Your Finance GuideAustralian finance educationGet matched
Green car finance

EV car loans and green car loans

An EV car loan, or green car loan, is a car loan with a lower rate for an electric vehicle, and at some lenders a plug-in hybrid: CommBank published a special rate of 5.79% (comparison 7.21%) for an eligible EV or PHEV on loans up to $55,000 in September 2026, and Plenti 0.5% off new EVs up to $90,000. Otherwise it works like any car loan, secured on the car over one to seven years. On $55,000 over five years, 5.79% is about $1,058 a month against $1,128 at 8.49%, Westpac’s published median.

What are the repayments on a $55,000 EV car loan?

Monthly principal and interest repayments over 5 years, by loan amount and interest rate
Loan amountMonthly repayment at
5.79%p.a.7%p.a.8.49%p.a.10%p.a.
$30,000$577$594$615$637
$40,000$769$792$820$850
$55,000$1,058$1,089$1,128$1,169
$70,000$1,346$1,386$1,436$1,487
$90,000$1,731$1,782$1,846$1,912

Scroll the table sideways for more rates

Illustrative monthly principal and interest repayments over 5 years, before fees and charges. Rates are examples, not offers; your rate depends on the lender and your circumstances. 5.79% is CommBank's published EV and PHEV special rate (loans to $55,000); 8.49% is Westpac's published median car loan rate. Run your own numbers.

Calculator

EV car loan calculator

Try the green rate against a standard one

Loan amount$55,000
$15,000$150,000
Interest rate5.79% p.a.
4.50% p.a.12.00% p.a.
Loan term5 years
1 year7 years
Monthly repayment
$1,057.94
Total interest
$8,477
Total repayment
$63,477
Principal 86.6%Interest 13.4%
Get a personalised quote

Estimates only. Actual rate and repayment depend on your lender, loan structure and credit assessment.

EV and green car loan lenders a broker can compare

Bank Australia and Plenti list dedicated green car loans in our directory; other lenders price electric cars inside their secured car loans, and several publish a discount, listed in the table below.

EV and green car loan lenders a broker can compare: each lender's type, the products it offers and its current rate
Commonwealth Bank of AustraliaMajor bankProducts:
  • Secured (new vehicle)
Current rate:
6.79%p.a.
8.20% p.a. comparison rate*
Personal Loan Secured (New Vehicle) · Secured Fixed Rate Car Loan, secured by the car being bought: from rate for excellent credit (rates up to 11.29% p.a.); comparison on a $30,000 loan over 5 years.
Westpac Banking CorporationMajor bankProducts:
  • Secured (new vehicle)
  • EV / Green
Current rate:
6.49%p.a.
7.90% p.a. comparison rate*
Car Loan Secured · Car Loan for petrol, diesel or LPG cars, fixed rate, secured by the car: from rate; the rate offered depends on your credit assessment.
Bank AustraliaCustomer-ownedProducts:
  • EV / Green
Current rate:
6.29%p.a.
6.29% p.a. comparison rate*
Clean Energy Car Loan · Electric Vehicle Loan, fixed rate, secured, new electric vehicles; establishment fee waived for fully electric vehicles; comparison on a $30,000 secured loan over 5 years.
Liberty FinancialNon-bankProducts:
  • Secured (new vehicle)
Current rate:
8.99%p.a.
10.65% p.a. comparison rate*
Liberty Drive Secured · Flexible car loan, secured, new and used cars: from rate; comparison on a $30,000 new-car loan over 5 years with no balloon.
MoneyMeSpecialistProducts:
  • Secured (new vehicle)
Current rate:
6.24%p.a.
7.13% p.a. comparison rate*
MoneyMe Secured Car Loan · Secured car loan, variable rate, new or used vehicles: from rate for excellent credit history (maximum 26.10% p.a.); $12.50 monthly fee.
Now FinanceSpecialistProducts:
  • Secured (new vehicle)
Current rate:
7.59%p.a.
8.43% p.a. comparison rate*
NF Secured Car Loan (Tier 1) · Vehicle Loan secured by the vehicle, new or used: from rate (rates up to 15.39% p.a.); establishment fee up to $595.
PlentiSpecialistProducts:
  • Secured (new vehicle)
  • EV / Green
Current rate:
7.99%p.a.
9.78% p.a. comparison rate*
Plenti Car Loan (Tier 1) · Secured car loan, new or demo vehicle, homeowner with exceptional credit: from rate (rates up to 12.99% p.a.); comparison on $30,000 over 60 months including a $14.90 monthly fee.
National Australia BankMajor bankProducts:
  • Secured (new vehicle)
Current rate: NAB rate card (opens in a new tab)
BankSAMajor-bank brandProducts:
  • Secured (new vehicle)
Current rate: BankSA rate card (opens in a new tab)
IMB BankCustomer-ownedProducts:
  • Secured (new vehicle)
Current rate: IMB rate card (opens in a new tab)
Show all 16 lenders
EV and green car loan lenders a broker can compare, continued
Newcastle Permanent (Newcastle Greater Mutual Group)Customer-ownedProducts:
  • Secured (new vehicle)
Current rate: Newcastle Permanent rate card (opens in a new tab)
Teachers Mutual BankCustomer-ownedProducts:
  • Secured (new vehicle)
Current rate: Teachers Mutual rate card (opens in a new tab)
Pepper MoneyNon-bankProducts:
  • Secured (new vehicle)
Current rate: Pepper Money rate card (opens in a new tab)
Angle FinanceSpecialistProducts:
  • Secured (new vehicle)
Current rate: Angle Finance rate card (opens in a new tab)
MoneyPlaceSpecialistProducts:
  • Secured (new vehicle)
Current rate: Ask a broker
OurMoneyMarketSpecialistProducts:
  • Secured (new vehicle)
Current rate: Ask a broker

