EV Car Loan 5.49% p.a. (6.92% Comparison Rate) for Essential Workers or Gross Income Below $100,000 @ Commbank EV Access Program

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EV Car Loan 5.49% p.a. (6.92% Comparison Rate) for Essential Workers or Gross Income Below $100,000 @ Commbank EV Access Program
Go to Deal
bemybubble on 19/12/2024 - 12:18 commbank.com.au (1679 clicks)
Last edited 19/12/2024 - 12:29 by 2 other users

The government just announced low interest loans for essential works or those with gross income <$100k.

Given the EV deals coming through I have no doubt this will appeal to those who are in the market for one and need to finance it.

CommBank EV Access Program

The CommBank EV Access Program offers a special rate of 5.49% p.a. (comparison rate 6.92% p.a.) on a Secured Personal Loan for eligible electric or hybrid vehicles.

Key Points

  • Eligibility:

    • Essential workers: Individuals employed as teachers, instructors, medical professionals, veterinarians, government officials, or care workers, OR
    • Individuals with a gross income of $100,000 p.a. or less

  • Vehicle Criteria:

    • Electric or hybrid vehicles emitting less than 120g of CO2 per kilometre
    • Price and loan amount up to $55,000

Financial Car Loan Electric Vehicle Loan

Related Stores

Commonwealth Bank
Commonwealth Bank
Clean Energy Finance Corporation
Clean Energy Finance Corporation

Comments

  • happydude on 19/12/2024 - 14:02
    +1

    Individuals employed as teachers, instructors, medical professionals, veterinarians, government officials, or care workers

    So highly unionised and mostly left leaning voters.

    Makes sense.

    • jv on 19/12/2024 - 14:04
      -3

      left leaning voters

      How come CFMEU bikies are not on that list?

      • happydude on 19/12/2024 - 14:06
        +1

        The bikes say jump and the constructions workers say how high.

        So the CFMEU bikies are covered under the program as 'instructors'.

  • decryption on 19/12/2024 - 14:07
    +5

    Can get the same interest rate from Bendigo Bank too - lots of banks offer Green loans for EVs at the same rate, some even lower. Don't know why the government felt it had to give CBA $150m via the CEFC for this. Maybe if the interest rate was 4% instead of 5.49%.

  • fremeer on 19/12/2024 - 14:11

    Normally you can use this loan and self manage your novated lease through someone like smart salary.

    That's going to be a pretty large savings since now the finance and the cost of the car is going to be fully claimable on tax.

    With a novated lease the cost could actually go below the cost of buying with cash I think. Need to check properly but would be close.

    Add in tax savings on insurance and rego and you are probably significantly better off in a year of owning an ev that costs 55k vs a petrol car that costs $40k.

    • jv on 19/12/2024 - 14:12
      -1

      Normally you can use this loan and self manage your novated lease

      Doubt it.

  • Lord Ra on 19/12/2024 - 14:41

    The Electric Vehicle Council's "State of EVs" report released this week showed electric cars now account for nearly one in 10 new car sales in Australia, a 150 per cent increase on the year before.

    The report said there were now 122 EV models available for sale in Australia, and several of the most popular models including the Tesla Model 3, BYD Seal and BYD Atto 3 are advertised at prices below $55,000, which would make them eligible under the government's loan scheme.

    Interesting to see how these numbers change 6 months from now.

    Personally, I cannot afford/stomach the 2nd most expensive thing in my life depreciating like crazy, so will always go for a 3-6 year old car instead.

  • Lit Homie on 19/12/2024 - 14:43

    I did the maths a long time ago. Novated lease is almost always better especially if you make money. Best of luck

  • MrSparkle on 19/12/2024 - 14:44
    +3

    Well this should fix the cost-of-living crisis! More debt, for lower (relatively) income households. This is the kind of fearless irresponsibility from government that sustains my joy and hope.

    • rooon on 19/12/2024 - 16:40
      +2

      Came here to say the same thing. Just bring back the unused portion or new EV rebates instead if plunging lower paid people into more debt!

  • DEvok on 19/12/2024 - 15:11
    +1

    Will bad credit score still get this approved? Or no run around checks.

    • Nom on 20/12/2024 - 09:59
      +1

      If you're bad at credit and you're earning less than $100K, then taking out a fifty grand car loan seems like a spectacularly terrible idea. Don't do this.

  • OzzyOzbourne on 19/12/2024 - 17:05

    I pay a lot of tax but I'm not essential. Fortunately I don't want an ev either.

