Home News Gateway Bank offers $2,000 cashback on green home loans

Gateway Bank offers $2,000 cashback on green home loans

On Monday Gateway Bank launched a $2,000 cashback offer for those refinancing a green home, making green upgrades, or building an energy-efficient new home.

By Harrison Astbury

First published on 20 Sep 2021

Gateway Bank offers $2,000 cashback on green home loans

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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Harrison Astbury

Harrison is Savings.com.au's Assistant Editor, and also Editor & Research Analyst of sister comparison site InfoChoice.com.au. He is also the co-host of the Savings Tip Jar podcast alongside Dominic Beattie. Prior to joining the group in 2020, Harrison has since 2015 been lending his expertise to other publications in mining, financial comparison, and traditional newspaper media.

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