Online lender homeloans.com.au has a new product, “green loan,” that encourages homeowners make energy-efficient home improvements.
Green Loans have a very low initial rate of 0.89% per annum (1.73%/p.a. Comparison rate
Green Loans are loans of up to $25,000 that can be used for energy-efficient products. These loans can be used for:
- Battery packs and storage
- Electric energy storage
- Hot water heat pumps, or solar hot water systems
- Insulation and/or double glazing windows
- Solar panels
- Energy-efficient household appliances
- Air conditioner
For appliances with a minimum rating of 4.5 stars, loans are available. These appliances can also be installed.
The introductory rate, 0.899% p.a. The introductory rate is 0.89% p.a. It will remain in effect for five year. The borrower is allowed to repay the entire amount in full within five years.
The loan has no application or early repayment fees, but the minimum monthly repayments are calculated based on the customer’s existing loan.
If there is a balance after the initial period of five years, the loan will be returned to the current interest rate.
Scott McWilliam, CEO of Homeloans.com.au, stated that this was a great opportunity for homeowners to take control of spiralling electricity prices and invest in renewable energy solutions.
“Many Australians have been spending a lot more time at home over the past two years, which has no doubt impacted household energy consumption and energy costs,” Mr McWilliam told Your Mortgage.
McWilliam however stated that it goes beyond reducing electricity and water prices.
Pictured: Scott McWilliam. Image provided
“The future of our planet is in our hands, we hope to make it easier for our customers to make a positive impact on the environment by reducing their reliance on fossil fuels through renewable energy solutions,” he said.
McWilliam observed that homeowners are an influential consumer group with a lot of influence. McWilliam advised customers to hold companies accountable for ensuring sustainability.
“We’re supporting our customers’ efforts to go green through our Carbon Conscious program, which sees one tree planted for every loan we settle. In partnership with our customers, we recently hit a milestone of 40,000 Mallee Eucalypts planted,” he said.
“Consumers can look for initiatives such as this, which go beyond lowering the environmental impacts of doing business and actually seek to make a positive impact, when they are making purchasing decisions.”
Suncorp offers a cash bonus to borrowers who go Green
Suncorp Bank announced a new offer for customers who are concerned about their environment and make the transition to renewable energies.
Suncorp customers, old and new, who have or plan on installing a solar power system before the end of the year are eligible for the Solar Home Bonus. It is worth up to $3,000
Suncorp Solar Homes Bonus Offer
- Customers who sign up to a Suncorp Bank home loan can receive $3,000 cashback
- Cashback on loans for homes or townhouses with a solar system
- Customers who already have a solar power system that qualifies for cashback will be eligible to receive $500
Suncorp Bank loan pre-approvals or loan refinancers do not qualify for the cash bonus.
Clive van Horen (CEO of Suncorp Bank) stated that about 4/5 of its customers put renewable energy at their top of sustainability priorities.
“We are committed to providing banking solutions for customers that support sustainability and our Solar Home Bonus is a practical step towards a more sustainable world,” Mr van Horen said.
“Not only will we continue to offer our customers more environmentally friendly banking options, but the bank has also committed to being 100% powered by renewable electricity by 2025, and to reach net zero greenhouse emissions across our operations by 2050.”