  • joerd102 on 19/12/2024 - 17:07
    +6

    not really sure this is a deal.Government just spent a truck load of money doing a royal commission on banks.. and CBA was always the one that came up. Complaints that banks make way to much profit.

    Also Government - hey CBA here's 150 Million of taxpayers money in a cost of living crisis to add more to your profit.

    IMHO- just do a rebate.

  • Danger on 19/12/2024 - 17:08

    It'd push the EV prices up. Anything that Govt touches goes up.

  • Brick Tamland on 19/12/2024 - 17:18
    +1

    Looks like polestar is handing out discounts to get its polestar 2 under the threshold. Seems like a good deal with lower interest.

    • timmysbiscuits on 20/12/2024 - 11:29

      Where are you seeing this?

      • Brick Tamland on 20/12/2024 - 13:17
        +1

        Eligible vehicles on the CBA website. Links to a deal by Pilestar for 30% off

  • jayz on 19/12/2024 - 17:21

    Any recommendations for EV car loans where the vehicle is worth more than $55k?

    • Nom on 20/12/2024 - 10:15

      Ask your employer if they can do you a Novated Lease - this is the cheapest way to buy an EV.

  • MauTauAja on 19/12/2024 - 17:25

    It would be $15,097.50 over 5 years of interest on the top of the car price and add insurance as well (won't be cheap for EV).

  • Drakesy on 19/12/2024 - 17:25
    +1

    Just novate lease it…

  • NetflixAlwaysCheap on 19/12/2024 - 17:28
    +2

    id wait for the xiaomi SU7

  • Shaun Ross on 19/12/2024 - 18:12

    A lot to take in here so what I would like to know I am on a low income but I have around $1000 a month. Would like a new car big enough to tow my caravan doesn't have to be new but in good condition low mileage happy to pay into something for a year before I get anything as I have a car it's just getting old. I have a 800point credit report so very good.
    Thanks for any help

    • Drakesy on 19/12/2024 - 20:27
      +2

      You should not be financing a car sorry

  • soggypotato on 19/12/2024 - 18:22

    Is it me or the comparison rate is so sh*t

  • tunzafun001 on 19/12/2024 - 18:58

    So it doesn't need to be a new vehicle right?

    Grab a PHEV or used ionic or similar (now that Tim Pallas has been pantsed).

    Taking cash out of your offset would be a higher rate than this.

    But it is CBA…the "Harvey Norman" of banking ..

  • Loki556 on 19/12/2024 - 19:01
    +3

    A bit of a weird “deal” - and I mean the fanfare about the big announcement, not the posting of it on OzBargain. RACQ has offered a 5.99% EV loan, which actually seems cheaper than this one (better comparison rate) and without any constraints. So not very clear on what the benefit of this one are over it and even if it’s a bit better, there is really not much in it at the $55k limit.

  • Dyl on 19/12/2024 - 19:30
    +3

    More ways to land to people who can barely afford it

    worked in the industry and quit because it disgusted me

    • bemybubble on 19/12/2024 - 20:18

      worked in the industry and quit because it disgusted me

      Curious to know the story behind it

  • Bignudge on 19/12/2024 - 19:35

    Haval H6GT PHEV at $56,000 drive away seems like the go for me and most people. Brand new car, SUV, AWD, quicker than my SSV Redline ute… practically uses no fuel for daily commutes.

    Back 10 years ago if you told me that there's something quicker than a stock 6.2L V8 that uses little to no fuel I'll tell you to get stuffed lol… but oh how the times changed.

  • serpserpserp on 19/12/2024 - 20:54
    +1

    Geez they couldn't make the loan limit 65k? Also doesn't seem like a great rate

  • mirz on 19/12/2024 - 21:42

    Another cheap stunt by Albo and company. This clown promised cheaper energy but will never talk about that.

    If people like EVs, they will buy EVs. WTF do we need to subsidize them on taxpayers hard earned money.

    I’m not sure why these politicians cannot think anything longterm for Australia?

    • bennybaubles on 19/12/2024 - 22:08
      -1

      I used to tell people we need Albo over Shorten. Now look at the state of affairs. Can anyone tell me one thing of significance he’s achieved while in power?

      • botchie on 19/12/2024 - 22:28
        +1

        well we have more chips in our bag apparently

  • mustang87401 on 19/12/2024 - 21:52
    +3

    Butt Tesla does 2.99% p.a. interest rate and 3.99% p.a. comparison rate with Plenti currently. I got that rate and a new model 3 recently amazing car best I've ever owned. Software is truly mind blowing.

