Green Car Loan

In line with Great Southern Bank’s 2022-24 Climate Action Plan, and our goal of achieving net zero emissions by 2040, we have developed a range of green loan products to support our customers who share our values and want to contribute to a better future, while continuing to meet their financial needs.

To be considered “green”, products financed through our green loans must be:

• Hybrid and electric vehicles (via a car dealer and private seller)
• Home charging stations (for electric and hybrid motor vehicle charging) - only when purchasing a hybrid or electric vehicle
• Solar panels
• Battery packs
• Hot water heat pump
• Solar hot water system

A low or no emission vehicle is a hybrid or electric vehicle listed on the Green Vehicle Guide.

When we talk about low or no emissions, we are specifically referring to emissions produced while using the electric vehicle, not emissions produced during other processes such as manufacturing the vehicle.

As part of the application process you will be asked to provide reasonable evidence (including a tax invoice) to show that the loan will be used to purchase or refinance an eligible green vehicle. The documentation can vary depending on where and how you purchase your green vehicle. We'll help you with this step and supply the relevant information during the approval process.

A secured loan is 'secured' against the asset you are borrowing for such as a car, or home. If you are unable to repay the loan, the lender can sell the asset to cover the costs of the loan. Most secured personal loans have a lower interest rate when compared to an unsecured personal loan because there is an asset attached.

An unsecured personal loan is a loan that does not require an asset as security. Your income and ability to repay the loan is still assessed, however you don't need an asset to secure the loan.

If you’re buying a green vehicle under seven years old, a Great Southern Bank Green Car Loan may be right for you.

If a vehicle does not meet the green car eligibility criteria, you may be interested in a Secured Fixed Car Loan or an Unsecured Fixed Personal Loan if you’re buying a car older than seven years.

The Electric Vehicle Council provides a map of charging stations across Australia. You may find this useful for finding charging stations in your local area and when planning longer journeys.

Each state and territory in Australia offers an incentive for purchasing an electric vehicle. These incentives can include rebates, charging subsidies and discounts on registration and stamp duty. To find out if you're eligible, check with your relevant state government department or get started with the helpful links below.

• ACT electric car incentives
• New South Wales electric car incentives
• Northern Territory electric car incentives
• Queensland electric car incentives
• South Australia electric car incentives
• Tasmania electric car incentives
• Victoria electric car incentives
• Western Australia electric car incentives

A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.

When you apply for a personal loan your individual situation and your credit score will be considered when calculating your personalised interest rate.

Learn more with our guide to understanding our personal loan interest rates.

The rate you are offered is calculated on your personal circumstances and credit history. A few different factors are considered, including:

• your credit score
• information provided in your application
• existing loans
• the loan amount and your perceived ability to repay the loan.

Don't forget the starting rate for our Secured Green Car Loan is lower than our traditional Secured Car Loan, so if you have a good credit history you could be rewarded with a low competitive rate.

Simply request a free copy of your credit report from Equifax (previously known as Veda).

Checking your credit score can also help you estimate what your personalised rate will be before you apply.

A comparison rate will help you identify the true cost of the loan, which includes the interest rate plus all the relevant fees and charges for a loan.

Yes. Your loan contract will be set up for monthly repayments initially, but if you prefer to pay in weekly or fortnightly instalments simply call us on 133 282 or visit your local branch and we can arrange this for you.