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 your electric car. This doesn’t include 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 old.

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.

• Australian Capital Territory
• New South Wales
• Northern Territory
• Queensland
• South Australia
• Tasmania
• Victoria
• Western Australia

It’s important to note that the rebate application status can change from time to time depending on where you live.

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 credit score will be considered when calculating your personalised interest rate.

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.

You’re entitled to a free copy of your credit report every three months from a Credit Rating Bureau (CRB). The CRB must provide the report within 10 days of your request.

The three main Credit Rating Bureaus in Australia are:

• Equifax (previously known as Veda)
• Experian Australia Credit Services
• illion (formerly Dun & Bradstreet)

A comparison rate is the interest rate, plus additional fees and charges you will be expected to pay over the loan term. As comparison rates indicate the true cost of a loan, they make it easier to decide which is best for you.

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.