    • jayz on 11/01/2025 - 12:46

      Do you know of this interest rate is still offered? I'm not seeing it.

  • bennybaubles on 19/12/2024 - 21:57
    -5

    Surprised Jacinta hasn’t given women another 2% off for women applying to the scheme just for being female seeing as though white straight males are now the enemy in her eyes. (I’ve voted Labor all my voting life) Well done on her appointment of a female as Treasurer who’s only business skills are running an ice cream business in Benalla.
    Jacinta has been to the Kamala wokeness rulebook of running the state. Good luck with that.
    Also good luck going for a government job in certain sectors these days if you’re a male that hasn’t ticked the box.

    • Loki556 on 20/12/2024 - 10:02

      Well you voted Labor your whole life, so should do something different

  • Duece1995 on 19/12/2024 - 22:16
    -2

    Nobody wants an electric washing machine.

  • Mintee on 19/12/2024 - 22:17

    I have no idea why theyre wanting families to go get more into debt. Go buy a $10k used car instead of this 5.5% interest rate rubbish. Pocket 40k, petrol, interest at 5.5% on 40k is 2,200. Lets say average petrol price is $1.50 I can travel, 14, 000kms with the money ive saved (assuming its 10L/100kms)

    how tf is the a good promotion.

  • botchie on 19/12/2024 - 22:27
    -2

    people on less then $100k shouldn't be buying this trash
    1. loan repayment are large and interest paid is huge
    2, car depreciates faster then you can drive it
    bad deal all around
    ev toy cars are for rich and dumb

  • ozisaver on 19/12/2024 - 23:30

    Did Commbank decide to scrap the $3 cash withdrawal fee before or after the government handed them $150 million?

  • beyondtool on 20/12/2024 - 01:12

    I can’t think of a better way to ensure you’ll never qualify for a mortgage and will be saddled with debt you can’t repay than getting an EV car loan. The price of EVs is in free fall. You’ll be stuck with a depreciating asset at the end that’s worth peanuts.

    Best way to be rich is buy a car with cash.

  • King Steuart on 20/12/2024 - 06:09

    We're probably getting an EV in 2025 and this 'generous deal' from the 'govt' but actually just CommBank has ended the discussion. Novated lease all the way!

    We're going through Maxxia.

  • mr fox on 20/12/2024 - 09:08

    Oh this sounds great … checks fine print … ahhh, (maybe) fractionally better than existing arrangements. What a surprise.

  • strongzero on 21/12/2024 - 10:07
    +2

    I can not believe this is such an average rate, not sure how much the gov contribution is on each loan. Of course it is the best deal out there atm but People’s choice credit union and Bendigo bank offer similar loans with a pretty close apr and a lower CR overall while also being less restrictive (no 100k capped income, can be for hybrids, etc). Again the base rate of this is still better but it is hardly newsworthy and I don’t understand how the abc et al can post basically free advertorials for CBA

    • bemybubble on 21/12/2024 - 11:06
      -1

      A private loan secured against a car for similar rate??

      This id like to see

      • strongzero on 21/12/2024 - 11:55
        +1

        https://www.bendigobank.com.au/personal/loans/green/

        Bendigo bank 5.49, 5.89% comp rate on hybrids and evs.

        So it is actually lower than this deal, with less restrictions and works for hybrids/phevs as well as bev vehicles

        • bemybubble on 21/12/2024 - 16:13
          -1

          Important information about comparison rate
          The comparison rates displayed are calculated for secured personal loans with a loan amount of $30,000 and a term of 5 years, for unsecured personal loans the loan amount is $10,000 with a term of 3 years.

          WARNING: This comparison rate is 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.

          • strongzero on 21/12/2024 - 23:51
            +2

            @bemybubble: Yes the amount is less, but still. Worth highlighting that this loan is really not that great (not market leading) and Australia’s biggest bank does not need the free publicity to pad their bottom line. Especially when there are smaller lenders who offer a more competitive product even if it is for a smaller amount.That being said I’m sure you could find something comparable if not better through a smaller lender/credit union.

            • drewbytes on 22/12/2024 - 12:30
              +1

              @strongzero: Tesla offer a 3.99% loan (comparison rate) on their vehicles.

  • dontbeatightarse on 25/12/2024 - 08:39
    -6

    Just make sure you don't get into an accident and your battery doesn't burst into flames and incinerat your family. Be careful of floods also. Crazy sheeple.

    • bemybubble on 25/12/2024 - 09:33
      +1

      Merry Christmas

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