- Westpac offers loans for potential hybrid and electric vehicle buyers.
- RACQ also has a green car loan for EVs.
- The latest bank to join the party is Australia.
Update, 22 August: Bank Australia to freeze ICE car loans
Bank Australia has joined a growing number of financial institutions offering deals to electric vehicle owners – or in this case, scrapping their offers for cash to buy a petrol or diesel car.
As part of its goal to reach net zero by 2035, it has announced that it will no longer fund debt for new fossil fuel vehicles from 2025.
The bank says the move will help speed Australia’s transition to EVs, as well as ensure its car loans don’t close off customers to those who don’t. which emit more carbon.
Bank Australia managing director Damian Walsh said now is a critical time for businesses to take decisive action and commit to a deeper and faster decarbonisation of the economy.
“Climate change is the most important challenge of our time. At Bank Australia, we’ve been listening to our customers and we know it’s their number one concern, and that’s one we share,” he said. .
“Our 2035 net-zero goal is the most ambitious of any bank in the country and the highest globally. We hope our stance will inspire other banks and financial institutions to accelerate their climate goals.” will encourage
The story here
June 12: Westpac offers lower interest rates on EV loans.
As electric vehicles continue to grow in popularity in Australia, more and more banks are offering loans to help new car buyers go green.
While Westpac recently became the first of Australia’s ‘big four’ banks to offer low interest rates on car loans for electric vehicles, it is far from the first finance provider to do so. should offer such an incentive – nor is it the best rate on offer for a potential hybrid. and EV buyers.
For example, Pepper Money’s electric vehicle loan was named best in the 2022 Canstar Green Excellence Awards, with buyers benefiting from fixed and comparable rates of 3.99 per cent while also being able to borrow up to $300,000. – which is enough to buy any EV. The Porsche Tycoon Turbo S plus market.
RACQ’s offer allows buyers to access up to $300,000 towards their electrical purchases.
Before Westpac, Macquarie was the biggest bank offering EV loans, with rates mirroring those of Pepper Money but with the added ability for buyers to carry up to $500,000 towards their purchase.
Peter van der Westhuizen, Head of Institutional and Direct for Macquarie’s Personal Banking, said that being part of reducing the carbon footprint of our customers is an important part of the business’s operations.
“We know that the most concrete thing people can do to reduce their carbon footprint is to reduce emissions from their personal transportation,” van der Westhuizen said. “For many Australians considering buying an EV, wanting to make a positive impact is where the decision starts on the planet.
“At Macquarie we are committed to helping our customers reduce their carbon footprint and transition to an EV. We know that buying an EV is an exciting stage, but one that many Australians find difficult to navigate. There is also a new scene.
“We want to help with this journey which is why we offer a car loan with discounted interest rates and no fees, as well as a specialist EV buying service to support this shift. “
The Royal Automotive Club of Queensland (RACQ) also offers green car loans for EVs, plug-in hybrids (PHEVs) and hydrogen fuel cell vehicles (FCEVs), albeit at slightly higher fixed rates. But the rate is low compared to Westpac’s offer. – Even with a minimum loan amount.
Every Australian state and territory currently provides incentives for EV ownership through rebates or reduced taxes, with potential buyers encouraged to check what their local area offers before purchasing.
Beating its main rivals in ANZ, Commonwealth and NAB, Westpac’s low-interest loans can be taken out on new or used hybrid and electric vehicles, with fixed rates of 4.99 per cent per annum and 6.21 per cent per annum. Offer comparable rates. Annuity – Much lower than the usual respective rates of 6.49 percent and 7.69 percent for conventional vehicles.
Consumer research conducted by the bank shows that seven in 10 Australians plan to buy an electric vehicle in the future, with 34 per cent of current petrol or diesel owners planning to do so for their next automotive purchase. have
Chief executive Chris De Bruyne believes lower bank rates will encourage more consumers to switch to green vehicles, helping Australia reach net zero emissions in the future.
“We all have a role to play in helping Australia move towards net zero. We know cost is one of the biggest barriers to taking up hybrid and electric vehicles, so this offer helps more consumers get a greener vehicle.” can help move towards,” De Bruyne said.
“Given the recent rise in petrol prices, electric and hybrid vehicles appeal to both the environmentally and financially conscious. We expect demand for these vehicles to continue to grow, with many Australians already making the switch.” Intending to.
“We’re also looking at new government incentives, better access to charging stations, and more manufacturers offering hybrid and electric vehicles, which will help accelerate the transition.”
Below is a list of compiled data. Rate City About Green Car Loans
Always remember to assess your financial situation and seek professional advice before applying for a loan.
|Supplier||Fixed interest rate||Comparison rate||Loan amount|
|Pepper money||3.99%||3.99%||Up to $300,000|
|Macquarie||3.99%||3.99%||Up to $500,000|
|Community First Credit Union||3.99%||4.63%||$10,000-100,000|
|Illawarra Credit Union||4.74%||5.01%||$5000 and above|