The new product is variable and is available on loan amounts from $3,000 to $50,000 on owner occupied home loans paying principal and interest (P&I).

The Green Home Loan offering from RACQ Bank comes with a comparison rate of 0.79% p.a.

RACQ banking group executive Michelle Winzer said a recent RACQ survey found 75% of Queenslanders had made efforts to reduce electricity consumption and 44% were interested in a specific loan to make sustainable improvements to their home.

"We’ve introduced a green home loan to help RACQ Bank mortgage holders purchase and install clean energy products in their homes," Ms Winzer said.

"The green home loan can be used to purchase solar panels, battery packs, solar or heat pump hot water systems and electric vehicle charging stations and at a low 0.79% p.a making sustainability more affordable."

All green home improvements made using RACQ Bank’s Green Home Loan are to be sourced from Clean Energy Council (CEC) approved suppliers and installers.

"By using accredited retailers and installers, it helps ensure our members are charged a fair price for a quality product," Ms Winzer said.

"A CEC approved retailer provides a five year whole-of-system warranty so if you have an issue, the retailer will take care of any warranty issues on behalf of the customer."

At 0.79% p.a. RACQ Bank's new product is competitive among other green home loans, including offers from CommBank and homeloans.com.au.

Who can apply for an RACQ Bank Green Home Loan?

  • Available for members with an RACQ Bank Home Loan - either new purchase, existing, or refinanced.
  • Available for the home with the eligible RACQ Bank Home Loan.
  • Available for principal and interest, owner-occupied RACQ Bank Home Loans.
  • Home loans must have a minimum loan balance of $250,000.

RACQ Bank notes the Green Home Loan product will be available for investors at a later date.

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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.

Update resultsUpdate
Filters
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
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
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  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
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  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
 Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
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 . View disclaimer.

Image by Schrop Feroval via Unsplash.



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