on your state or territory’s roads.
The nuts and bolts of keeping a car on the road. Whilst not large costs in themselves, they are regular and can add up. Think petrol, tolls, servicing, tyres, and any loan repayments if your vehicle is under finance.
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Secured Personal Loan
Our fixed rate personal loans let you stay in control with fixed repayments for the life of the loan. Great for purchasing used cars, renovating, or buying that new caravan or boat for a holiday.
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New Car Loan
Don’t wait to get behind the wheel – our fixed rate new car loan offers great value rates, low fees and can be approved in as little as 24 hours*.
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Unsecured Personal Loan
Need access to funds but don’t have security to offer? We’ve got you. We can lend up to $50,000 for any worthwhile personal purpose.
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Interest rate
6.78
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Comparison rate
7.17
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p.a.
Secured - Fixed rates for 1-7 years
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Interest Rate
5.99
%
p.a.
Comparison rate
6.37
%^
p.a.
Secured - Fixed rates for 1-7 years
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Interest rate
8.99
%
p.a.
Comparison rate
9.38
%^
p.a.
Unsecured - Fixed rates for 1-5 years
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Maybe you’re not alone. Our FAQs answer some of the more common banking questions we get asked.
Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.
