Electric Vehicle Loans. Drive the Future Today

Financing an electric vehicle has some unique advantages compared to petrol or diesel cars. Understanding these differences can save you thousands:

• Green loan discounts: Several lenders on our panel offer reduced interest rates (typically 0.5-1.0% lower) for EVs and low-emission vehicles
• Higher residual values: As EV adoption grows, resale values are strengthening, which lenders view positively
• Lower running costs: Some lenders factor in EV running cost savings when assessing affordability, potentially increasing your borrowing power
• Government incentives: Various state incentives (stamp duty exemptions, registration discounts) effectively reduce the overall cost of EV ownership

At Simple Loans, our EV finance comparison tool understand these nuances and ensure you access every available benefit when financing your electric vehicle.

The electric vehicle FBT exemption has made novated leasing the most popular way to finance an EV in Australia. Here's how the savings stack up:

Example: Tesla Model 3 Standard Range ($55,000)

• Annual salary: $100,000
• Estimated annual savings vs buying outright: $5,000–$8,000
• Savings come from: income tax reduction, GST credit, zero FBT, and bundled running costs

The FBT exemption applies to EVs (and plug-in hybrids) with a value below the luxury car tax threshold for fuel-efficient vehicles. This means the fringe benefit that would normally be taxed at up to 47% is completely exempt, a massive saving that makes novated leasing often cheaper than buying the car outright.

We arrange EV novated leases through your employer, handling all the paperwork and ensuring you maximise your savings.

EV incentives vary by state and territory. Here's a summary of what's available:

• NSW: Stamp duty exemption for EVs and PHEVs. $3,000 rebate (subject to availability)
• Victoria: $100 annual EV road user charge applies, but registration discounts available
• Queensland: $6,000 rebate for new EVs under $68,000 (subject to funding)
• South Australia: 3-year registration exemption for new EVs
• Western Australia: Registration rebate for EVs
• Tasmania: Stamp duty exemption and 2-year registration waiver for new EVs
• ACT: Stamp duty exemption and 2-year registration discount for new zero-emission vehicles
• Northern Territory: Various incentives available, check current programs

Note: Incentives change regularly. We stay up to date and factor all available incentives into your finance assessment.

The Australian EV market has exploded with options across all price ranges. Here's our guide to popular choices:

• Budget-friendly: MG4 (from ~$34,000), BYD Dolphin (from ~$35,000), GWM Ora (from ~$35,000)
• Mid-range: Tesla Model 3 (from ~$55,000), BYD Seal (from ~$49,000), Hyundai Ioniq 5 (from ~$55,000)
• Premium: BMW iX (from ~$135,000), Mercedes EQS (from ~$180,000), Porsche Taycan (from ~$160,000)
• SUV: Tesla Model Y (from ~$57,000), Kia EV9 (from ~$87,000), Volvo EX30 (from ~$48,000)

When choosing an EV, consider range (how far you drive daily), charging access (home charging capability), and total cost of ownership including finance, electricity, insurance, and maintenance. Our specialists can help you compare the true cost of EV ownership against equivalent petrol vehicles.