Inclusion is editorial reference, not a recommendation. Rates change often, so we only show a rate we captured from the lender's own page in the last 60 days, with a link to that page; otherwise we link to the lender's rate card where it publishes one. The broker you are matched with compares the lenders on their own panel.

See all 20 car loan lenders

* WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Car loan comparison rates are based on a secured loan of $30,000 over 5 years.

EV car loans at a glance
  • CommBank: 5.79% special rate (comparison 7.21%) for eligible EVs and PHEVs on loans to $55,000
  • Plenti: 0.5% off new EVs up to $90,000; NAB, Westpac and Great Southern Bank publish green car rates or rewards
  • Business buyers: Westpac up to 1% off, CommBank 1%, ANZ 0.80% p.a. on energy-efficient assets
  • Novated lease: eligible battery-electric cars under $91,661 (2026-27) can be FBT-exempt; plug-in hybrids lost the exemption from 1 April 2025
  • Otherwise a normal car loan: secured on the car, one to seven years

Green car loan discounts lenders publish

Consumer terms checked against each lender's car loan page on 20 September 2026; business terms from the lenders' business vehicle pages. Each discount comes with its own vehicle rules, so check the car qualifies before you count on it.

LenderGreen car terms as publishedVehicle and loan rules
CommBankSpecial rate 5.79% (comparison 7.21%) on its secured car loan; 1% green discount on business vehicle financeElectric or plug-in hybrid under 75g CO2/km; loans of $55,000 or less
Plenti0.5% off, through its Clean Energy Finance Corporation collaborationNew EVs up to $90,000
NABRewards for all-electric and plug-in hybrid carsWithin its secured car loan rules
WestpacSeparate electric and hybrid car loan rates; up to 1% off an EV on its business vehicle loanCar 7 years old or less (consumer)
Great Southern BankGreen car loanEVs and hybrids up to 7 years old
ANZ (business)0.80% p.a. off energy-efficient assets, co-funded with the CEFCAsset eligibility confirmed by an ANZ specialist
Bank AustraliaClean Energy Car Loan with a discounted rate for electric vehiclesHybrids eligible at a slightly higher rate

The discount is worth most on a bigger loan. On $55,000 over five years, CommBank's 5.79% against Westpac's 8.49% median is a difference of about $4,212 in interest before fees.

Novated leases and the FBT exemption

For an employee, the biggest EV incentive is not a rate discount but the fringe benefits tax exemption on a salary-packaged car, usually through a novated lease.

Which cars qualify

Battery-electric and hydrogen fuel-cell cars below the luxury car tax threshold for fuel-efficient vehicles ($91,661 for 2026-27, see the luxury car tax guide). Plug-in hybrids lost the exemption from 1 April 2025; arrangements already in place before then continue.

What is changing

Draft law phases the exemption down for leases committed to from 1 April 2027. Leases already running are not affected. The EV FBT exemption guide covers the dates and the thresholds.

