New Zealand has seen rapid electric vehicle (EV) uptake, and several banks now offer dedicated green vehicle loans with preferential rates for EV and plug-in hybrid (PHEV) purchases. This guide covers EV-specific finance options, current incentives, and what to consider when financing an electric vehicle in NZ.
• Green vehicle loan rates can be 0.5–2% lower than standard car loans
• Most NZ banks now offer dedicated EV loan products
• Clean Car Discount scheme: check NZTA for current EV rebates (policy changes frequently)
• Battery warranty: most new EVs come with 8-year/160,000km battery warranty — important for used EV purchases
• Imported used EVs (from Japan, UK): typically 2–5 years old, popular price point for NZ buyers
Green Vehicle Loan Products in NZ
Kiwibank — Green Home & Vehicle Loan
Kiwibank offers a dedicated green vehicle loan for electric and plug-in hybrid vehicles at a rate below their standard car loan rate.
- Eligible vehicles: Battery electric (BEV), plug-in hybrid (PHEV)
- Rate benefit: Typically 0.5–1% lower than standard car loan
- Apply: Online or in branch; standard income/credit checks apply
Westpac — Choices Green Vehicle Loan
Westpac’s Choices Green Vehicle Loan offers preferential rates for EVs and PHEVs purchased from approved dealers.
- Eligible vehicles: BEV and PHEV from new or approved dealers
- Rate benefit: Reduced rate vs standard vehicle loan
ANZ and ASB
Both ANZ and ASB offer standard secured vehicle loans that can be used for EVs. While they don’t always advertise a specific EV rate, it’s worth asking for a green vehicle rate at application — some relationship managers have discretion.
BNZ
BNZ has signalled green lending as a priority. Check their current product range at application — green vehicle products may be available.
What Vehicles Qualify?
For most green vehicle loan products:
- Battery Electric Vehicles (BEV): Fully electric — Tesla, Nissan Leaf, Hyundai Ioniq, BYD, MG ZS EV, Kia EV6, etc.
- Plug-in Hybrid (PHEV): Mitsubishi Outlander PHEV, Toyota RAV4 PHEV, etc.
- Not typically included: Mild hybrids (Toyota Corolla hybrid, regular Yaris hybrid) — these generally don’t qualify for green vehicle rates
Clean Car Discount (Government EV Rebate)
Note: The Clean Car Discount scheme introduced in 2021 has been subject to government policy changes. Always check the current status at nzta.govt.nz — rebates, amounts, and eligibility criteria may have changed since this article was last updated.
Historically, the Clean Car Discount provided:
- Rebates of up to $8,625 on eligible new EVs
- Rebates on used imported EVs
- Funded via a feebate on high-emission vehicles
The policy has been modified and the future of the scheme is subject to ongoing review.
Financing Imported Used EVs
The NZ EV market is heavily supplied by imported used vehicles from Japan and the UK. Key considerations:
Battery health: Get a battery health report (state of health, or SoH) — most reputable EV dealers provide this. A battery at 80% or below SoH has reduced range and lower resale value.
Charging standard: Japanese imports typically use CHAdeMO DC fast charging. Newer vehicles use CCS (which is the NZ/global standard). Make sure the vehicle’s charging standard is compatible with the charging infrastructure you plan to use.
Odometer conversion: Japan uses kilometres, so odometers are directly comparable.
Compliance: All imported used vehicles must be NZ-compliant (WOF, rego, frontal protection check). Reputable importers handle this.
Total Cost Comparison: EV vs Petrol
Despite higher purchase prices, EVs often have lower total ownership cost:
| Cost element | Petrol vehicle | Electric vehicle |
|---|---|---|
| Fuel/charge (15,000km/yr) | ~$2,400–$3,000 | ~$600–$900 |
| Servicing (per year) | ~$600–$1,200 | ~$200–$400 |
| Road user charges (RUC) | Included in petrol | ~$76/1,000km (from April 2024) |
RUC applies to EVs in NZ — check NZTA for current rates.
The lower running cost of an EV can offset a higher purchase price within 3–5 years depending on usage.