EV and Hybrid Car Finance
The cheapest money in the country for an electric or hybrid vehicle does not come from a car loan. It comes from three main banks that lend against your house, and each one writes its own rules about who qualifies and what counts as an eligible vehicle. Which door is open to you turns mostly on who holds your mortgage today.
- Westpac, ANZ and ASB each run a different green lending offer
- We hold the relationships and prepare the submission for all three
Which of these is you?
You already bank with Westpac, ANZ or ASB
This is the short road, because all three offers are top ups to a mortgage you already hold with that bank. What is left to establish is whether your equity and income clear their thresholds, and whether the vehicle you want is one they will fund.
You own a home, but bank somewhere else
Moving the mortgage is what opens the offer, and arranging that switch is our usual work rather than an obstacle. Banks commonly pay a cashback to win the business, which offsets some of the effort of changing.
You do not own a home yet
None of these three reach you, because every one of them is secured against property. An electric vehicle is still very much fundable, either on ordinary vehicle finance or on an unsecured EV loan, and that is a shorter conversation with a much faster answer.
One short call settles which of the three describes you, well before anybody starts an application.
What each bank will fund
Westpac Greater Choices
How much$50,000Needs 20% equity, or 30% on an investment property
Rate and term0% for five yearsRepaid in full by the end of the five years
VehiclesFully electric onlyA hybrid does not qualify. Chargers do
The catchNeeds $150,000 or more of Choices home lending behind it, and your main income paid into a Westpac account
ANZ Good Energy
How much$3,000 to $80,000Needs 20% equity
Rate and termDiscounted, fixed three yearsThen ANZ's ordinary home loan rates apply
VehiclesElectric, hybrid and plug in hybridNew or used, but not mild hybrids. Chargers and electric bikes count
The catchYou need an ANZ home loan, or you can take one out at the same time
ASB Better Homes Top Up
How muchUp to $80,000Needs 20% equity, or 30% on an investment property
Rate and termFixed for three yearsThen the housing variable rate applies
VehiclesBattery electric, plug in hybrid and hybridNew or used. Chargers count
The catchThe purchase agreement has to be less than 60 days old when you apply
Every one of them requires the vehicle to come from a registered motor vehicle trader, which rules out a private sale.
What to expect
Work out which bank is in play
One call covers the ground that decides everything else: who holds your mortgage, roughly where your lending sits against the value of the property, and what you intend to buy. Nothing is submitted anywhere at this stage.
Match the vehicle to the offer
This is where most of the value sits, because the three banks draw the line in different places. A hybrid rules Westpac out but suits ANZ or ASB, and choosing the wrong door costs you weeks.
Assemble a full mortgage application
People underestimate this part. It is a complete home lending submission rather than the short vehicle application used elsewhere on this site, so income, outgoings and the property all form part of the file.
Draw down and buy
With approval in place the funds are drawn against the mortgage and the vehicle is bought through a registered dealer. Expect the assessment to take one to two weeks, since a green product still goes through full home loan checks.
Around 80 new clients start somewhere in this process with us every month.
Why the cheap money sits on your mortgage
None of these are car loan promotions. They are home lending products built to push borrowing towards greener spending, and a low emissions vehicle is one of the things each will fund alongside insulation, heat pumps and solar.
That parentage explains most of what feels unusual. It is why the lending is secured against your house, why the assessment is a full home loan assessment, and why the timeline runs to weeks rather than the hour an asset finance approval can take. It is also why the money is so cheap.
The vehicle is rarely the only thing worth funding. All three offers stretch to making the house itself warmer and more efficient, so it is worth asking what else on your list qualifies while an application is already open.
Charging at home
Hybrids count too
Bought through a dealer
What the banks need to see
Common ground across all three
- You hold a mortgage with that bank already, or you are willing to move one across.
- You keep at least 20% equity in an owner occupied home after the new lending, and 30% if the security is an investment property.
- The borrowing is affordable on your income, tested the way any home lending is tested.
- The vehicle is bought from a registered motor vehicle trader, never privately, and you can produce the sale and purchase agreement.
- The application is complete, because a partial file cannot be assessed.
Each bank then adds its own conditions on top, and those are the ones worth checking before you spend time on an application. Where there is room to move is in how a file is put together and which lender it goes to, and that is the part we do.
Find out in one call which offer reaches you: 0508 662 456.
EV and hybrid loan questions
Does a hybrid qualify, or only a fully electric car?
It depends entirely on the bank. Westpac funds fully electric vehicles only, so a hybrid is out there. ANZ and ASB both take hybrids and plug in hybrids, new or used, although ANZ excludes mild hybrids that cannot drive on the electric motor.
What does arranging it cost me?
Nothing in establishment or setup costs. The bank pays us directly, so our side of the work does not add to what you borrow.
How much can I borrow?
Westpac caps its interest free lending at $50,000. ANZ and ASB both go to $80,000, with ANZ setting a $3,000 floor. Those are ceilings rather than targets, and the amount you should borrow is a different question from the amount you can.
How long before I know?
One to two weeks is the realistic range. It is a full mortgage submission, so a straightforward file moves at the front of that and a complicated one at the back.
What happens when the cheap rate ends?
Westpac expects the interest free portion repaid within five years. With ANZ and ASB the discount is fixed for three years, after which that portion moves to the bank's ordinary rates unless you refix it, so it pays to plan for that date rather than meet it by surprise.
Can I buy the car privately?
Not on any of these offers. All three require a registered motor vehicle trader, which is a condition of the lending rather than a preference of ours.
Can the whole thing be done remotely?
Yes, start to finish, electronically. If you would rather do it across a desk, the Auckland office is open to you.
Find out which offer reaches you
The quickest way through this one is a phone call, because three or four answers establish which of the banks can help before anybody starts an application.
Lending is provided by Westpac, ANZ or ASB on their own criteria and subject to approval, alongside our standard terms and conditions. Offer details correct as at 20 August 2026; each bank may change or withdraw its offer at any time.