Save $250 on a Secured Personal Loan

We’ve put the brakes on establishment fees

We’ve made it even easier to buy and own your next car, with no establishment fee on Secured Personal Loans.

Available for a limited time only when you apply for and fund a Secured Personal Loan between 4 June 2024 and 27 August 2024.9

couple driving a car

Secured Personal Loan rate for eligible electric and hybrid vehicles+

  • 6.49 % PA
    Interest rate
  • 7.55 % PA
    Comparison rate

Why choose CommBank for your next electric vehicle?

Get our lowest rate

Receive our lowest rate of 6.49% p.a. (7.55% p.a. comparison rate) to support your electric vehicle transition.

Cover all your upfront costs

A CommBank electric vehicle loan will cover all your needs, from the vehicle to the charging station and batteries.

Quick and easy application

Complete the online application in about 15 minutes, and get a response in as little as 60 seconds.

Simplify your banking experience

If you’re an existing customer, manage your finances under one roof to easily track your commitments.

How much does it cost to run an electric vehicle?

Use our comparison tool to see the estimated running costs, emissions and vehicle prices of an EV compared to a petrol, diesel or hybrid vehicle.

Get started

Options for your next eligible electric or hybrid vehicle

Enjoy a discounted rate for eligible electric vehicle/hybrid purchases with our competitive personal loans.1 Get our lowest rate of 6.49% p.a. with a Secured Personal Loan.

Secured Personal Loan

Features
  • You can typically pay a lower rate by using your current car or the car you're buying as security
  • Make up to $1,000 in extra repayments per year without a fee 1
  • Borrow $4,000 - $100,0002 ~

Rates

  • 6.49% p.a. with discount applied
  • (usually 6.99%-10.99% p.a.)
  • 7.55% p.a. comparison rate3
Fees
 
  • $0 establishment fee (save $250)
  • $15 monthly loan service fee
  • Other fees may apply, e.g. early repayment fee. See more

Save $250 for a limited time

Save $250 with no establishment fee on Secured Personal Loans when you apply for and fund between 4 June 2024 and 27 August 20249

Apply now

Fixed Rate Loan

Features
  • Fixed interest rate and repayments for the term of the loan
  • Make up to $1,000 in extra repayments per year without a fee1
  • Borrow $4,000 - $50,0002
Rates
  • 7.50% p.a. with discount applied (usually 8.50%-20.50% p.a.)
  • 8.90% p.a. comparison rate3
Fees
 
  • $250 establishment fee
  • $15 monthly loan service fee
  • Other fees may apply, e.g. early repayment fee. See more
Apply now

Variable Rate Loan

Features

  • Flexibility to make extra repayments without a fee
  • Redraw available funds through your redraw facility
  • Borrow $4,000 - $50,0002

Rates

  • 7.50% p.a. with discount applied (usually 8.50%-20.50% p.a.)
  • 8.90% p.a. comparison rate3
Fees
 
  • $250 establishment fee
  • $15 monthly loan service fee
  • Other fees may apply, e.g. late payment fee. See more
Apply now

Why choose an EV as your next vehicle?

Lower ongoing running costs

You could benefit from an estimated annual saving of $1.3k to $1.7k from the lower operational costs of running an EV.4

Charging infrastructure is rapidly developing

There are more than 2300 charging sites nationwide5, and Australian states and territories have committed over $200m to roll out additional charging sites across Australia.4

EVs are becoming more accessible and affordable

There are models you can now purchase for less than $50,000^, which means you can go electric for less than $175 per week#. Government rebates are becoming more common4, and home charging units are getting faster and smarter*

Be a part of the change

Join the global transition in reaching zero emissions for all new vehicles. One in six customers financing a new car with CBA choose an EV.

How to pick an electric vehicle that suits your needs

1. Research

Consider various EV models from different manufacturers to find one that suits your needs, budget and preference.

2. Test drive

Arrange test drives at the dealerships for the electric vehicles you’re interested in to experience their performance, comfort and handling.

3. Charging solutions

You might consider installing a charging station in your garage, or looking for public charging stations available in your area.

4. Apply

Apply for a CommBank personal loan to finance your purchase. Simply start an application and select “Green purchases” as the loan purpose

Apply now

Looking for an electric or hybrid vehicle for business use?

