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2022-11-07 12:47 pm

LEV Car Loan

Bank Australia’s low rate car loan for hybrid or electric vehicles (EVs).

Electric car driving down an Australian road

Why buy a hybrid or electric vehicle?

The cars on our roads account for around 11% of all greenhouse gas emissions in Australia. By choosing an electric or hybrid car, you’re helping to lower emissions and protect our world. 

The LEV Car Loan is our way of saying thanks on behalf of the planet. We want to reward you for choosing an LEV (low emission vehicle) by offering a green car loan with a lower interest rate and no fees.

Our LEV car loan rates

6.95
%
p.a.
Fixed interest rate
Effective 12 March 2024
6.95
%
p.a.
Comparison rate
Comparison rate based on a secured loan of $30,000 for 5 years. Terms and conditions, and other fees and charges, may apply.
Snapshot:
7 years – Maximum loan term for new vehicles
5 years – Maximum loan term for used vehicles
$1,000 – Minimum loan amount
$0 – Early repayment fee

Who it's for

  • People aged 18+
  • People living in Australia as a permanent resident or with a relevant work visa
  • People with a regular source of income

What it's for

Our green car loan is for buying a car or refinance an existing car loan.

We classify the following cars and motorbikes as LEVs:

  • Pure electric
  • Plug-in hybrid electric
  • Regenerative hybrid
  • The internal combustion engine produces less than 125 g/km Tailpipe C02 according to the Green Vehicle Guide

Your hybrid or electric car can be brand new, with a maximum loan term of 7 years, or up to 7 years old with a maximum loan term of 5 years.

Is this product right for you? Find out more

What you get

"So far I have enjoyed my experience with Bank Australia and feel like my money is working towards something good 10/10 will recommend to friends and fam"
Jordie from VIC

LEV car benefits

As long as the car you buy is a low emission vehicle (LEV), such as a hybrid or electric car, we’ll waive the $150 establishment fee and apply the LEV interest rate.

Carbon offsets

We offset your car’s carbon emissions for the life of the eco car loan.

A fixed rate

The interest rate is fixed for the life of the loan – there are never any repayment surprises.

Extra flexibility

Set up monthly, weekly or fortnightly repayments – whatever works for your budget cycle.

Fee-free extras

You can pay extra whenever you like without penalty. You can even pay your green car loan off early.

Fixed repayments

Take control of your budget with the certainty of regular repayments.

Calculate your repayments

See what your repayments could be with our fixed rate hybrid and electric Car Loan.


Start your application now

Apply for a car loan. All you need is your driver's licence or passport, and your Medicare card, to get started.

Apply now

Fees and charges

Here’s what to expect with our LEV Car Loan:

  • Establishment fee $0 - for vehicles that meet Bank Australia's Low Emission Vehicle (LEV) criteria#
  • Early repayment fee $0
  • Late payment fee $0

It pays to know. Read the Product Disclosure Document and this fact sheet to help you decide if this loan is right for you. See all rates and fees.

Money, People & Planet

See more at the Bank Australia blog
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Things you need to know

GENERAL ADVICE

  • Information provided is general in nature only. Any information and advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and seek any third party advice you need.
  • All applications are subject to a credit assessment and approval.
  • All applicable terms and conditions will be included in our loan offer.
  • Additional fees and charges may be payable – all relevant details will be included in our loan offer.
  • Information and interest rates are current as at the date of publication and are subject to change at any time, at the discretion of Bank Australia Limited.
  • CAR LOAN
  • ^Carbon emissions: We calculate emissions associated with each car loan based on average vehicle emissions figures and average mileage figures for Australian vehicles (sources: National Greenhouse Accounts Factors and Australian Bureau of Statistics). For each car loan, we use the average vehicle emissions factor multiplied by the share of the year that the car loan was active. To access this rate, we require a Goods Security Agreement on the car. The car must also be registered in the name of the borrower.
  • *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.
  • #Bank Australia Low Emission Vehicle criteria: Bank Australia may provide a Low Emission Vehicle (LEV) pricing benefit if the car is Pure Electric, Plug In Hybrid Electric, Regenerative Hybrid or the internal combustion engine produces less than 125 g / km Tailpipe C02 (g/km) as published by Green Vehicle Guide©.
  • © Commonwealth of Australia (Department of Infrastructure, Regional Development and Cities) 2018 Limited End-user licence provided by the Department of Infrastructure, Regional Development and Cities: You may print and reproduce views obtained from the Green Vehicle Guide data, retaining this notice, for your personal use only. The Department of Infrastructure, Regional Development and Cities gives no warranty regarding the Green Vehicle Guide data's accuracy, completeness, currency or suitability for any particular purpose.