Commbank Launches EV Access Program (EVAP)

Low(er) interest loans to purchase electric vehicles and charging equipment are now available to low(ish) income individuals and certain essential workers.

In an initiative backed by $150 million from the Clean Energy Finance Corporation (CEFC), Commonwealth Bank has made the loans available to individuals earning less than $100,000 a year, along with teachers, instructors, medical professionals, veterinarians, government officials and care workers. For the “essential workers” group, there are no income caps.

What’s On Offer From EVAP?

The EV Access Program (EVAP) offers a special rate of 5.49% on a secured personal loan with an energy-efficient discount for any electric or hybrid vehicle emitting less than 120g of CO2 per kilometre, and with a vehicle price and loan amount (including home EV charging equipment) less than or equal to $55,000.

More Choice As EV Prices Plummet

Just a couple of years ago, vehicle choices available for $55k or under in terms of new battery EVs were mighty slim or non-existent if there was no state subsidy involved – but things have changed.

“With new cheaper models coming onto the market and a growing second-hand market, it’s a good time to consider an EV,” said CommBank General Manager Personal Lending Joel Larsen

Some of the BEV models coming in under the $55k threshold for a new vehicle are (prices until December 31, and vary depending on state and options):

• MG4 – from $32,990 drive away.
• MG ZS EV – from $43,344 drive away.
• GWM Ora – from $30,990 + on road costs.
• BYD Dolphin + charger – from $35,900 drive away.
• BYD Atto 3 + charger – from $43,800 drive away.

Additionally, CommBank has worked with several EV manufacturers to develop a set of special offers; including:

• Up to $2,900 off the recommended retail price on eligible Hyundai Kona Electric models.
• Eligible pre-owned Tesla models provided with a free Tesla Mobile Connector.
• 30% off manufacturer’s suggested retail price for an allocated Polestar 2.

How Much Do Home EV Chargers Cost?

For those who want to get a hard-wired home EV charger installed and rolled into the loan as well, most devices with a good feature set cost around $1,500. That’s just for the hardware. Installation price will depend on complexity – it could be as little as a few hundred bucks or thousands. But most will pay $1,000 – $1,500 for the installation in addition to the hardware cost.

A hard-wired home EV charger is a good idea, particularly if solar panels are already installed on the home where the EV is kept. With a “smart” charger, it can be set to use only surplus solar energy while still offering the ability to charge from the mains grid if need be. These chargers can also deliver power at a much higher rate than the “granny” devices that are plugged into a standard power socket.

You can discover everything you need to know about residential charging in SolarQuotes’ guide to home EV chargers.

Commenting on the Clean Energy Finance Corporation’s role in EVAP, CEFC CEO Ian Learmonth said:

“Our work with the CBA will reduce the upfront costs for EVs and expand low emissions vehicle ownership to more people who might have otherwise been locked out of the market.”

Federal Minister for Climate Change and Energy Chris Bowen said the initiative builds on the Albanese Government’s efforts in boosting EV ownership, such as eliminating a 5% import tariff on EVs, removing Fringe Benefits Tax (FBT) on leased EVs, and building a nationwide EV charging network.