Electric Car Loans
Save the planet, the bees, and some money with a $0 monthly account fee on our personal loan.
Looking for a new car, but also want to reduce your carbon footprint?
A personal loan for an electric car lets you drive away in a high-tech vehicle while taking the pressure off the planet. And, with a $0 monthly account fee and no penalties for early payout, our personal loans can help you save some money too.
Government incentives
A number of subsidies and rebates are available when buying an electric car.
How does an electric car loan work?
An electric car loan is a personal loan that’s used to buy, you guessed it, an electric vehicle. You can apply online at any time. Once approved, you can use the funds to buy the fully electric or hybrid car of your choice.
You’ll then pay the loan off in an easy-to-manage and flexible repayment schedule. It’s that simple.
Whether you’re keen to get behind the wheel of a brand-new Tesla, or simply want a low-emission car sooner rather than later, going green may be easier and cheaper than you think.
Electric car loans from Great Southern Bank
Designed to help you pay your loan off sooner, our loans come with:
- $0 monthly account fee.
- Fee-free extra repayments.
- Free redraw facility– in case you need your additional repayments.6
- No penalties for early payout.
- Get your loan funded on the day you apply.7 See how it works.
- Use your government rebate to pay your loan off sooner. Check your eligibility.
Why go electric?
Buying an electric car can save you money in fuel and car maintenance costs. Add in a great driving experience and it’s easy to see why it’s a win-win for you and the earth.
If you’d like to know more, check out our handy guide to switching to an electric vehicle.
At Great Southern Bank, we’re proud to be carbon neutral and we’re committed to helping everyday Australians live more sustainably too.
Transport in Australia is estimated to be the third largest source of carbon emissions, so, if you’re looking to transition to an electric or hybrid car, we’re here to help. (Source: Climate Council )
An electric car loan can be used for:
- Battery electric vehicles (BEVs)
- Plug-in hybrid electric vehicles (PHEVs)
- Fuel cell electric vehicles (FCEVs)
- Non-plug-in hybrid Electric Vehicles (HEVs)
- Electric and green motorcycles.
Looking for something else? If it’s not on the list don’t worry, you can still apply. We're also on live chat if you have any questions.
Did you know?
Electric vehicles are expected to match petrol vehicles on both upfront price and range by the mid 2020’s. More Australians are predicted to go electric as more models and infrastructure is rolled out. (Source: Australian Renewable Energy Agency (ARENA))
Electric car loan calculator
Estimate your repayments and find your loan today.
Eligibility checklist
You must be
- At least 18 years of age
- A permanent resident of Australia
- Receive a regular income
- Have not been bankrupt or insolvent in the last five years
You’ll need
- An email address and contact number
- Existing Great Southern Bank customer number (if you're already a customer)
- Australian driver's licence, Medicare or passport details
- Employment and income details
- Details of any existing loans and expenses.
How to apply for an electric car loan
1. Apply online
It should take less than 15 minutes. You’ll need proof of ID and your current financial information.
2. Approvals
If approved, you will receive your loan contract to accept online. Get your loan funded on the day you apply.7 See how it works.
3. Access your money
Your loan is paid into your Great Southern Bank account.1 You can also view repayment details online and on our mobile banking app.
WHY CHOOSE US
We’re committed to doing business in ways that benefit our customers and the wider community.
We’re carbon neutral
We’re committed to reducing our own environmental footprint and sustainable business practices.
We’re social
We have a long history of working with our customers and communities to address social issues.
We’re customer owned
That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.
Choosing your electric car loan
Secured Fixed Car Loan
Loans from $5,000 to $100,0004 for cars up to 7 years old.
Interest rate
6.79
%
p.a.
Comparison rate
3
7.16
%
p.a.
Used for:
Unsecured Fixed Personal Loan
Loans from $5,000 to $65,000.4
Interest rate
9.39
%
p.a.
Comparison rate
2
9.64
%
p.a.
Used for:
Unsecured Variable Personal Loan
Loans from $5,000 to $75,000.5
Interest rate
11.89
%
p.a.
