Green Car Loan

In line with Great Southern Bank’s 2022-24 Climate Action Plan, and our goal of achieving net zero emissions by 2040, we have developed a range of green loan products to support our customers who share our values and want to contribute to a better future, while continuing to meet their financial needs.

To be considered green, products financed through our green loans must be:

• Hybrid and electric vehicles (via a car dealer and private seller)
• Home charging stations (for electric and hybrid motor vehicle charging) - only when purchasing a hybrid or electric vehicle
• Solar panels
• Battery packs
• Hot water heat pump
• Solar hot water system

A low or no emission vehicle is a hybrid or electric vehicle listed on the Green Vehicle Guide.

When we talk about low or no emissions, we are specifically referring to emissions produced while using your electric car. This doesn’t include emissions produced during other processes, such as manufacturing the vehicle.

As part of the application process you will be asked to provide reasonable evidence (including a tax invoice) to show that the loan will be used to purchase or refinance an eligible green vehicle. The documentation can vary depending on where and how you purchase your green vehicle. We'll help you with this step and supply the relevant information during the approval process.

To buy a car, you can take out a secured car loan or an unsecured personal loan.

A secured loan is 'secured' against the asset you are borrowing for, in this case your car. This means that if you’re unable to repay the loan for whatever reason, the lender can sell the asset to cover their costs.

As secured loans represent less of a risk to lenders, they generally come with lower interest rates than unsecured loans.

An unsecured personal loan, on the other hand, doesn’t require an asset as security. For this reason, they tend to be used for non-material purchases like holidays and weddings, or for debt consolidation. But you can also use them to buy a car if you don’t want to use your car as security, or if the car you’re buying is over seven years.

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.

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.

• Australian Capital Territory
• New South Wales
• Northern Territory
• Queensland
• South Australia
• Tasmania
• Victoria
• Western Australia

It’s important to note that the rebate application status can change from time to time depending on where you live.

A personalised interest rate is determined in large part by your credit score. This is based on a range of factors including your history of repaying loans, credit cards, and other bills. In short, the better your credit score, the lower the interest rate you’re likely to be offered.

Speaking of which, it's worth noting that while submitting a full application will likely result in a small, temporary dip to your credit score, simply getting your estimated personalised rate will not impact it.

The rate you are offered is calculated on your personal circumstances and credit history. A few different factors are considered, including:

• your credit score
• information provided in your application
• existing loans
• the loan amount and your perceived ability to repay the loan.

Don't forget the starting rate for our Secured Green Car Loan is lower than our traditional Secured Car Loan, so if you have a good credit history you could be rewarded with a low competitive rate.

You’re entitled to a free copy of your credit report every three months from a Credit Rating Bureau (CRB). The CRB must provide the report within 10 days of your request

The two main Credit Rating Bureaus in Australia are:

• Equifax (previously known as Veda)
• Experian Australia Credit Services

A comparison rate is the interest rate, plus additional fees and charges you will be expected to pay over the loan term. As comparison rates indicate the true cost of a loan, they make it easier to decide which is best for you.

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.