EV Loans: What Loans Are on Offer for Electric Vehicles?

What are EV loans/sustanibility loans?

Essentially, these are loans for purchasing an electric vehicle and/or undertaking other sustainable initiatives such as installing an EV wall charger or solar panels.

More often than not, these loans are home loan top-ups, rather than personal loans. A home loan top-up allows you to use some of the equity in your home to borrow money from your lender.

The sum you borrow is added to your total mortgage debt. However, in the case of sustainability loans, the interest rate for this portion of your mortgage will, typically, be significantly lower (for a fixed period of time) than your regular mortgage rate.

However, for those who don’t own a home, there is a small selection of EV loans that are personal loans. Do note that the interest rates offered on these loans aren’t as low as those offered through a home loan top-up.

Furthermore, while some lenders may guarantee their lowest personal loan rates for an EV purchase, other lenders may charge you different rates, depending on your financial profile, similar to a standard car loan.

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Car Loans

It’s worth noting that you can use a regular car loan to purchase an EV. So if the below options aren’t suitable, you can still get yourself a new Tesla.

However, the purpose of using a specific EV (or sustainability) loan is that they typically come with more favourable terms, mainly significantly lower interest rates, than a standard car loan.

→Related article: Top Selling Electric Cars in New Zealand

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The table below displays some of the unsecured personal loan products available on Canstar’s database for a three-year loan of $10,000 in Auckland (some may have links to lenders’ websites). The products are sorted by Star Rating (highest to lowest) followed by company name (alphabetical). Use Canstar’s personal loan comparison selector to view a wider range of products on Canstar’s database. Canstar may earn a fee for referrals.

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EV loans: personal loans

Westpac: The EV Loan

The EV Loan from Westpac lets you borrow up to $50,000 for the purchase of a new or used electric/hybrid car, e-moped or e-bike at an interest rate of 7.99%*.

The loan is unsecured and can be taken out over a period from six months to five years. Flexible repayments allow you to make additional and lump sum repayments without fees.

You can find more details here.

AA Money: Electric Vehicle Loan

AA Money’s EV loan can be used to purchase an EV, PHEV, and/or EV add-ons, such as a home charging set-up.

With the AA Money Electric Vehicle Loan you get:

• Fixed rates from 9.90%* p.a.
• $0 monthly account fee
• Loan terms from one to five years
• Conditionally approved loans valid for 30 days

You can find more details here.

*Interest rates accurate at the time of writing (10/11/23)

EV loans: home loan top-up

ANZ: Good Energy Home Loan

The Good Energy Home Loan is a top-up for existing ANZ home loan customers that can be used to pay for sustainable home initiatives. It provides access up to $80,000 at any one time ($500,000 in total) to undertake sustainable initiatives, at a special 1% interest rate fixed for three years.

→Related article: Personal Loan vs a Home Loan Top-Up: Which is Right for You?

The Good Energy Home Loan can be used for:

You can find more details here.

ASB: Better Homes Top Up

The Better Homes Top Up is available to help to make your home drier, warmer, or more energy efficient, or to help you purchase a hybrid or electric vehicle. It provides access up to a maximum of $80,000 to undertake sustainable initiatives, at a special 1% interest rate fixed for three years. Note that you will need a minimum of 20% equity.

The Good Energy Home Loan can be used for:

You can find more details here.

BNZ: Green Home Loan top-up

The Green Home Loan Top Up is available to help to make your home drier, warmer, or more energy efficient, or to help you purchase a hybrid or electric vehicle. It provides access up to a maximum of $80,000 to undertake sustainable initiatives, at a special 1% interest rate fixed for three years.

The Green Home Loan Top Up can be used for:

You can find more details here.

Sustainable home loans

In addition to the above lenders, several other lenders offer sustainable home loans that can be used to undertake various green initiatives but do not include the option to use them for the purchase of an EV.

If you’re interested in undertaking green additions to your home, beyond purchasing an EV, click the link below for a comprehensive list of sustainable home loans.

→Related article: Sustainable Home Loans NZ: What’s on Offer

Best Mortgage Rates for Refinancing

If you are interested in securing the best home loan to suit your finances, the table below displays some of the 2-year fixed-rate home loans on our database (some may have links to lenders’ websites) that are available for home owners looking to refinance. This table is sorted by Star Rating (highest to lowest), followed by company name (alphabetical). Products shown are principal and interest home loans available for a loan amount of $500K in Auckland. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products. Canstar may earn a fee for referrals.

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About the author of this page

This report was written by Canstar Content Producer, Caitlin Bingham. Caitlin is an experienced writer whose passion for creativity led her to study communication and journalism. She began her career freelancing as a Search Engine Optimiser, before joining the Canstar team.