Comparison rate
2
12.15
%
p.a.
Used for:
Get a detailed look into the features across all of our personal loans. Compare personal loans
Electric car loan FAQs
Got a question? Find the answers in easy-to-understand terms here.
Which loan should I choose for an electric vehicle?
Customers buying fully electric or hybrid vehicles can choose between a secured fixed car loan or an unsecured loan with a fixed or variable rate.
- Secured Fixed Car Loans available for cars up to 7 years old and use your electric vehicle as security for the loan. The benefit of using your car as security for the loan, means you're typically offered a lower interest rate.
- Unsecured Fixed Loan and Unsecured Variable Loan don’t require an asset as security and can be used to buy a car of any age. You’ll also get the choice of a fixed or variable interest rate.
What’s the difference between a fixed and variable interest rate?
When you take out a fixed rate loan:
- The interest rate will stay the same throughout your loan term and you’ll have the same repayment amount each month.
- Fixed rate loans are great if you want repayment certainty and stability in your budget, but it’s important to note that if interest rates drop, you won’t benefit from any savings.
When you take out a variable rate loan:
- The interest rate is subject to change throughout your loan term and your repayment amount may vary each month.
- This means you could enjoy a lower rate, should the lending rates change. However, you could incur a higher interest rate if the lending rates increase.
Can I make repayments on a weekly or fortnightly basis?
Yes. Your loan contract will be set up for monthly repayments initially, but if you prefer to pay in weekly or fortnightly instalments simply call us on 133 282 or visit your local branch and we can arrange this for you.
Where can I find a charging station?
The Electric Vehicle Council provides a map of charging stations across Australia. You may find this useful for finding charging stations in your local area and when planning longer journeys.
Are there government incentives for buying an electric vehicle?
Each state and territory in Australia offers an incentive for purchasing an electric vehicle. These incentives can include rebates, charging subsidies and discounts on registration and stamp duty. To find out if you're eligible, check with your relevant state government department or get started with the helpful links below.
CALCULATOR
Calculate your electric car loan repayments
Important Information
Loans are issued by Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply.
Rates current as at 22 June 2022 and subject to change.
Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.
1 You will need to hold a Great Southern Bank everyday account when the loan is funded.
2 Comparison rate accurate for $30,000 unsecured loan over 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
3 Comparison rate accurate for $30,000 secured loan over 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
4 $3,000 minimum loan amount in branch, $5,000 minimum loan amount online. Available loan term is 1 to 7 years.
5 $3,000 minimum loan amount and $100,000 maximum loan amount available in branch. $5,000 minimum loan amount and $75,000 maximum loan amount available online. Available loan term is 1 to 7 years.
6 A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for Great Southern Bank Personal Loan products on offer from 6 June 2017.
7 It may be possible to have your loan approved and funded on the same day! To be eligible you must submit your application online before 11am AEST Monday to Friday (excluding public holidays), provide all required information and documents upfront, and accept the loan contract by 2pm. Payment of funds same day is unavailable if your application is referred for more detailed assessment. Subject to system availability. Time to receive funds may be affected by your bank’s clearance times. Lending criteria applies
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What's a redraw facility?
A redraw facility lets you make additional repayments (on top of your minimum loan repayments) into your personal loan account. In the event of an emergency, these extra funds can be quickly redrawn for free.
7 Same day decision & funding: how it works
Unsecured Fixed Personal Loan and Unsecured Variable Personal Loan
To be eligible for same day funding, you must:
1. Submit your application online before 11am AEST Monday to Friday (excluding public holidays),
2.Provide all required information and documents upfront, and
3.Accept the loan contract by 2pm.
Payment of funds same day is unavailable if your application is referred for more detailed assessment. Subject to system availability. Time to receive funds may be affected by your bank’s clearance times. Lending criteria applies.
Secured Fixed Car Loan
To be eligible for same day funding, you must accept your loan contract by 2pm AEST Monday to Friday (excluding public holidays) and we'll issue your funds the same day (subject to system availability). The time it takes to receive your funds may be affected by your bank clearance times.