Greater electric vehicle support rolls out in Australia: how to finance your first or next EV in September

There’s been a significant increase in the amount of support that lenders and the government are injecting into eco-friendly cars. So, if you’re in the market for a new EV this month, where can you find your best financing option?

Recently, two Australian car loan lenders announced they would be offering green car loan initiatives to customers in an effort to encourage more people to make the switch to an environmentally friendly car.

Bank Australia, a leader in the sustainable banking space, revealed it would officially cease funding car loans for new fossil fuel vehicles from 2025. This announcement comes as part of its wider commitment to reaching net-zero carbon emissions by 2035. It will continue to offer used car loans for fossil fuel cars until the transition away from petrol-based cars occurs and this market trend is overtaken.

Pepper Money revealed it was partnering with public charging system provider, Evie Networks, to offer green car loan customers 12 months’ worth of complimentary charging from August 2022. Pepper Money customers that finance their EV through its green car loan will be able to recharge for free at any Evie public charging station in Australia – for 2,000 kilowatt hours (kWh). This is estimated to equate to a range of around 10-000 – 15,000km.

Further, a $2 million trial in New South Wales is set to see power poles become EV chargers, helping to make charging infrastructure more accessible. The federal government’s Australian Renewable Energy Agency (ARENA) will be supporting this strategy, alongside Intellihub. Origin Energy has agreed to power the project, helping to confirm that the energy required will be “matched with certified renewable energy to the grid”.

This new trial will see 50 locations in New South Wales install charges on street-side power poles, including Sydney locations, such as Randwick, Ryde, Parramatta, Northern Beaches, and the Inner West, as well as regional areas, such as Newcastle and Singleton.

So, if the latest EV news has you considering making the switch to a sustainable vehicle, it could be worth comparing financing options. Luckily RateCity has done some of the hard work for you.

We’ve ranked green car loans on the Car Loan Leaderboard using our Real Time Ratings™ system. This gives loan products a score out of five, based on cost and flexibility.

And unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site. This makes it as up to date as possible, helping you to narrow down your shortlist of used car loan options.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

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