Backed by $150 million (USD 93.3 million) from the Clean Energy Finance Corporation (CEFC), the Commonwealth Bank is now offering low-interest electric vehicle (EV) loans for workers earning less than $100,000 a year, as well as essential workers like police officers, teachers, fire fighters and nurses.
Interest rates on the loans are up to 5 percentage points lower than standard rates, which could save EV buyers more than $8,000 for a $40,000 loan with a 7-year term, on top of savings from busting their petrol bills for good.
The CEFC finance will go to support discounted loans for new and used EVs worth up to $55,000, as well as home EV charging equipment.
These loans build on the government’s work to support EV ownership, like eliminating the 5% import tariff on EVs, removing Fringe Benefits Tax on leased EVs through the Electric Car Discount, and building a nationwide EV charging network.
More than two-thirds of EVs on Australia’s roads have been added under the Albanese Government and we have tripled the number of fast charger locations since 2022. More new choices are arriving and being announced for Australia with the New Vehicle Efficiency Standard starting on 1 January 2025.
Minister for Climate Change and Energy Chris Bowen:
“Only the Albanese Labor Government is making sure more Australians are able to get behind the wheels of cheaper to run cars and begin saving on their commutes.”
“Discounted loans help remove barriers to ownership, helping more Australians drive cars that can save them thousands of dollars a year.”
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