Customers can borrow between $10,000 and $100,000 to finance their eligible hybrid or electric vehicle purchase.

According to Westpac research, 70% of Australians plan to own a hybrid or electric vehicle in the future, and 34% of petrol and diesel drivers are considering making the switch for their next car.

The research revealed 67% of Australians believe that the cost of the car is the biggest barrier to owning a hybrid or electric vehicle.

Saving on fuel (78%), lower running costs (69%) and reduced carbon emissions (60%) were the top motivators for consumers when considering a hybrid or electric vehicle.

Chris de Bruin, Westpac Chief Executive, Consumer & Business Banking said we all have a part to play in helping Australia move toward net zero carbon emissions. 

"We know that cost is one of the biggest barriers to hybrid and electric vehicle uptake, so this offer can help more customers transition to a greener vehicle," he said. 

“Given the recent increase in petrol prices, electric and hybrid vehicles appeal to the environmentally conscious, and the financially conscious too."

Westpac research revealed the average Australian household spends $3,700 a year on petrol or diesel.

"We expect demand for these vehicles will continue to rise, with many Australians already planning to make the change," Mr de Bruin said.

“We’re also seeing new government incentives, improved access to charging stations, and more manufacturers offering hybrid and electric vehicles, which will help accelerate the transition."

Behyad Jafari, CEO of the Electric Vehicle Council said the majority of Australians are now actively considering an electric vehicle as their next car and this initiative will help them make the shift.

"Given the average Australian household currently spends $3,700 a year on petrol and diesel, the purchase of an electric vehicle would ease real pressure on the monthly budget," he said. 

“Going electric means that consumers can reduce their carbon emissions and help clean the air of Australian cities."

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In the market for a new car? The table below features green car loans with some of the lowest interest rates on the market for low-emissions vehicles.

Update resultsUpdate
Filters
LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Vehicle Type Maximum Vehicle Age Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkCompare
6.09% p.a.
7.21% p.a.
$581
Variable
New
1 year
$8
$400
$34,874
 Featured
  • Discounted rate on qualifying electric cars
  • Up to 7 yrs loan term
  • Redraw available up to $5,000/day
5.99% p.a.
7.20% p.a.
$580
Fixed
New, Used
7 years
$12
$250
$34,791
5.99% p.a.
5.99% p.a.
$580
Variable
New
No Max
$0
$0
$34,791
6.19% p.a.
6.54% p.a.
$583
Variable
New
No Max
$0
$250
$34,958
6.25% p.a.
6.52% p.a.
$583
Fixed
New, Used
3 years
$0
$195
$35,009
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

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