Backed by $150 million from the Clean Energy Finance Corporation (CEFC), the Commonwealth Bank is offering low-interest electric vehicle (EV) loans for essential workers and low- and middle-income Australians.
Interest rates on the loans are up to five percentage points lower than standard rates, which could save EV buyers more than $8000 for a $40,000 loan with a seven-year term, on top of savings from busting their petrol bills for good.
These loans are available to workers earning less than $100,000 a year, as well as essential workers like police officers, teachers, fire fighters and nurses.
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.
The Federal Government said the loans build on the government’s work to support EV ownership, like eliminating the five per cent import tariff on EVs, removing Fringe Benefits Tax on leased EVs through the Electric Car Discount, and building a nationwide EV charging network.
Federal Minister for Climate Change and Energy, Chris Bowen, said the Federal Government is helping more Australians 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.”
