Understanding car loan payouts

A car loan payout figure consists of:

• Balance
• Interest accrued up to the payout figure expiry date (5 business days after the payout figure is requested)
• Account keeping fee (if applicable) up to and including the payout figure expiry date
• $50 discharge fee
• Break costs (may apply to fixed rate loans that are terminated early). See below for more.

Break costs may be payable if you repay all of a fixed rate loan early. This includes if certain events, including those listed below, occur during the course of your fixed rate loan:

• Repay your account balance in full (e.g. due to the sale of your car or refinancing to another lender)
• The amount owing otherwise becomes due and payable in full (e.g. in the case of default).

Fixed rate break costs can be substantial and change from day to day. If you’d like an estimate of your break cost, please contact us.

Your payout figure includes an expiry date. If you wish to pay out your account, you have up until that date to make a payment.

If you're intending to payout your account after the expiry date, you can obtain an updated figure by contacting us.

Remember, paying out your account early is optional - so you don't need to do anything more if you decide not to payout, or if you're only checking in to see what the figure is.

Once you’ve obtained your payout figure from us by contacting us and you’re ready to finalise your contract, follow the steps below.

1. Check your payout figure is still valid once you decide to payout. The payout letter will have the expiry date. If you use an expired payout figure, other fees and charges may have fallen due and be payable to finalise your account.
2. Use the payment instructions provided to you on the payout letter to make a payment from your mobile or online banking account. You’ll be provided with EFT payment details.
3. After two business days, your final payment should have cleared. You can check the status of your account by logging into Macquarie Online Banking.

Please allow up to two business days for your final payment to clear. Once this has been done, we’ll close your account. You’ll then receive a closing statement within two business days of the account being finalised. The Personal Property Securities Register (PPSR) interest will be removed within five business days from the date of account closure.

After the account has been finalised, all direct debit payments will cease automatically, so you don’t need to cancel these payments with your bank. Please note, if you’ve set up recurring EFT payments from your bank account, you’ll need to cancel these with your bank.