Gateway Bank's variable 'Green Plus' and 'Green' home loans were dropped by 45 basis points:

  • Green Plus: Now 1.89% p.a. (2.24% p.a. comparison rate*)
  • Green: Now 1.99% p.a. (2.34% p.a. comparison rate*)

These are loans for owner occupiers paying principal & interest (P&I) with a minimum 20% deposit (80% LVR), and are for energy efficient homes.

To qualify for the 'Green Plus' rate, the home must have a 7-star or higher 'NatHERS' rating or Residential Efficiency Scorecard.

Qualifying for the 'Green' rate is slightly less onerous, requiring the home to have a minimum four-star Residential Efficiency Scorecard rating.

It's also open to those making energy efficient enhancements, with the minimum Scorecard required within 12 months of the loan funding date.

The home loans also come with a cashback offer of $2,000 until 31 December, which Gateway CEO Lexi Airey says makes the products some of the most competitive in the market.

"Gateway is looking to be even more competitive in the home loan space, especially for green home loans," Ms Airey said.

"With the upcoming COP 26 and recent IPCC report focusing attention on the need to reach net zero, we want to make it as economical as possible for Aussies to build or retrofit their homes to be energy efficient.

"We don’t believe you should have to pay more for doing the right thing with your home."

Gateway Bank also cut interest rates on a range of other owner occupier loans by between 26 and 47 basis points.

Green home loans have been growing in popularity, with a number of lenders offering competitive products and special discounts, mostly for home construction - Gateway Bank initially launched its green home loan offers in May.

Some green loans are featured in the comparison table below.

Rates
Features
Fees
Other
Lender
VariableMore details

Firstmac – Green Offset Home Loan 90 (Interest Only)

    More details
    VariableMore details

    Regional Australia Bank – Sustainable Home Loan (Principal and Interest)

      More details
      • Immediate cashback upon settlement
      • $2000 for loans up to $700,000
      • $4000 for loans over $700,000

      More details
      Important Information and Comparison Rate Warning

      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 December 11, 2023. View disclaimer.

      Photo by Jarek Ceborski on Unsplash



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