Bank Australia's Eco Plus Clean Energy Home Loan has increased incentives for new homes that have a Nationwide House Energy Rating Scheme (NatHERS) rating of 7.5 stars or higher plus a solar system.
Backed by an investment of $30 million from the Clean Energy Finance Corporation (CEFC), new homes may be eligible for a discount of 0.30% p.a. for up to five years on their home loan interest rate.
The mutual bank offers three different ways to access their Clean Energy Home Loan product, in the form of 'Eco', 'Eco Upgrade' and 'Eco Plus'.
Eco and Eco Upgrade products are eligible for a 0.20% p.a. discount, with the Eco Plus product eligible for the increased 0.30% p.a. discount depending on eligibility criteria.
Customers can qualify for the Eco Plus Clean Energy Home Loan by achieving a NatHERS rating of 7.5 stars with the addition of solar panels or by using the new Green Star Homes certification from the Green Building Council of Australia.
The Eco Plus Clean Energy Home Loan product for customers with a maximum loan-to-value ratio (LVR) of 90% offers a variable rate of 2.15% p.a. (2.73% p.a. comparison rate*).
Clean Energy Finance Corporation CEO Ian Learmonth said the organisation is pleased to continue working with Bank Australia to provide Australians with added incentives to choose greener options for their homes.
"Building homes that have strong energy efficiency measures today creates more resilient cities and regions for the future," Mr Learmonth said.
"At the same time, incentivising new home buyers and builders to adopt stronger sustainability design standards is an important step in reducing our carbon footprint as we transition towards net zero emissions."
Last week, Suncorp announced the introduction of a 'Green Upgrades' home loan launching at the end of June to help Aussies save money on electricity bills while making a positive difference for the environment.
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Building or buying an energy-efficient home? This table shows some of the lowest interest rates in the market for 'green' home loans.
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
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5.99% p.a. | 6.51% p.a. | $2,995 | Principal & Interest | Variable | $0 | $530 | 90% |
| Disclosure | |||||||||||
5.84% p.a. | 5.89% p.a. | $2,947 | Principal & Interest | Variable | $null | $null | 60% | |||||||||||||
5.82% p.a. | 5.82% p.a. | $2,940 | Principal & Interest | Variable | $0 | $0 | 80% | |||||||||||||
5.84% p.a. | 5.89% p.a. | $2,947 | Principal & Interest | Variable | $0 | $500 | 60% | |||||||||||||
5.68% p.a. | 6.26% p.a. | $2,896 | Principal & Interest | Variable | $350 | $0 | 90% | |||||||||||||
5.85% p.a. | 6.14% p.a. | $2,950 | Principal & Interest | Variable | $299 | $0 | 80% | |||||||||||||
5.44% p.a. | 6.26% p.a. | $2,820 | Principal & Interest | Fixed | $350 | $0 | 90% | |||||||||||||
6.14% p.a. | 6.85% p.a. | $3,043 | Principal & Interest | Variable | $0 | $720 | 90% | |||||||||||||
7.64% p.a. | – | $3,544 | Principal & Interest | Variable | $25 | $0 | 70% | |||||||||||||
6.19% p.a. | 6.58% p.a. | $3,059 | Principal & Interest | Variable | $0 | $530 | 90% | 90% LVR |
| Disclosure |
Image by Wynand van Poortvliet via Unsplash
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