Enticed by the idea of an electric vehicle (EV)? To show support for Australia’s climate change efforts, Bank Australia has stated its intent to phase out car loans for new petrol and diesel vehicles by 2025.
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You’d be forgiven for thinking the whole world was making the switch to electric vehicles with the recent announcement of plans in the EU (and our very own ACT) to phase out the sale of petrol and diesel cars by 2035. With Ferrari posting record quarterly profits, it seems like that’s not always the case.
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With Australia undergoing a severe car shortage and fuel prices soaring, you might be eyeing up that car in the driveway and wondering if it’s worth it.
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Feel like it’s time to refresh your ride? Expert advice says think twice.
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More Aussies are looking to buy electric vehicles and now many car loan lenders offer competitive rates.
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Australia has seen an increase in electric vehicle sales over the last few years, especially now that increasingly affordable options are available. According to ABS data in 2021, electric vehicle registrations increased by 62% from the previous year.
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Australia has seen an increase in electric vehicle sales over the last few years, especially now that there are increasingly affordable options available.
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Online lender loans.com.au has just announced new rate cuts to some of their variable interest rate car loans.
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Are you a Canberran with an electric vehicle on your Christmas or 2022 list? We’ve got news for you … This month, the ACT Government introduced the Sustainable Household Scheme to residents of the nation’s capital as part of its commitment to net zero emissions by 2045. Under the scheme, the government is offering interest-free loans between $2,000 and $15,000 to eligible homeowners to fund the cost of energy efficient products, including EVs. The loans can be paid back over a period of up to 10 years and there are also no upfront or ongoing fees attached to it. “As the impacts of climate change become increasingly evident, it is essential that governments work with the community to not only take meaningful action to limit our contributions to global warming, but to do so in a way that improves our quality of life,” said chief minister, minister for climate action, Andrew Barr in the Sustainable Household Scheme Guidelines for participants. “I am pleased to announce the introduction of the Sustainable Household Scheme (Scheme), to support Canberrans to reduce their energy use and costs and live more comfortably. This in turn will contribute to the ACT’s transition to net zero emissions by 2045. “The Scheme will provide $150 million in zero interest loans over five years to eligible households, individuals and not-for-profit community organisations, and be delivered through a contracted loans provider.” Partnering with home improvement loan provider Brighte, the ACT Government is set to offer the scheme up until 2026 (unless it’s extended). Apart from the scheme and loans, Brighte also offers a specialised interest-free Buy Now Pay Later service for home improvement purchases (including green ones) up to $30,000 and snapped up a 2021 Mozo Experts Choice Award for best specialised service.
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It’s no secret that a car is something that will cost you the moment you drive out of the dealership (have you seen the price of petrol lately?). From regular costs like car loan repayments, fuel and tolls to you more-occasionals like tyres, rego and insurance and roadside assist - it all adds up. That’s where the latest stats from the Australian Automobile Association come in handy, as they break down the Australia-wide average of different car costs. According to the report, the average total transport cost for Aussies over the third quarter (Q3) of 2021 was $367.63 per week. That’s $6.99 greater than in the second quarter (Q2) of this year and makes up on average 15% of Australians’ total income. And, if you look at it from an annual cost perspective, it adds up to be $19,117 per year. While public transport is considered in the national total transport cost, it only makes up 6% of yearly transport costs overall, meaning the rest goes towards personal transportation costs (those associated with owning a vehicle) such as car loan repayments, fuel and repairs.
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