CBA puts essential workers in the EV driving seat
Discounted rate for new and used EVs and charging infrastructure
The CEFC has committed $150 million to support the Commonwealth Bank of Australia EV Access Program which provides discounted loans to encourage essential workers to take up electric vehicles.
$150 million
CEFC commitment
Loans
for new and used EVs
Supporting
essential workers
Many Australians are open to buying an EV but are put off by the upfront cost. Our new EV Access Program is designed to provide customers with special offers on vehicles and a discounted interest rate for the life of the loan.Joel LarsenGeneral Manager Personal Lending, CBA
Our investment
The CEFC has committed $150 million to the Commonwealth Bank of Australia (CBA) EV Access Program which is aimed at CBA customers earning less than $100,000 a year, as well as police, teachers, firefighters, healthcare, and other essential workers.
Through the program, eligible customers could save between 1.0 per cent and 5.0 per cent for electric vehicle (EV) specific loans compared to a secured internal combustion engine vehicle loan. For example, on a loan of $40,000, a five per cent interest rate discount over seven years could save customers more than $8,000 in interest.
The CEFC commitment supports a discounted rate that applies to a range of new and used EVs valued up to $55,000, as well as EV home charging infrastructure.
CBA customers, using the CommBank app or online services, can access a dedicated car buying platform to help them find, finance and manage their next new or used car purchase.
Essential workers in cities like Melbourne and Sydney are more likely to commute by car and less likely to use public transport, compared to the general workforce, partly because of shift work that requires them to travel outside peak public transport schedules. Helping them purchase an EV improves transport accessibility for these workers and may reduce their carbon footprint.Richard LovellExecutive Director and Head of Debt Markets, CEFC
Find out more about the CBA EV Access Program
OUR IMPACT
Taking on transport emissions
Many Australians are considering the switch to an EV in the next five years, but price remains a key barrier, according to the March 2024 University of Sydney Transport Opinion Survey.
With transport on track to be our largest emitting sector by 2030, there is a critical need to accelerate the uptake of more efficient forms of power generation and transportation.
Encouraging consumer demand and awareness for EVs through targeted discount financing can help develop the EV second-hand market, which can further increase the affordability and accessibility of EVs.
Driving EV ownership
The CEFC is working with co-financiers to make EV ownership more accessible through products that offer discounted loans to fleet owners and managers, small businesses and consumers.
CEFC finance has also backed Australia’s first electrified bus fleet, the electrification of Team Global Express fleet vehicles and smart charging infrastructure company JET Charge.
Learn more about CEFC investment in electric vehicles