Loan, novated lease or chattel mortgage?
  • Employee with salary packaging: price a novated lease first, for the FBT exemption on an eligible EV
  • Business owner: a chattel mortgage, with the GST claim and business EV discounts (see business car loans)
  • Everyone else: a green car loan, owned outright from day one

Buying a used EV on finance

A used EV finances like any used car, within the lender's age rules, but the battery is the item to check: its health and the warranty remaining. Some green discounts are for new cars only, such as Plenti's.

How EV finance works

1
Choose the structure
Green car loan, novated lease or chattel mortgage, depending on how you are paid and whether the car is for business.
2
Compare green rates
A broker compares the green car rates across the lenders on their panel.
3
Check the car qualifies
Emissions, price and age rules for the discount you are counting on.
4
Go electric
Settlement with the dealer, and you drive away.
4.9 / 5 · 320+ reviews

Related finance guides

Car loan interest rates
Published ranges by lender
Novated lease
Salary package with FBT savings
EV FBT exemption guide
The exemption in detail
Luxury car tax
The fuel-efficient threshold
New car loans
All new vehicle finance
Business car loans
EV discounts for ABN holders
Car loan broker
Who compares the green rates
Secured car loans
Lower rates with security

WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Comparison rates are calculated on a secured loan of $150,000 over 25 years for home loans, a loan of $30,000 over 5 years for car and personal loans, and $50,000 over 5 years for equipment finance, unless the lender states another basis.

EV car loan FAQs

What is a green car loan?
A car loan with a lower rate for an electric vehicle, and at some lenders a plug-in hybrid or hybrid. Otherwise it works like any car loan, usually secured on the car over one to seven years. CommBank publishes a special rate of 5.79% (comparison 7.21%) for an eligible EV or PHEV emitting under 75g of CO2 per km on loans of $55,000 or less, and Plenti a 0.5% reduction on new EVs up to $90,000.
Do lenders offer lower rates for electric vehicles?
Yes, several publish one. For personal buyers: CommBank’s 5.79% special rate, Plenti’s 0.5% off new EVs through its Clean Energy Finance Corporation collaboration, NAB’s rewards for electric and plug-in hybrid cars, Westpac’s separate EV and hybrid rates and Great Southern Bank’s green car loan. For businesses: Westpac up to 1% off, CommBank a 1% green discount and ANZ 0.80% p.a. off energy-efficient assets. On $55,000 over five years, 5.79% instead of 8.49% saves about $4,212 in interest.
What is the FBT exemption for electric vehicles?
An electric car provided through salary packaging, usually a novated lease, can be exempt from fringe benefits tax if it is a battery-electric or hydrogen fuel-cell vehicle below the luxury car tax threshold for fuel-efficient vehicles ($91,661 for 2026-27). Plug-in hybrids lost the exemption from 1 April 2025, except for arrangements already in place. Draft law phases the exemption down for leases committed to from 1 April 2027; the novated lease guide has the detail.
Can I finance a used electric vehicle?
Yes, on the same terms as any used car, within each lender’s vehicle age rules: Great Southern Bank’s green car loan, for example, covers EVs and hybrids up to seven years old. Plenti’s 0.5% EV discount is for new EVs. For a used EV, check the battery’s condition and the warranty remaining before you buy.
Is a novated lease or a car loan better for an EV?
For an employee whose employer offers salary packaging, a novated lease is often worth pricing first, because of the FBT exemption on eligible EVs and packaging the running costs from pre-tax pay. For a business owner, a chattel mortgage gives a GST claim and deductible interest and depreciation. A green car loan suits everyone else, or anyone who wants to own the car outright from day one. Compare the after-tax cost of each.
Are there state government rebates for buying an EV?
State incentives such as rebates, stamp duty concessions and registration discounts have changed often, so check your state government’s current programs before you count on one. They sit outside the loan: a rebate reduces the price you finance, and a stamp duty concession reduces the on-road costs.
Free · No obligation · One match

Go electric at a green rate

Get matched with a licensed broker who compares EV and green car loans across lenders and checks which discounts your car qualifies for. No obligation.

Get matched with a brokerCar loan interest rates
★★★★★4.9 across 320+ broker-partner reviewsWorks in conjunction with ALG (ACL 505575)Independent. Education first.
Get a free finance quote
60 secs · 50+ lenders · No fee
Start