Electric vehicles are no longer a curiosity on Australian roads — they’re a mainstream buying decision that’s rapidly reshaping the car market. In 2024, EV sales in Australia surpassed 100,000 units for the first time, representing a 97% year-on-year increase (see Electric Vehicle Council data). The shift is accelerating, and for Hills District buyers, investors and business owners, it raises an important question: how does EV ownership change the way you think about EV car finance? At SB Finance, we’re seeing a significant uptick in EV car finance enquiries from across the Hills District — from Castle Hill families wanting a new car loan for a Tesla Model 3 to Norwest business owners exploring novated lease structures for BYD Atto 3s. Here’s what you need to know.
Australia’s EV Market Is Growing Fast
The numbers tell a compelling story. In 2023, EVs accounted for just 7.2% of new car sales. By mid-2025, that figure was pushing 15%, driven by:
- A surge in affordable EV options from Chinese manufacturers (BYD, MG, GWM Ora)
- Expanded charging infrastructure, including the Hills District’s growing DC fast-charge network
- The Federal Government’s New Vehicle Efficiency Standard, which incentivises manufacturers to bring more EVs to market
- The Electric Vehicle Discount removing FBT on EVs under the Luxury Car Tax threshold when provided through a novated lease
- Dramatically reduced electricity costs versus petrol, with Hills District owners reporting 70-80% savings on fuel costs
How EV Car Finance Works Differently
EVs introduce some unique financing considerations that buyers need to understand before signing anything:
1. EV Car Finance: The Upfront Cost Premium Is Shrinking
EV sticker prices remain higher than comparable petrol vehicles for now, but the gap has narrowed significantly. Entry-level EVs like the BYD Dolphin and MG4 are now available from around $38,000–$45,000 driveaway. When you factor in the fuel and servicing cost differential, the total cost of ownership often favours the EV over a 3–5 year loan term — especially if you drive more than 15,000km per year.
2. Green Car Loans — Lower EV Car Finance Rates
Multiple lenders on our panel now offer green car loan products with discounted rates compared to their standard car loan products. These green car loan discounts are typically available for EVs, PHEVs (plug-in hybrids) and sometimes high-efficiency petrol vehicles. Even a modest reduction in your rate can make a meaningful difference to the total interest you pay over the life of a car loan — which is why it’s worth comparing your options carefully. SB Finance actively searches for green car loan eligibility across our full lender panel when you enquire about EV finance. 3. Novated Lease — The Tax-Smart EV Car Finance Option for Employees For employees in the Hills District, a novated lease on an eligible EV can be one of the most cost-effective ways to drive a new car. Under the FBT exemption for EVs below the Luxury Car Tax threshold (approximately $91,387 in 2025), you pay no fringe benefits tax on a novated lease — a saving worth thousands of dollars per year for higher-income earners. SB Finance can model the exact numbers for your income level and the EV you’re considering.
4. Chattel Mortgage: EV Car Finance for Business Use
If you’re an ABN holder or business owner in Norwest, Castle Hill or anywhere in the Hills District, financing your EV through a chattel mortgage gives you access to GST input tax credits on the purchase price, depreciation deductions, and potentially a balloon payment to manage your monthly cash flow. EVs are particularly attractive for business use because of their low running costs and the current government incentives.
5. Residual Value Considerations
EV resale values have been a source of debate. Early models (particularly first-generation Teslas) held value well, but some Chinese-brand EVs have experienced faster depreciation as new models enter the market. If you’re financing an EV with a balloon payment or planning to sell after 3 years, it’s worth modelling the residual value carefully. SB Finance can help you structure your loan to manage this risk.
Charging Infrastructure in the Hills District
Range anxiety has historically been one of the biggest barriers to EV adoption. In the Hills District, this concern is diminishing rapidly. Charging options now include:
- Home charging — the most common and cheapest option; a 7kW home charger installed for around $1,200–$2,000 can fully charge most EVs overnight for about $5–$8
- Workplace charging — Norwest Business Park has multiple charging bays, with more being installed
- Public DC fast chargers — Castle Towers, Rouse Hill Town Centre, and various Hills District service stations now have 50kW–350kW rapid chargers
- NRMA Electric Highway — expanding across regional NSW, critical for Hills District residents who travel to rural properties
Top EVs Hills District Buyers Are Financing in 2025
Based on our enquiries, here are the EVs that Hills District buyers are most commonly financing through SB Finance:
- Tesla Model 3 and Model Y — still the most popular, particularly among professionals in Norwest and Castle Hill
- BYD Atto 3 and Seal — strong value for money, popular with families
- Kia EV6 — premium option with exceptional range
- MG4 — the entry-level choice, ideal for first-time EV buyers
- Hyundai Ioniq 5 and 6 — popular with Hills District drivers who value design and technology
Is EV Car Finance Right for You?
The honest answer depends on your situation. EVs make the most financial sense if you:
- Drive more than 12,000–15,000km per year (higher mileage means greater fuel savings)
- Have access to home charging (apartments and townhouses can be more complex)
- Are on a higher income and can maximise the novated lease FBT exemption
- Own an ABN business and can claim the GST and depreciation benefits
If you predominantly drive short distances, rarely leave the Hills District, and charge overnight at home, an EV is almost certainly going to save you money versus a comparable petrol car over a 4–5 year loan term.
Ready for EV Car Finance? Talk to SB Finance
SB Finance helps Hills District buyers access car finance for EVs, PHEVs and traditional vehicles through our panel of 40+ lenders. We compare green car finance rates, novated lease options and standard car loans to find the best structure for your situation. Whether you’re in Castle Hill, Norwest, Kellyville or anywhere across the Hills District, our team responds within the same business day. Get started with a free, obligation-free assessment today.
