Westpac offers cheaper loans to customers purchasing EVs

Australian bank Westpac has announced a new lending offer aimed at financing electric vehicle (EV) purchases. With rates starting at 4.99% pa, consumers will be able to borrow between A$10k and A$100k. The driving force behind the move is research by the bank's consumer research unit which found that "70% of Australians plan to own a hybrid or electric vehicle in the future, and 34% of petrol and diesel drivers are considering making the switch for their next car”. Westpac suggested that the new lending offer is aimed at reducing the cost-related barriers to EV adoption by consumers in Australia.