EV / Green Finance
Buying an electric vehicle doesn’t just save you money at the pump — it could also save you thousands in interest.
Several New Zealand banks now offer special “green loan” options designed to support more sustainable choices, including electric vehicles (EVs), plug-in hybrids (PHEVs), and EV chargers. These loans often come with much lower interest rates than standard car finance — and in some cases, even interest-free periods.
Below, we’ve made it easy to understand the main green loan options available from New Zealand’s major banks, so you can decide what might work best for you. Click the Banks’ logo to go direct to their offer and find out further information.
⚡ Good to know: Most green loans are linked to a home loan, so eligibility depends on your existing mortgage, equity, and bank approval. Loan terms and rates can change — always check directly with your bank.
Good Energy Home Loan
If you already have a home loan with ANZ (or are happy to move one), ANZ’s Good Energy Home Loan is a popular way to fund an electric vehicle at a very low interest rate.
Instead of taking out traditional car finance, eligible customers can add the cost of an EV to their home loan using a special green rate. This can significantly reduce repayments compared with standard vehicle loans.
Better Homes Top-Up
ASB customers can use the Better Homes Top-Up to help pay for an electric or hybrid vehicle purchased from a registered motor vehicle dealer.
This option allows eligible homeowners to fold their EV purchase into their home loan at a much lower interest rate than most car loans — helping keep weekly costs down.
Green Home Loan Top-Up
BNZ offers a green home loan top-up designed for sustainable purchases, including electric vehicles and home charging solutions.
For customers with a BNZ home loan, this can be a cost-effective way to finance an EV while spreading repayments over time at a lower interest rate than standard car finance.
Greater Choices Home Loan (Interest-Free Option)
Westpac offers one of the most generous green lending options currently available in New Zealand.
Eligible home loan customers may be able to finance an electric vehicle interest-free for a set period, making this a very attractive option for buyers wanting to minimise borrowing costs.
EV Loan (No Home Loan Needed)
Don’t have a mortgage? Westpac also offers a standalone EV loan that doesn’t require a home loan.
This option works more like a traditional personal loan, but it’s specifically designed for electric and low-emission vehicles. It’s a good alternative for buyers who want a simpler finance option without refinancing their home.
Sustainable Lending (Limited EV Options)
Kiwibank doesn’t currently promote a dedicated green home loan specifically for EV purchases in the same way as other major banks.
However, business customers may be able to access sustainable lending for low-emission vehicles, and homeowners may find support for related sustainability upgrades.
Compare Green Loan Options for EV Buyers
**Current at time of publication – check with your bank for latest information.
| Bank |
Loan Type |
EV Eligible |
Max Amount |
Interest Rate |
Home Loan Needed |
| ANZ |
Good Energy Home Loan |
Yes |
Up to $80,000 |
~1% fixed |
Yes |
| ASB |
Better Homes Top-Up |
Yes |
Up to $80,000 |
~1% fixed |
Yes |
| BNZ |
Green Home Loan Top-Up |
Yes |
Up to $80,000 |
~1% fixed |
Yes |
| Westpac |
Greater Choices Loan |
Yes |
Up to $50,000 |
0% (limited term) |
Yes |
| Westpac |
EV Personal Loan |
Yes |
Up to $50,000 |
~7.99% fixed |
No |
| Kiwibank |
Sustainable Loans |
Limited |
Varies |
Varies |
Sometimes |
How ACEV Can Help
At ACEV – the EV Specialists, we help you understand EV ownership, running costs, and what questions to ask your bank — without pressure.
If you’re considering an electric vehicle and want honest, pressure-free advice, we’re here to help.
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