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

By Harrison Astbury on September 20, 2021

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.

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.

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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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Lender	Advertised rate	Comparison rate	Monthly repayment	Rate Type	Offset	Redraw	Ongoing Fee	Upfront Fees	LVR	Lump Sum Repayment	Additional Repayments	Pre-approval	as of October 23, 2021
	1.85%p.a.	2.21%p.a.	$1,449	Variable			$0	$520	80%				More details
FEATUREDLIMITED TIME OFFER	Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%) Fast turnaround times, can meet 30-day settlement For purchase and refinance, min 20% deposit No ongoing or monthly fees, add offset for 0.10%
FEATUREDLIMITED TIME OFFER Info More details Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%) Fast turnaround times, can meet 30-day settlement For purchase and refinance, min 20% deposit No ongoing or monthly fees, add offset for 0.10%
	1.89%p.a.	1.89%p.a.	$1,457	Variable			$0	$0	60%				More details
FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES	Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%) No upfront or ongoing fees 100% full offset account Extra repayments + redraw services
FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES Info More details Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%) No upfront or ongoing fees 100% full offset account Extra repayments + redraw services
	1.99%p.a.	1.99%p.a.	$1,476	Variable			$0	$0	75%				More details
FEATUREDREFINANCE IN MINUTES, NOT WEEKS	Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only) Refinance only. Fast online application No Nano fees. Free 100% offset sub account Mobile app, Visa debit card & instant payments
FEATUREDREFINANCE IN MINUTES, NOT WEEKS Info More details Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only) Refinance only. Fast online application No Nano fees. Free 100% offset sub account Mobile app, Visa debit card & instant payments
	1.99%p.a.	1.99%p.a.	$1,476	Variable			$0	$0	60%				More details
FEATUREDYOU COULD WIN $100k TO PAY DOWN YOUR LOAN*	Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest) For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15 We lower your rate based off how much you’ve paid down your loan Automatic rate match
FEATUREDYOU COULD WIN $100k TO PAY DOWN YOUR LOAN* Info More details Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest) For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15 We lower your rate based off how much you’ve paid down your loan Automatic rate match
	1.99%p.a.	2.02%p.a.	$1,476	Variable			$0	$530	70%				More details
FEATUREDAN EASY ONLINE APPLICATION	Yard Home Loan (Principal and Interest) (Special) (LVR < 70%) Unlimited additional repayments Unlimited free redraws Optional 100% offset can be added for $120 p.a.^
FEATUREDAN EASY ONLINE APPLICATION Info More details Yard Home Loan (Principal and Interest) (Special) (LVR < 70%) Unlimited additional repayments Unlimited free redraws Optional 100% offset can be added for $120 p.a.^

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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

Product Features

• Fast turnaround times, can meet 30-day settlement
• For purchase and refinance, min 20% deposit
• No ongoing or monthly fees, add offset for 0.10%

Monthly repayments:$1,449

1.85%Advertised Rate (p.a.)

2.21%Comparison Rate (p.a.)

More details

Rates correct as of October 23, 2021. View disclaimer.

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Photo by Harrison Astbury

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

• The big four banks are: ANZ, CBA, NAB and Westpac
• The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
• The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
• If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Harrison Astbury Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.