Westpac Bank Criticised for Offering Lower Interest Rate for EV Loans

Published on September 1, 2024

One of Australia’s big four banks has faced criticism for favouring electric vehicle (EV) owners with its lending policy. At a recent inquiry hearing, Liberal MP Garth Hamilton, the deputy chair of the Standing Committee on Economics, questioned Westpac bank’s representatives about its lower interest rates for EV and hybrid car loans. According to the MP, Westpac currently offers EV owners a favourable rate of 5.99 percent per year compared to 6.49 to 12.99 percent for a standard car loan. “Is this a product of your ESG (environmental, social, and governance) policy? Where does a product like this come from?” Hamilton asked....

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