Bank targets EV buyers

Westpac has announced it is offering interest-free loans of up to $50,000 for five years to help consumers buy an electric vehicle (EV) or other energy-efficient technology.

The deal is part of its “sustainable lending programme” but is only available to people with a Westpac home loan who meet the bank’s lending and affordability criteria.

The new loans can be used on new or second-hand EVs purchased through a dealership and for EV chargers.

Sarah Hearn, Westpac NZ’s general manager of product, sustainability and marketing, says the bank is focused on helping customers lower their carbon footprint.

She adds it has also expanded the lending limit from $40,000 to $50,000 to accommodate more purchasing options.

Westpac is currently the only bank offering interest-free loans for EVs. However, ANZ and ASB offer loans of up to $80,000 at one per cent interest for three years for EVs and energy-saving home upgrades.