In an Australian-banking first, CommBank has collaborated with the nation's number one digital auto marketplace carsales and Australian automotive retail platform provider Vyro to launch a car buying service via the CommBank app. The service will help customers find, finance and manage their next new or used car and provides exclusive discounts and benefits for customers purchasing an electric vehicle (EV).
CommBank customers can now access the car buying service via the CommBank app or NetBank website. It will allow them to search for their next vehicle with the option to gain conditional approval for personal and business finance, and filter by options in their budget with loan repayment amounts displayed during the search. Customers with an existing car may also be eligible to get an Instant Offer™ from carsales and sell in as fast as 24 hours.1
CommBank Executive General Manager of Consumer Finance Marcos Meneguzzi said CommBank is excited to help customers source a deal for a vehicle, understand their potential loan repayments and easily apply for finance into one place via the CommBank app or NetBank.
"We know that buying a car is one of the largest purchases our customers will make. Most customers research online first before buying a car, and the majority will secure finance before making their purchase," Mr Meneguzzi said.
"CommBank car loan numbers are up 29 per cent in the last 12 months.2 Of note, loans for hybrid or electric vehicles are up 45 percent and one in four new car loans were issued for hybrid or electric vehicles.3
"Given average EV car prices have reduced, there are a number of good deals available. Our aim is to connect our customers to cars available via carsales and Vyro, and also to the great deals we've sourced exclusively from manufacturers of EVs," Mr Meneguzzi said.
"Once a customer has purchased a car through the CommBank app or Netbank, they will be able to manage the financial and ancillary services to do with the car - such as insurance or energy providers - all in one place via the app."
Exclusive discounts on electric vehicles and discounted finance available
CommBank customers wanting to purchase an EV will be able to access unique discounted vehicle pricing, with deals from manufacturers Polestar and BYD. Customers will also be able to access discounted interest rates on loans for their vehicles and EV accessories such as network charging, home charging and energy providers.
Some of the unique deals offered in the app on launch include:4
- Unique discounts on selected EVs including Polestar and BYD;
- 3 per cent discount on top of any retail discount available on Polestars
- A free EV home charger for the first 50 BYD Dolphins sold
- Evnex: $150 off an NZ-made smart home charger with solar capability;
- Amber Electric: $120 - $180 welcome credit over six months for eligible Yello customers;
- Evie Networks: $200 off Evie's 7kW single phase smart home charger bundle (includes a $200 public charging voucher);
- EVSE: 10 per cent off Ocular IQ Home Solar Charger and 5 per cent off EV accessories;
- JOLT: Two months free JOLT+ Flex charging subscription worth over $19; and
- CommBank's existing car loan discounted rate of 6.49% p.a for EV and Hybrid vehicles.5
CommBank customer data shows:
- In H1FY24, 14 per cent of total secured car loans were issued for hybrid or electric vehicles as compared to 5.7 per cent in H1FY23 representing 145.26 per cent growth.3
- In Q3 FY24, the average loan size was $35,558, a decrease of 1.6 per cent compared to $36,133 in Q2 FY24. This change is driven by a reduction in the average price for new and used cars.2
- Among CommBank's EV customers, Tesla Model Y and Tesla Model 3 are the most popular EV choices and make up more than 70 per cent of EVs financed by the bank in the first half of FY24.6
- Hyundai, Toyota, Mazda, KIA and Mitsubishi were the top five most popular brands for non-electric alternatives making up to 48 per cent of conventional vehicles finance by the bank in the first half of FY24.7
1 Not all vehicles are eligible for carsales Instant OfferTM, exclusions apply. See full terms and conditions.
2 CommBank personal loan customer data between 01/04/2024 - 30/04/2024 and 01/04/2023 - 30/04/2023.
3 CommBank personal loan customer data between 01/07/2023 - 31/12/2023 and 01/07/2022 - 31/12/2022 of customers who purchased a hybrid or electric vehicle
4CBA reserves the right to withdraw or vary these offers at any time.
5 Electric or hybrid cars emitting less than 120g CO2 emissions per kilometre. If you're using the car as security it must be no more than seven years old, not currently under finance and have an active comprehensive insurance policy. The comprehensive insurance policy must be organised prior to loan funding.
6 CommBank personal loan customer data between 01/07/2023 - 31/12/2023 for customers who purchased an EV.
7 CommBank personal loan customer data between 01/07/2023 - 31/12/2023 for customers who purchased a non-electric vehicle. This does not include hybrid vehicles, only internal combustion vehicles.
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