The $2,000 cashback deal comes attached to two home loans:
- Green Plus: 2.34% p.a. advertised rate (2.68% p.a. comparison rate*)
- Green: 2.44% p.a. advertised rate (2.78% p.a. comparison rate*)
Both come with a 100% offset account, however the former is for home loans that attain a 7-star 'NatHERS' energy efficiency rating, while the latter is for borrowers making a minimum of three environmental upgrades to their home, such as solar panels, water storage or double-glazed windows.
These home loans are for owner occupiers paying principal & interest with a maximum loan-to-value ratio of 80%.
The cashback offer is available from 20 September to 31 December, with funding to be completed by 31 March 2022.
"There’s a fast-growing market segment who want to reduce their home's impact on the environment, and are borrowing to add energy efficient features, or to buy a new home with those built in," said Lexi Airey, Gateway Bank's CEO.
On Thursday Gateway Bank also cut rates on a number of its investor home loans, with a couple cut by up to 43 basis points.
Gateway Bank joins a chorus of other lenders offering discounts and special 'green' home loans for those upgrading their home or buying a new energy-efficient one.
However, in August a CEO of a non-bank lender warned borrowers about cashback offers, saying the fundamentals remain - to always check the advertised and comparison rates.
Photo by Harrison Astbury
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Denise Raward
Harrison Astbury
