Westpac Bank Criticised for Offering Lower Interest Rate for EV Loans

‘Now, the cost of living is number one. This policy is a bit a bit warped. It’s very out of touch,’ said Liberal MP Garth Hamilton.

Pedestrians walk past Westpac Banking Corp. logo in Sydney, Australia, on March 27, 2024. Brendon Thorne/Getty Images

One of Australia’s big four banks has faced criticism for favouring electric vehicle (EV) owners with its lending policy.

At a recent inquiry hearing, Liberal MP Garth Hamilton, the deputy chair of the Standing Committee on Economics, questioned Westpac bank’s representatives about its lower interest rates for EV and hybrid car loans.