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A family stands outside their EV car

How our LEV car loans are helping Australians drive greener

March 1, 2024
November 28, 2022

As the world transitions away from fossil fuels, the demand for electric cars is accelerating. Here’s how Bank Australia customer Dean Chase bought a new Tesla model Y with our Low Emissions Vehicle (LEV) car loan, and why it was the right choice for him.

Living sustainably means a lot to Dean Chase and his family. He and his wife Lalaine grow their own food, explain the importance of recycling to their kids, and have been busy planting trees in their garden in Portland, near the Victorian border with South Australia.

“We do what we can for the environment,” Dean says. “We’re only one family, but everyone can do their bit.”

When the family decided to upgrade their car earlier this year, they knew they needed something that would reliably get Lalaine to her job 120 kms away in Mt Gambier each day. A diesel-powered Mazda seemed like a sure thing, but then two days before their deposit was due, Tesla released their new model Y electric vehicle – and the couple put down a deposit straight away.

“I love the technology of Tesla and that it’s a zero emissions vehicle,” Dean says. “The ordering process is simple as well. You visit the website, choose your colour and any customisations you want, and pay a deposit. We waited about two months and were among the first to get the model Y in Australia.”

Dean became a Bank Australia customer a few years ago, and used our Low Emissions Vehicle (LEV) car loan to help finance his new purchase. “It was such a straightforward process getting the loan through Bank Australia,” Dean says. “We didn’t consider getting it anywhere else.”

A tesla car rives down a rural road

Around 62% of Australia’s transport emissions come from passenger vehicles, and making the switch to electric cars is one of the fastest ways our country can decarbonise and meet its climate goals. This is why Bank Australia has made the decision to cease car loans for new fossil fuel cars from 2025.

“It’s a brave step for a bank to do that, and it will help people to look at EVs more seriously,” Dean says. “Of course, the upfront cost of most electric vehicles is a deterrent, but we did the maths and it was well worth it. It cost us about $750 for the charging station and less than $200 to have it installed. The discounted rate on the LEV car loan was a good offset for those upfront costs.”

Another concern among potential buyers is the vehicle range, and whether one charge will be enough to get drivers from A to B. Because of the distances Lalaine has to travel each day, Dean says they just hook the Tesla up to their home charging station each night.

Available public charging infrastructure in Mt Gambier also means Lalaine can run errands in the after work when she needs to, without worrying she won’t have enough charge to make it home. “But if you’re just driving around in town doing city jobs, one charge might last you a whole week,” Dean adds.

Dean and his family have already planned their first family road trip in the Tesla, to Adelaide over Christmas. Using a superfast charger, it only takes about 10 minutes to top up while on the road – enough time to plug in, grab a coffee, and carry on with the journey.

A tesla parked behind a green landscape

“We’ll make a couple of stops along the way to top up and then when we get to my friend's place in Adelaide, we'll just plug the Tesla into his charger – it's easy.”

Dean also says the response in his local community of Portland has been incredibly positive, with lots of people taking an interest in his EV – especially the kids. “One of the teachers at my son’s school said one day when we were stuck in traffic, some of the kids were happy because they got to look at the Tesla for longer!”

The couple are thrilled with their new car and don’t have any regrets. “It’s a wonderful car to drive and it’s so comfortable,” says Dean.

Find out more about Bank Australia’s LEV car loans.

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