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 Westpac Electric Car Loan for your eligible Tesla purchase.
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Overview
Funds for purchasing an eligible Tesla vehicle using a Westpac Electric Car Loan 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
  • Have purchased your eligible Tesla car using the Tesla App and selected Westpac as financier
And, about your car
  • For personal use and not more than 7 years old[#]
  • Registered in your name
  • Locally-made or manufacturer-imported and never written-off
  • Fully comprehensive insurance policy noting Westpac as financier

Considerations

  • You must purchase an electric car directly from Tesla for personal use only using the Tesla App and select Westpac as the financier
  • Your car needs to meet certain conditions to qualify for this loan (it must be an eligible electric 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[#]

Consents

  • You authorise the bank to retrieve your car invoice directly from Tesla using the Order Number from the Order Agreement you provide to us for car verification purposes
  • By applying, you agree that the bank can share your loan status and loan amount with Tesla to help with your car purchase

Important information

This promotion applies only to cars purchased directly from Tesla using the Tesla App. Applications may be declined if your car verification documents do not confirm the car was purchased directly from Tesla.

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

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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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