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Loans for petrol and diesel cars to end, bank declares

Buyers looking to finance their new car through their bank may soon be limited to electric models.

Bank Australia has announced it will be stopping loans for petrol and diesel cars from 2025, with the goal of the customer-owned bank to reach net zero carbon emissions by 2035.

The decision means customers will be limited to buying pure battery-powered vehicles, with traditional and plug-in hybrid models to be excluded from its new-car loan eligibility.

“While we will cease car loans for new fossil fuel cars from 2025, we are deeply aware that we need to support people not yet able to afford an electric vehicle while the market grows,” Dr Courville said at the announcement.

“We’ll continue to offer loans for second-hand fossil fuel vehicles until there is a viable and thriving market for electric vehicles,” she added.

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