Suncorp, homeloans.com.au join green home loan movement

author-avatar By on September 24, 2021
Suncorp, homeloans.com.au join green home loan movement

Suncorp and Homeloans.com.au have launched new loan and cashback incentives for customers making 'green' changes to their home.

Today, Suncorp Bank announced its new Solar Home Bonus for customers reducing their environmental footprint and transitioning to renewable energy in their home. 

New and existing Suncorp Bank home loan customers who have a solar power system or will have one installed in their homes by 31 December 2021, may be eligible to receive a cash bonus.

The Suncorp Solar Home Bonus offer includes:

  • $3,000 cashback for customers signing up to a new eligible Suncorp Bank home loan. 
  • Cashback for loans of both houses and townhouses which have an eligible solar system installed.
  • $500 cashback for eligible existing customers who already have a solar power system installed. 

Suncorp Bank CEO Clive van Horen said that they know sustainability is increasingly important to their customers. 

"We are committed to providing banking solutions for customers that support sustainability and our Solar Home Bonus is a practical step towards a more sustainable world," Mr van Horen said.

Homeloans.com.au launches new Green Loan

Online home loan provider homeloans.com.au has launched a new Green Loan to help customers upgrade their homes with energy-efficient improvements.

With an introductory rate of 0.89% pa (comparison rate 1.73% pa*) and loan amounts of up to $25,000, customers can purchase and install energy-efficient products such as solar panels, electrical energy storage, battery packs and eligible home appliances.

Scott McWilliam, CEO of homeloans.com.au, said it was a timely opportunity for homeowners to take control of spiraling electricity costs and invest in clean energy solutions.

"With much of Australia spending more time at home in the past 12 months than ever before, many households may be feeling the burn of electricity bill shock," Mr McWilliam said.

"Switching to clean energy products can help customers save money on their utility bills, and in doing so, they can also reduce their carbon emissions to benefit the environment.

"We know that some of these systems can require a significant investment up-front, which can limit adoption notwithstanding the clear benefits."

Also read:

Green loans gaining momentum

Green loans and cashback offers have taken off this year, as many lenders have incentivised sustainable choices in Aussie homes. 

In February, CBA announced its green loan and last week Gateway introduced a $2,000 cashback offer for green home loans. 

Green personal loans have also gained momentum, with lenders like Community First offering a personal loan under 4%. 

Neobank lifts mortgage rate

86 400 increased its 'Own Home Loan' fixed for three years paying principal & interest for owner occupiers with a maximum LVR of 80%.

The home loan was increased by 10 basis points to 1.95% p.a. (2.50% p.a. comparison rate*) 


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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.

Lender
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED 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%
LIMITED 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%
VariableMore details
100% 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
100% 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
VariableMore details
REFINANCE 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
REFINANCE 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
VariableMore details
YOU 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
YOU 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
VariableMore details
AN 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.^
AN 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.^

Rates correct as of October 27, 2021. View disclaimer.



Image by Aaron Burden via Unsplash

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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Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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