Finance Australia :: News
SHARE

Share this news item!

Rising Fuel Prices Drive Australians Towards Electric Vehicle Loans

CommBank Reports Significant Increase in EV Loan Applications Amid Fuel Crisis

Rising Fuel Prices Drive Australians Towards Electric Vehicle Loans?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

In response to escalating fuel prices and growing concerns over energy security, Commonwealth Bank of Australia (CommBank) has observed a remarkable 161% increase in weekly loan applications for new battery electric vehicles (BEVs) in March compared to February.
This surge underscores a significant shift in consumer behavior towards more sustainable and cost-effective transportation options.

The recent conflict involving Iran has led to disruptions in global oil supply chains, resulting in higher fuel costs for Australian consumers and businesses. This situation has prompted many to reconsider their vehicle choices, with electric vehicles emerging as a viable alternative to traditional petrol and diesel cars.

CommBank's data reveals that interest in EV financing options has spiked, with average daily visits to its EV Car Loan product page up by 75% in March compared to February. Additionally, the bank's 'Cars for CommBank' portal, a car-buying assistance service, reported a 136% increase in EV purchase enquiries during the same period.

Tim Burdon, Product Owner for Car Buying and Lending at CommBank, noted that the availability of more affordable EV and hybrid models in Australia has provided customers with greater choice and range. He emphasized that the significant surge in interest observed in March indicates a growing recognition of the financial and environmental benefits associated with electric vehicles.

Furthermore, the bank reported a 268% increase in business loan applications for Tesla vehicles in March compared to the same period last year. This trend suggests that not only individual consumers but also businesses are actively seeking to mitigate the impact of fuel price volatility by transitioning to electric vehicle fleets.

According to the Electric Vehicle Council, EVs accounted for 13.1% of all new car and light commercial vehicle sales in Australia across 2025, up from 9.6% in 2024. December alone set a record, with EVs making up 16.7% of new car sales for the month. These figures highlight the accelerating momentum of EV adoption in the Australian market.

As fuel prices continue to fluctuate, it is anticipated that the demand for electric vehicles and associated financing options will remain strong. Consumers and businesses alike are encouraged to explore the benefits of EV ownership, including lower running costs, reduced emissions, and potential savings on fuel expenses.

Published:Sunday, 5th Apr 2026
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Finance News

Council of Financial Regulators' Quarterly Statement on Financial Stability
Council of Financial Regulators' Quarterly Statement on Financial Stability
10 Apr 2026: Paige Estritori
On 23 March 2026, the Council of Financial Regulators (CFR) convened for its regular quarterly meeting to discuss the stability of Australia's financial system amid escalating global geopolitical tensions. The CFR, comprising the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Treasury, and the Reserve Bank of Australia (RBA), serves as the primary coordinating body for the nation's financial regulators. - read more
China Overtakes Japan as Australia's Top Vehicle Import Source
China Overtakes Japan as Australia's Top Vehicle Import Source
10 Apr 2026: Paige Estritori
February 2026 witnessed a significant shift in Australia's automotive import landscape, with China surpassing Japan as the largest source of new vehicles. This marks the first time in 28 years that Japan has been dethroned from the top spot. - read more
Rising Fuel Prices Accelerate Australia's Shift to Electric Vehicles
Rising Fuel Prices Accelerate Australia's Shift to Electric Vehicles
10 Apr 2026: Paige Estritori
As fuel prices in Australia continue to climb, reaching up to $2.50 per litre for unleaded petrol and surpassing $3 per litre for diesel, a growing number of consumers are turning to electric vehicles (EVs) as a cost-effective alternative. - read more


Finance Articles

How to Improve Your Chances of Getting a Business Loan Approved
How to Improve Your Chances of Getting a Business Loan Approved
Welcome, Australian entrepreneurs and business owners! Whether you're just setting down the foundation of a startup or steering a well-established enterprise, access to capital remains a critical ingredient for business growth and survival. In the bustling economy of Australia, a well-structured business loan can be the catalyst that propels your business forward, aiding in expansion, the acquisition of new equipment, or simply ensuring smooth operational cash flow during lean periods. - read more
Creating a Bulletproof Budget: Tips for Australians Juggling Debts
Creating a Bulletproof Budget: Tips for Australians Juggling Debts
Creating a sturdy financial foundation is essential for Australians navigating the often turbulent waters of debt. A bulletproof budget does more than just track expenses; it acts as a buffer against unexpected financial downturns and provides a clear path toward financial freedom. Comprehending the full weight of this importance is the first step to turning one's financial destiny around. - read more
Online Home Loan Calculators: How to Use Them in Your Loan Comparison
Online Home Loan Calculators: How to Use Them in Your Loan Comparison
Welcome to the world of savvy home financing! Whether you’re a first-time homebuyer or seasoned investor, navigating the ocean of home loan options can be daunting. In this digital era, one tool stands out for its effectiveness in simplifying this journey: the online home loan calculator. - read more


Free Loan Eligibility Assessment

Loan Amount:
Postcode:

All quotes are provided free and without obligation by a specialist from our national broker referral panel. See our privacy statement for more details.


Knowledgebase
Prime Rate:
The interest rate that commercial banks charge their most creditworthy customers.