Interest rate discounts are available for eligible electric, plug-in electric and hybrid powered vehicles6 7

Features and benefits:

  • Choice of terms from three to five years
  • Fixed rates and repayments
  • Optional balloon payment to lower repayments
  • Fast and simple application process
  • Optional wall chargers can be included

Tell me more

CommBank || Tesla

CommBank is a preferred finance provider for Tesla. Together we’re helping customers make the switch to an electric vehicle. Discover Tesla

Not looking for an EV? Find out about all of our personal loans

Frequently asked questions

  1. Explore our personal loans and choose the right option to meet your needs.
  2. When you're applying, you'll need to select 'Green purchases' as your loan purpose.
  3. We'll ask for a tax invoice or quote from the car’s provider on a company letterhead that confirms: purchase amount, retailer or manufacturer details and itemised specifications of the eligible vehicle. You’ll also need to provide proof the vehicle is comprehensively insured.

The maximum you can borrow online for a secured loan is $100,000 or $50,000 for an unsecured loan. If you need more you’ll need to pay the difference, or for a secured loan you can call us on 13 1431 to discuss your needs.

Yes, approvals are valid for 60 days. If your delivery is longer than this, we can look to extend your approval on expiry.

Yes if you still have proof of purchase, but only on an unsecured loan.

Yes, providing it’s provided by the dealer, listed on the same invoice as the car and total loan amount is not more than 120% of the car’s value.

There may be a variety of incentives available based on the state in which you’re registering your vehicle. Federal incentives may also be available depending on how you buy and finance. We recommend you check for any state or federal government incentives including eligibility criteria before applying.

Yes, but you won’t qualify for the green discount.

Things you should know

  • Information and interest rates are current as at 25 May 2024 and are subject to change. This guide doesn’t consider your individual objectives, financial situation or needs. Before basing any decisions on this information, please consider:

    • its appropriateness to your circumstances
    • obtaining professional advice specific to your needs, including financial, taxation and legal advice.

    ~ If you need to borrow more than $100,000 for a secured loan, please call us on 13 1431 to discuss your needs.

    Eligible vehicles must be fully electric, or hybrids emitting less than 120g C02 emissions per kilometre. If you're using the car as security it must be no more than seven years old, not currently under finance and have an active comprehensive insurance policy. The comprehensive insurance policy must be organised prior to loan funding.

    1 Additional repayments made on a Fixed Rate Loan are not available to be redrawn. View the Personal Loan Terms and Conditions.

    Your borrowing capacity depends on a range of factors such as your credit score.

    Applications for finance are subject to the Bank’s normal credit approval. View the Personal Loan Terms and Conditions. Full terms and conditions will be included in our loan offer. Fees and charges are payable. 

    Comparison rates are calculated based on an unsecured loan of $30,000 and a secured loan of $30,000, over a term of five years. WARNING: Comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

    4 See Commbank Sustainable Economics report published 3 July 2023.

    5 The Australian National Electric Vehicle Strategy page 14

    6 These products are only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank's eligibility and suitability criteria and normal credit approval processes. Customers should view our current Terms and Conditions for Asset Finance (PDF) and consider them before making any decision about these products. Rates, fees and charges apply.

    7 For Business, a discount may apply for qualifying efficient and green vehicles and equipment when you ask for it. The financed vehicle must not be more than eight years old at the end of the finance term. No discounts are automatically applied and must be requested prior to funding. Discounts offered are subject to change without prior notification. We reserve the right to modify or revoke any discount offered at any time, for any reason.

    8 See CommBank Media Release: CBA and Tesla Australia team up to support the transition to electric vehicles.

    Offer available for a limited time. Apply for and fund a Secured Personal Loan between 4 June 2024 and 27 August 2024 to save $250 on the establishment fee (comparison rate calculations are inclusive of this offer).

    We reserve the right to close or vary this offer at any time.

    ^ See report from the “Electric Vehicle Council: State of Electric Vehicles”, pages 63-67, published on July 2023

    # $175 weekly repayment is calculated on an example of a $50,000 green secured loan over a 7 year term and our lowest rate of 6.49% p.a. (comparison rate 7.55% p.a.). This comparison rate is calculated based on a secured loan of $30,000, over a term of five years. This comparison rate is true only for the examples given and may note include all fees and charges. Different terms, fees or other loans amounts might result in a different comparison rate.

    * See article by Evnex: The Best Electric Vehicle Charger for your home, published on December 12 2022.

    Credit provided by Commonwealth Bank of Australia.