What you're applying for
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Electric Car Loan
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Summary
Let's recap on your choice of a Car Loan for an electric or Plug-in Hybrid Electric Vehicle (PHEV).
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Overview
Funds for buying a new or used car, or to refinance a car loan for an eligible electric or PHEV vehicle that is provided over a fixed term with a fixed interest rate.
The important numbers
  • Borrow $10,000 to $130,000 on a 1-7 year loan term.
  • Fixed rate range 5.74% p.a. to 8.49% p.a. (comparison rate of: 7.16% p.a. to 9.88% p.a.[#]).
  • Fees include a $250[#] establishment fee and a $15 monthly loan account fee.
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Eligibility and what you'll need
You'll need to
  • Have a regular income
  • Be up-to-date with your regular repayments (rent or home loan, phone, credit cards and other loans etc.)
  • Be able to cover your expenses
And, about your car
  • For personal use and not more than 7 years old[#]
  • Locally-made or manufacturer-imported and never written-off
  • Fully comprehensive insurance policy noting Westpac as financier

Considerations

  • Your car needs to meet certain conditions to qualify for this loan (it must be be an eligible electric or PHEV vehicle and be new or less than 7 years old, comprehensively insured etc.[#]).
  • A $175 prepayment fee applies if you choose a loan term of 3-7 years and repay it within 2 years.
  • If the car you want to buy is already under finance, you will need to provide a payout letter.

Important information

To improve your chances of approval, we recommend having a before tax annual income of at least $25,000.

Flat rate pricing is only available for eligible EV and PHEV vehicles. Your application may be declined if documentation doesn’t match the engine type selected in the application form.

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Other options

Personal loans can be a good way to secure a lump sum of money for a specific need. However, there are instances where it's worth considering another form of credit:

  • You need a payment tool to access funds for everyday purchases on an ongoing basis. In this case, view our Credit Cards.
  • If you need ongoing help with short-term cashflow or prefer paying in stages instead of a lump sum upfront, consider our Flexi Loan.
  • You're doing home renovations that will cost more than $70,000. In this case look at increasing your home loan, or a construction option.
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Things you should know
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