Westpac Electric Car Loan: Check everything you need to know

06/15/2025 • Maryella Faratro • Credit & Planning

The automotive industry is rapidly shifting gears towards sustainability, compelling more Australians to switch from conventional petrol vehicles to electric and hybrid models.

To support this transition, Westpac has introduced the Electric Car Loan, designed to make financing electric vehicles (EVs) more accessible.

Notably, this loan accepts applications even from individuals with a less-than-perfect credit history, making it an attractive option for many.

Discounted fixed interest rates for electric vehicles.
Coverage of associated costs like insurance, home charging equipment, and software upgrades.
Fast and seamless application process combined with a speedy approval time.

In this guide, we delve deep into the features, benefits, and application processes surrounding the Westpac Electric Car Loan, revealing why it stands out as a top choice for eco-conscious consumers eager to own an electric or hybrid vehicle.

Key Benefits of Westpac Electric Car Loan

When considering an electric or hybrid vehicle, prospective buyers often weigh the benefits against the costs.

The Westpac Electric Car Loan bridges this gap with an array of appealing features designed to ease financial burdens.

Discounted Interest Rate

Enjoy a 0.5% discount on standard rates for eligible electric and hybrid vehicles, ensuring a fixed interest rate of 5.99% p.a., making the loan both attractive and affordable.

Flexible Repayment Terms

Tailor your payment schedule with weekly, fortnightly, or monthly options over a term of 1 to 7 years, ensuring a personalized plan that fits your financial situation.

Comprehensive EV Coverage

Cover beyond just the car purchase, including insurance, home chargers, and even on-road expenses associated with owning an electric vehicle.

Fast Approval Process

Receive a response to your loan application within 60 seconds, streamlining the process of getting your new vehicle on the road.

No Extra Repayment Fees

Make additional repayments without incurring fees, potentially allowing you to pay off your loan quicker, barring early payout of loans longer than two years.

Complimentary Charging Credit

Benefit from 1250 kWh of free public charging at over 1500 stations nationwide for the first 12 months, provided by Chargefox, enhancing the value of your purchase.

Who Should Consider This Loan?

With its tailored features and benefits, the Westpac Electric Car Loan is crafted to cater to a specific demographic eager to embrace the future of automotive travel.

Individuals interested in purchasing an electric or hybrid vehicle.
Buyers with average or subpar credit histories searching for pragmatic financing solutions.
Environmentally conscious consumers seeking to reduce their carbon footprint.

If youre planning to invest in greener technologies and need financial support, this loan provides an avenue to make that transition smoother and more feasible.

Pros and Cons of Westpac Electric Car Loan

Every financial product comes with its set of advantages and potential drawbacks.

Here is a balanced view to help you assess the Westpac Electric Car Loan effectively.

Pros

Lower Interest Rates for EVs
Take advantage of reduced interest rates, especially tailored for electric and hybrid models.
Flexible Repayment Options
Choose from varying frequencies and durations to fit your financial landscape.
Rapid Application Turnaround
Receive near-instant feedback on your application status, with decisions made in under a minute.
No Balloon Payment
The loan amount is fully amortized, meaning its entirely repaid by the end of the term.
Free EV Charging
Drive economically with a years worth of free public charging, courtesy of Chargefox.

Cons

Establishment and Account Fees
Theres a $250 lending establishment charge, coupled with a $12 monthly maintenance fee.
Early Payout Fee
A $175 prepayment penalty may apply if you settle the loan early and the term exceeds two years.
Eligibility Constraints
The discounted interest rate is available only on a limited selection of electric and hybrid models.
Higher Comparison Rate
While the advertised rate is attractive, the effective comparison rate is slightly higher at 7.20% p.a.

Why We Recommend the Westpac Electric Car Loan

As a financial tips review leader, WomanClub thoroughly evaluates products based on consumer needs and market trends.

The Westpac Electric Car Loan emerges as a standout offering in the green mobility sector.

It offers competitive, discounted interest rates that make owning a sustainable vehicle affordable for a broader audience.
The loan's flexibility regarding repayment terms and coverage distinguishes it from standard car loans.
The fast application response time and associated perks like complimentary charging credit reflect a consumer-friendly approach.

How to Apply for the Westpac Electric Car Loan

Applying for the Westpac Electric Car Loan is a straightforward process designed to minimise hassle and maximise convenience.

Access the official website

Visit the Westpac website and navigate to the car loan section.
Reach out to any Westpac branch for in-person assistance.
Utilize Westpac's online application portal for swift processing.

Frequently Asked Questions

What types of vehicles qualify for the loan?

Over 2,000 electric and hybrid models are eligible for the discounted interest rate offered by the Westpac Electric Car Loan.

Are there any fees associated with the loan?

Yes, there is a $250 establishment fee, a $12 monthly account maintenance fee, and potentially a $175 prepayment fee for early settlement on loans exceeding two years.

Can individuals with bad credit apply?

Yes, Westpac considers applications from a variety of credit backgrounds, making it accessible for those with less-than-perfect credit.

What is the process if I want to refinance?

Refinancing to another Westpac personal loan may waive the prepayment fee, offering more financial flexibility.

Final Thoughts

The Westpac Electric Car Loan is purpose-built for those ready to take the leap towards sustainable transport, providing comprehensive support for purchasing not just an electric vehicle, but also the essentials that come with it.

Whether you're concerned about interest rates or ancillary costs, this loan addresses multiple facets of the EV buying process.

At WomanClub, we advocate for informed financial decisions, and this loans transparency, coupled with its attractive perks, makes it a worthy contender for any potential electric vehicle owner.