CBA Chief Executive Officer Matt Comyn announced the scheme at the Trans-Tasman Business Circle lunch.

Mr Comyn said the bank is seeing strong investor demand for green bonds and plans to pass on the benefits of this to customers in the future through a variety of initiatives, including cashback offers to CommBank mortgage holders with solar panels installed.

Commonwealth Bank’s Executive General Manager of Home Buying, Daniel Huggins said the bank is committed to developing more innovative solutions to help customers who are looking for green, energy efficient opportunities.

“We are always looking for innovative ways to support our customers, which is why we are launching this new initiative. The Green Mortgage initiative will provide a $500 cashback to customers who have certified solar panels installed,” Mr Huggins said.

“We understand many of our home loan customers could reduce their energy volume and usage, and pay less or become net positive for energy by investing in energy efficient devices.”

Mr Huggins said it’s just one of many actions the bank is taking to encourage home owners to make more eco-friendly choices.

“We want to support more of our customers who wish to install small scale renewables by reducing their installation costs and payback periods.”

The Green Mortgage initiative is set to be launched within the coming weeks.

It comes amid the bank’s announcement to dramatically overhaul the CommBank app, launching a suite of digital banking services to help customers make better financial decisions.

Mr Comyn said the revamped app will be highly personalised to each customer’s banking needs.

CBA CEO Matt Comyn
Matt Comyn

“That could be how your spending compares with last month. It might be reminding you about when your credit card payment is coming up. It could be telling you to take action because you have overdrawn your account. It could be helping you pick up where you left off in a loan application.

“One of the other features we have added is trying to help customers identify and receive benefits they’re entitled to. This can be as simple as a pensioner who does not know they are entitled to a benefit,” he said.

CommBank reports spike in mortgage applications following the election

Mr Comyn also said the bank has seen a spike in applications for home loans following the Coalition’s shock election victory.

“We did have the strongest week in applications that we have seen in more than six months. It did feel – certainly from a demand perspective – that there is quite a shift in sentiment,” he said.

Expectations of a rate cut from the Reserve Bank of Australia (RBA) have increased following the election result. Mr Comyn said the bank expects an imminent rate cut, but said he doesn’t think it will necessarily contribute towards market sentiment lifting.

“Fiscal stimulus, cuts to taxes, and increases in sentiment tend to have a much bigger transmission effect to the broader economy.”

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
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Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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