Australia’s Commonwealth Bank is now offering a special discount to those earning less than $100,000 per year. If you are an Essential worker, including the likes of nurses, teachers and first responders, then you will also be eligible.
Backed by $150 million from the Clean Energy Finance Corporation (CEFC), the Commonwealth Bank now offers a discounted Interest rate if you buy an EV, which could save buyers more than $8,000 for a $40,000 loan with a 7-year term, on top of the savings inherit from the lower operating costs associated from driving an electric vehicle.
“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.”
– Minister for Climate Change and Energy Chris Bowen
Back in November, Bowen shared this statistic, that 106 Electric Vehicle models are available now in Australia compared to 70 in 2022.
Bowen says more new choices are arriving and being announced for Australia with the New Vehicle Efficiency Standard starting on 1 January 2025.
The CBA included the following comparison table for their EV Access Program for the Polestar 2, showing the interest rate at 5.49% compared to the regular 6.19% for ICE vehicles.
This has a sizable impact on weekly repayments, down to A$154.98 for an EV, compared to the $223.73 when buying an ICE vehicle.
CommBank General Manager Personal Lending Joel Larsen said CommBank is bringing new solutions to market that can help customers switch to electric vehicles and lower the cost barriers to doing so.
“Where public transport isn’t an option, EVs provide a great lower emissions option for essential workers to get to their shifts, sometimes at odd hours, or to ferry kids to school and activities. Many Australians are open to buying an electric vehicle6 but are put off by the upfront cost.
Our new EV Access Program is designed to provide customers with special offers on vehicles and a discounted interest rate for the life of the loan. With new cheaper models coming onto the market and a growing second-hand market, it’s a good time to consider an EV.
To help customers get a good deal on an EV, CommBank has worked with some car manufacturers to develop a set of special offers which are available through the newly launched Buy and Own a Car service, accessible via the CommBank app,”
CommBank General Manager Personal Lending Joel Larsen
“Essential workers in cities like Melbourne and Sydney are more likely to commute by car and less likely to use public transport, compared to the general workforce, partly because of shift work that requires them to travel outside peak public transport schedules.
Helping them purchase an EV improves transport accessibility for these workers and may reduce their carbon footprint. Increasing access to EVs and smart charging infrastructure is a critical investment in helping decarbonise the transport sector.
Transport is the third largest source of greenhouse gas emissions in Australia, at 21 per cent and is on track to be our largest emitting sector by 2030, pointing to the critical need to ramp up the uptake of more efficient forms of power generation and transportation.
Encouraging consumer demand and awareness for EVs through targeted discount financing can also help develop the EV second-hand market, which can further increase the affordability and accessibility of EVs.”
CEFC Executive Director and Head of Debt Markets, Richard Lovell
This is the latest CommBank initiative to help customers reduce their energy and transport costs, and their environmental footprint. Earlier this month, CommBank announced it had teamed up with Wattle Powr to offer a discount on the Tesla Powerwall 3, Tesla’s latest home battery storage system.
To find out more about this offer, visit: commbank.com.au/personal-loans/evaccessprogram
