Under this program, eligible customers can benefit from a reduction of up to 1.0% on standard loan rates for new and used EVs. The discount comprises 0.5% from the CEFC and an additional 0.5% from VWFS. For instance, a consumer loan for a passenger EV priced under the Luxury Car Tax threshold could result in savings exceeding $1,900 on a typical $70,000 loan over five years. Commercial loans for light commercial electric vehicles, such as vans or utility vehicles, are also included in this offering, with no cap imposed by the Luxury Car Tax threshold.

This collaboration underscores a shared commitment to accelerating the transition to cleaner transportation solutions in Australia. By reducing the financial barriers associated with EV purchases, the CEFC and VWFS aim to encourage more Australians to consider electric vehicles as a viable and cost-effective alternative to traditional internal combustion engine vehicles.