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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