ASB joins banks offering EV assistance

ASB customers can now upgrade to an EV with the new ASB Better Homes Top Up offering a 1% per annum fixed interest rate for three years.

It joins a growing number of banks here offering help with EVs, related infrastructure, and e-mobility.

ASB personal banking executive general manager Adam Boyd says the loan top up has been developed with two purposes in mind.

It will enable existing home loan customers to borrow up to $80,000 to fund eligible improvements such as heating and insulation, solar panels or double-glazing installation, or to fund electric and hybrid vehicle purchases and EV charging units.

Customer trends show New Zealanders are increasingly shifting to electric or hybrid vehicles, with Statistics NZ data showing imports for low-emission vehicles have grown from a share of 8.2% in mid-2020 to 21%, says the ASB.

“Under the government’s 2022 Clean Car Discount, cars bought for under $80k are eligible for a rebate, so customers using the ASB Better Homes Top Up for an electric or hybrid vehicle may be eligible for this payment,” says Boyd.

“Our customers also tell us they care about the environment and want to improve their impact. ASB is committed to taking action on climate change, both through reducing our own footprint and the products and services we offer our customers.”

Click here for more information on the ASB top up.