Our low rate EV Loan for fully electric cars with one simple reduced fixed rate.
A full-featured home loan with mortgage offset account, packed with positives for future generations. Terms and conditions apply.
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Emissions from private passenger cars make up 62% of Australia’s transport emissions, so by choosing an electric vehicle, you're helping to lower emissions and protect our world.
The Electric Vehicle Loan is our way of saying thanks on behalf of the planet. We want to reward you for choosing an EV (electric vehicle) by offering a green car loan with a lower interest rate and no fees.
This green car loan is for buying a fully electric vehicle or refinancing an existing electric car loan.
We classify fully electric vehicles as vehicles without internal combustion engines, which excludes plug-in hybrid and regenerative hybrid.
The EV could be a car or motorbike.
Your EV can be brand new, with maximum loan term of 7 years, or up to 7 years old if used, with a maximum loan term of 5 years.
Is this product right for you? Find out more
As long as the car you buy is a fully electric vehicle (EV), we’ll waive the $150 establishment fee and apply the EV reduced interest rate.
The interest rate is fixed for the life of the loan – there are never any repayment surprises.
$0 establishment fee for fully electric vehicles.
You can pay extra whenever you like without penalty. You can even pay your green car loan off early.
Take control of your budget with the certainty of regular repayments.
Know that driving your vehicle doesn't generate emissions, and that your loan is with an ethical bank.
See what your repayments could be with our fixed rate electric car loan.
Apply for an electric car loan. All you need is your driver's licence or passport, and your Medicare card, to get started.
Here’s what to expect with our Electric Vehicle Loan:
It pays to know. Read the Car Loan Target Market Determination and this fact sheet to help you decide if this loan is right for you. See all rates and fees.
We offer a low-rate Electric Vehicle Loan with a fixed interest rate for the life of the loan, so there are no repayment surprises. We also reward greener vehicles through a reduced rate, with no establishment fee and no ongoing fees on eligible green car loans.
While a personal loan is more general purpose, our EV car loan is specifically for buying (or refinancing) a fully electric vehicle, with a lower interest rate to reward customers who choose EVs.
Yes. You can use our EV car loan to buy a new or used electric vehicle (up to 7 years old).
Only fully electric vehicles (EVs) are eligible. We define a fully electric vehicle as one without an internal combustion engine, which excludes hybrid and plug‑in hybrid vehicles. Read more about the facts, benefits and types of electric vehicles in Australia.
To apply, you’ll need to meet our basic eligibility criteria, including being 18 years or older, an Australian resident or holding a relevant visa, and having a regular source of income. We’ll also ask for information about your finances and the vehicle you’re planning to purchase as part of the application, according to responsible lending regulations.
Yes. You can pay extra whenever you like without penalty, and you can pay your loan off early.
Encouraging customers to think about their next vehicle purchase is an important part of Bank Australia’s climate action commitments and we ceased car loans for new fossil fuel vehicles in 2025. Passenger cars and light commercial vehicles alone contribute to 60% of our transport emissions and over 10% of Australia’s total emissions. Electric vehicles are a ready-to-deploy technology so electrifying passenger vehicles can be a fast contributor to Australia’s climate goals.
We’re aware that we need to support people not yet able to afford an electric vehicle while the market grows. We’ll continue to offer loans for second hand fossil fuel vehicles until there is an accessible market for electric vehicles.
Continuing to support customers to buy second hand cars can help to avoid new fossil fuel cars entering the market.
GENERAL ADVICE
CAR LOAN
*Comparison rate: The Comparison Rate is based on a secured loan of $30,000 for 5 years. Additional fees and charges may be applicable. WARNING: This comparison rate is true only for the example given and may not include all fees and charges.
Lending for new vehicles (including ex-demonstrators with fewer than 1,000 km) is limited to Electric Vehicles (EVs). An EV is defined as a vehicle without an internal combustion engine (ICE).
Climate action is a complex topic. We’ve created this list of sources for statements about climate, nature and biodiversity, home electrification, and related topics.
