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Zero-interest loans coming for ACT electric car buyers Peter Brewer An ACT government vehicle charges at a new electric vehicle charging station at the West Belconnen Child and Family Centre in Holt. Picture: Sitthixay Ditthavong The ACT will be the only jurisdiction in Australia to offer zero-interest loans to help subsidise new and used electric vehicle purchases under the new governing agreement signed between Labor and the Greens. Electric vehicles will be cheaper to buy in Canberra than anywhere in Australia once the zero-interest deal kicks in as part of a key pre-election promise made by the Greens. The party had its political hand strengthened by claiming six seats across the territory in the recent ACT election and took an ambitious pledge on electric cars to the election, whereas the two major parties generally avoided the issue completely. The Greens' strong electoral perfo…

Westpac, St George: Banks hit by class action over car loan ‘flex commissions’

Alannah Fox was forced to pay a whopping $24,864 in interest for a 2015 Hyundai. Now, she and many other Aussies are fighting back.

Alexis Careycarey_alexis When Alannah Fox bought her first new car, she trusted she was getting a fair deal on her loan. Instead, the teachers’ aide, who was 25 at the time, was charged 12.99 per cent on a loan of just over $47,000 – which meant she had to pay a staggering $24,864 in interest for her 2015 Hyundai ix35. She claims she was only told of the interest rate after the deal was struck. “They didn’t tell me the interest rate until I went to pick up the car. We bargained hard on the initial price, but I believe they knew what they were doing and slugged me with the high interest rate to compensate,” Ms Fox said. Ms Fox is now one of the lead applicants in a new class action over shonky bank car loans, which leadi…