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Enjoy the Money-Saving Benefits of a Commercial Hire Purchase Loan

With a Commercial Hire Purchase solution, you can use the car at the same time as paying for it in affordable monthly instalments. Once you have made all repayments, the car is yours to own.

Enjoy potential tax deductions, with no GST charged on monthly repayments, and the possibility to claim depreciation and interest charges on your contract. With optional balloon payments to help manage your loan according to your cash flow, you can make the most of financial flexibility.

Why Choose a Mortgage House Car Loan?

Take a month off

Need a break to ease your cash flow? Simple. With the flexibility of our fail-safe redraw facility, when you’ve made enough extra repayments to cover your next month's payment, you can take a month off!

Borrow more

When you have all your documents and the application ready to go, we won’t hold you up - you could get the perfect car for your business ready to purchase the very same day.

24-hour approvals

When you have all your documents and your application ready to go, we won’t hold you up - you may be eligible to secure a car purchase the same day as you apply.

Bundle and save even more

Our customers benefit from discounted low rates on bundle deals, and you can too. When you take out a hire purchase, we can offer great discounts on our home loans if you're looking to refinance or purchase a new home.

Benefits of Being a Mortgage House Customer

  • Quick and easy application process with less paperwork needed
  • Unlimited and free redraws of additional repayments
  • Variable and Fixed Rates with no penalties on fixed rate loans
  • Innovative online services designed to assist you

Hire Purchase Commercial Car Loan FAQs

Am I eligible for a Car Hire Lease loan?

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.

What do I need when applying?

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

How much can I borrow?

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

What are the advantages of car hire leasing?

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.

Am I eligible for Business Vehicle Finance?

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.

What are the benefits of a car loan?

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.

Can I pay off a car loan quicker?

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.

What should I consider when applying for a car loan?

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.

Can I increase my Car Loan repayments?

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,

What if I’m self-employed and am unable to provide payslips?

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.

Can I get a car loan if I have defaults?

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.

Thinking About a Home Loan?

Looking at refinancing your home loan to get a better deal? Our super-low home loan rates and money-saving features could lower your monthly repayments and give you more financial flexibility.

LEARN MORE

Our Home Loans Start From:

% p.a
Variable Rate
% p.a
Variable Rate

Things to Consider When Buying a Car

Which car suits your needs?

Do you want to get a brand-new or used car? Do you have a large family to accommodate? Buy the car that best suits your needs and your budget. Making a list of all the features you need in your car may help you decide. Do your research so you know what to expect in terms of value 
for money.

How much can you afford?

It’s a good idea to do the numbers and see how much you can spare each month to put towards a loan and car maintenance. This will help you determine a budget for your car purchase.

Get the right finance

Mortgage House can finance 100% of your car loan without a deposit. With competitive low interest rates and loan features that can help you pay off the loan faster, you could be in your new car and on the road sooner than you think.

Ongoing costs

Besides the general costs like petrol and CTP insurance, every make and model of car will have a different set of ongoing expenses. When choosing your car, consider the cost of maintenance such as servicing and tyre replacement.