Low- and middle-income Australians, along with essential workers, can now access discounted loans for electric vehicles (EVs) under a new $150 million initiative from the Albanese Government.
The Clean Energy Finance Corporation (CEFC) has partnered with the Commonwealth Bank to offer low-interest EV loans to Australians earning less than $100,000 annually.
Eligible essential workers, including police officers, teachers, firefighters, and nurses, can also benefit from the scheme.
Interest rates on the discounted loans are up to five percentage points lower than standard rates, potentially saving EV buyers over $8000 on a $40,000 loan with a seven-year term.
This is in addition to long-term savings from reduced fuel costs.
The program covers loans for new and used EVs priced up to $55,000, as well as home EV charging equipment. It complements other government initiatives like removing the five per cent import tariff on EVs, eliminating Fringe Benefits Tax on leased EVs through the Electric Car Discount, and expanding Australia’s EV charging network.
According to the Albanese Government, since it took office, EV adoption in Australia has surged, with more than two-thirds of all EVs on the nation’s roads added under its policies.
The Government also said the number of fast charger locations has tripled since 2022, and the New Vehicle Efficiency Standard, starting January 1, 2025, is expected to bring even more options to Australian consumers.
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