CommBank Sees Record Increase in EV Loan Applications as Fuel Prices Soar

Since early March, global oil prices have risen sharply due to geopolitical tensions, leading to higher fuel costs for Australian consumers. In response, many Australians are turning to electric vehicles as a more sustainable and cost-effective transportation option.

CommBank's data indicates that interest in EV financing is not limited to individual consumers. Business loan applications for Tesla vehicles, for example, have increased by 268% in March compared to the same period last year. This trend suggests that both households and businesses are reassessing their vehicle choices in light of fuel price volatility.

In addition to the rise in loan applications, CommBank's car-buying assistance service, Cars for CommBank, has seen a 136% increase in EV purchase enquiries in March. This indicates a broader shift in consumer behavior towards electric vehicles.

According to the Electric Vehicle Council, EVs accounted for 13.1% of all new car and light commercial vehicle sales in Australia in 2025, up from 9.6% in 2024. December 2025 set a record, with EVs making up 16.7% of new car sales for the month.

These figures highlight a growing trend towards electric vehicle adoption in Australia, driven by both economic factors and environmental considerations. As fuel prices continue to fluctuate, it is expected that more Australians will consider EVs as a viable alternative to traditional petrol and diesel vehicles.